Cloud Product Lifecycle Management (PLM) Market size is set to grow by USD 1.38 million from 2024-2028, Reduction in IT expenditure to boost the market growth, Technavio

NEW YORK, June 24, 2024 /PRNewswire/ -- The global cloud product lifecycle management (PLM) market  size is estimated to grow by USD 1.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period.  Reduction in it expenditure is driving market growth, with a trend towards interlinking of cloud-based product lifecycle management. However, threat to cybersecurity and software privacy  poses a challenge. Key market players include Accenture Plc, ApparelMagic, Aras Corp., Autodesk Inc., Dassault Systemes SE, Edaforce Inc., Essig PLM, FusePLM LLC, IFS World Operations AB, Koch Industries Inc., Oracle Corp., Professional Systems Associates Inc., PROLIM Global Corp., Propel Software Solutions Inc., PTC Inc., SAP SE, and Siemens AG.

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Key Market Trends Fueling Growth

Cloud Product Lifecycle Management (PLM) software is increasingly adopted by businesses for its ease of integrating essential tools. These include BOM, designing modules, and manufacturing management software. This interlinking enhances productivity and eliminates the need for manual data updates and e-mail attachments. Centralized access to data also ensures accountability and up-to-date information, driving market growth. 

The Cloud Product Lifecycle Management (PLM) market is experiencing significant growth, driven by advanced technologies such as AI and machine learning. Companies are utilizing these tools to streamline their design, development, and manufacturing processes. Real-time collaboration and data access are key benefits, enabling faster time-to-market and improved product quality. The market is also witnessing the integration of PLM with other business systems, such as CRM and ERP, to create a unified business platform. Additionally, the trend towards digital transformation is driving the adoption of cloud PLM solutions, providing cost savings and scalability. Overall, the future of PLM lies in its ability to provide a seamless, end-to-end solution for managing the entire product development process in the cloud. 

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Market Challenges

•         In the cloud PLM market, data security and privacy are major concerns due to the potential risks associated with third-party data handling. Enterprises have been hesitant to adopt cloud solutions due to the possibility of data breaches, DDoS attacks, unsecured APIs, and account hijacking. The sharing of licensed software among unauthorized users, known as software piracy, also poses a threat to vendors' revenue. Cybersecurity challenges and software privacy concerns may significantly impact the growth of the cloud PLM market during the forecast period.

•         In the dynamic and competitive cloud market, Product Lifecycle Management (PLM) is a crucial business process. However, managing cloud PLM comes with unique challenges. One significant challenge is ensuring data security and compliance, especially when dealing with sensitive information. Another challenge is integrating various systems and applications to create a seamless workflow. Additionally, scaling PLM solutions to meet growing business needs can be complex and costly. Furthermore, keeping up with the latest technology trends and updates is essential to remain competitive. Lastly, training employees to effectively use PLM tools can be time-consuming and costly. Addressing these challenges requires a strategic approach and a reliable PLM solution.

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Segment Overview 

This cloud product lifecycle management (plm) market report extensively covers market segmentation by

1. Product 
• 1.1 cPDM
• 1.2 DM
• 1.3 CAD
2. Business Segment
• 2.1 Large enterprises
• 2.2 Small and medium enterprises
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 cPDM-  Cloud Product Lifecycle Management (PLM) is a strategic business approach that offers consistent business processes, diverse solutions, and better collaboration between manufacturers and suppliers. It enables access to product data from any internet-connected computer, ensuring intellectual property protection. Cloud PLM has lower implementation and maintenance costs, making it suitable for SMEs. Dassault Systemes' 3DEXPERIENCE platform, available both on-premise and in the cloud, powers industry solutions with a single interface, driving growth in the segment.

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Research Analysis

In the dynamic business landscape, the Cloud Product Lifecycle Management (PLM) market plays a pivotal role in enabling product conception to disposal for various industrial verticals, including small and medium-sized businesses. This solution facilitates design and development processes, ensuring seamless collaboration among factories and remote teams. Information and enterprise strategies are effectively implemented through PLM software, fostering product innovation and the creation of smart products. Data security is prioritized, ensuring confidentiality, integrity, and availability of critical product information. Augmented Reality (AR) and Virtual Reality technologies are integrated, offering immersive experiences for product visualization and simulation. IT infrastructure is optimized through cloud technology, providing scalability, flexibility, and cost savings.

The Cloud Product Lifecycle Management (PLM) market refers to a suite of software solutions that manage the entire product development process in a cloud environment. These solutions enable organizations to manage product data and processes in real-time, from conception through design, manufacturing, and service. The benefits of cloud PLM include increased collaboration, reduced time-to-market, and improved product quality. Key features include bill of materials management, change management, and product data management. The market is expected to grow significantly due to the increasing adoption of cloud technologies and the need for more efficient product development processes. Additionally, the integration of artificial intelligence and machine learning in PLM solutions is driving innovation and enhancing productivity.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• CPDM
• DM
• CAD
• Business Segment
• Large Enterprises
• Small And Medium Enterprises
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio