Cloud-based Product Lifecycle Management (PLM) refers to the internet-based system handling a product's lifecycle from start to end. The cloud-based PLM is an efficient software framework that facilitates enterprises to integrate the information required for product development and customization according to specifications provided. Cloud PLM solutions enhance communications between manufacturers and suppliers, offering more organized results for product development.
The cloud-based PLM is a cost-effective tool facilitating low-maintenance devices. Additionally, the software offers various solutions, such as Numerical Control (NC), CAD/CAM/CAE (CAx), Simulation & Analysis (S&A), Architecture, Electronic Design & Automation (EDA), Engineering & Construction (AEC), Digital Manufacturing (DM), Collaborative Product Definition Management (CPDM), and many more.
Resultantly, the global Cloud-Based PLM Market Share is growing rapidly, witnessing wide adoption of this software. Besides, the market growth attributes to the significantly increased adoption of cloud-based PLM platforms across end-user verticals. Moreover, advantages that cloud-based PLM offers, such as lower IT management costs with flexibility, agility, and security, escalate the market demand.
Market Research Future (MRFR) asserts that the global cloud-based PLM market is poised to create a valuation of approx. USD 137.51 billion by 2030, growing at 17.10% CAGR throughout the forecast period (2017 – 2030). Industries constantly adopt new software to enhance the growth and develop quality products and retain customer base. Furthermore, the rising adoption of cloud-based PLM integrated Internet of Things (IoT) drives the market growth.
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Global Cloud-based PLM Market – Segments
Segment Overview
By Sales Channel
The Cloud Based PLM Market is projected to increase from USD 18.65 Billion in 2016 to USD 40.55 Billion by 2021, with an astonishing Compound Annual Growth Rate (CAGR) of 16.80% during the forecast period. There is a continually increasing need for integrated PLM solutions, proper management of supply chain, and quick adoption of the Internet of Things (IoT) is helping the cloud PLM market.
By Application:
The research report divides the Cloud Based PLM Market to project the revenues and study the trends in each of the following sub-markets:
By Organization Size
- Small and Medium Enterprise (SME)
- Large enterprise
By Vertical
- Aerospace and Defense
- Healthcare and Life Sciences
- Retail and Consumer goods
- Energy and Utilities
- Industrial Machinery and Heavy Equipment
- Telecommunication and IT
- Automotive and Transportation
- Semiconductor and Electronics
- Others
The various Government agencies, partners and industrial bodies, Investors, and Trade experts are the major stakeholders which are related to this industry. The concept is gaining momentum. It is becoming an important part of product development. This is the factor for its increasing popularity. The companies are focusing on increasing product innovations.
COVID 19 Impacts and effects
The Cloud Based PLM Industry is an Internet-based system for managing a product and its related information from the innovation stage of the product to the end of its life. The major factor pushing the growth of the market is the rising adoption of the Internet of things (IoT). The COVID-19 pandemic has made a positive impact on the cloud-based PLM market. The pandemic has affected the whole world, because of the lockdown. People were forced to stay at home and work remotely to reduce human contact, this trend boosted the growth of the IoT, which, in turn, increased the popularity index of the cloud-based PLM market. IoT has provided new avenues to collect information on product functionality and insights on dynamic consumer behavior. Companies can now forecast their future into the IoT as they try to make informative data more actionable and accessible by co-relating cloud-based PLM systems with the IoT. Earlier it was difficult to centralize the data management for information gathering and data sharing. During the pandemic, old methods have been completely washed off and created new hosted infrastructure, and new SaaS cloud-based PLM systems, this has increased the efficiency in data sharing.
Cloud-based PLM Market – Regional Analysis
North America dominates the global cloud-based PLM market. The largest market share attributes to the wide adoption of cloud-based PLM platforms and services. Besides, technology upgrades and increased adoption of cloud-based technologies across various industry verticals drive market growth.
The US accounts for a leading share in the regional market for cloud-based technologies due to the futuristic technology infrastructure and the presence of many cloud-based solution providers. The North American cloud-based PLM market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global cloud-based PLM market. The region is one of the key markets for cloud-managed services, influencing the cloud-based PLM market growth. Additionally, the proliferation of the Internet, IIoT, and smart connected devices, alongside the proliferation of a cloud-based PLM system, boosts market valuation. The European cloud-based PLM market tool is expected to witness significant growth during the forecast period.
The cloud-based PLM market in the Asia Pacific region is growing at a rapid pace. Factors such as government initiatives to promote cloud-based PLM for data security and the increasing adoption of cloud-based business applications across industries boost the regional market growth. Furthermore, increasing demand for cloud computing positively impacts the market growth in the region.
Japan, South Korea, China, and India hold a considerably fair share in the regional market and grow rapidly in the years to come. The APAC cloud-based PLM market is expected to register the highest CAGR over the forecast period, emerging as the fastest-growing market.
Global Cloud-based PLM Market – Competitive Analysis
The fiercely competitive cloud-based PLM market appears fragmented due to the competitive landscape formed by many large & small players and new entrants. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from the recent proceedings in the market.
Major Players
Players leading the cloud-based PLM market are Siemens AG (Germany), Dassault Systemes (France), PTC Inc. (US), SAP SE (Germany), Oracle Corporation (US), Autodesk, Inc. (US), Aras Corporation (US), Arena Solutions, Inc. (US), Infor Inc. (US), IFS AB (Sweden), Accenture PLC (US), and Razorleaf Corp. (US), among others.
Industry/ Innovation/ Related News
September 17, 2020 — Accenture announced the acquisition of a German technology consultancy -SALT Solutions, to build cloud-based industrial IoT platforms. The acquisition would help Accenture to build cloud-based industrial Internet of things (IoT) platforms that speed up and optimize clients' production and logistics and enable them to reduce quality and waste issues along the entire supply chain.
SALT Solutions will be pivotal to bolstering Accenture's digital manufacturing and operations capabilities, including PLM Systems in Italy, Callisto Integration in Canada, Silveo in France, and Enterprise System Partners in Ireland.
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Cloud Based PLM Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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