Global Cloud-based Product Lifecycle Management (PLM) Market is expected to grow at a significant rate during the forecast period (2019-2025). Cloud-based PLM solutions have been growing enormously among the manufacturers across the globe that can allow to consolidate technical information about the product development and improve communications with suppliers. PLM is a process, or a well-defined system use to manage the data and to design process associated with the lifecycle of a product starting from its inception to its final disposal. PLM software assists to manage the lifecycle of the product effectively and efficiently attributing to its advantages such as a cost-effective tool, easy to maintain, and cost-effective.
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Moreover, the cloud-based PLM offers several software such as CAD/CAM/CAE (CAx), Digital Manufacturing (DM), Numerical Control (NC), Collaborative Product Definition Market (CPDM), Simulation and Analysis (S&A), Architecture, Engineering and Construction (AEC), Electronic Design and Automation (EDA) and such others. The increasing need of manufacturers to disclose the product data with the stakeholders both for inside and outside the organization (such as operations efficiency, quality, marketing, and procurement) to provide a better idea of the ongoing processes will assist to enhance the overall efficiency of the organization.
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PLM software can be an easier way to manage complex and critical data especially for the small and medium enterprises which allow them to consolidate the information that is necessary for day to day operations. Cloud-based PLM solution is rapidly gaining popularity among the manufacturers across the globe as it enables them to streamline change orders and also assists in improving the communication between the manufacturer and suppliers as well. Moreover, the cloud-based PLM software is more cost-effective as compared to the traditional on-site servers as cloud-based PLM is cited to offer more return on investment. This has created a significant demand for cloud-based solutions, hence expected to drive the cloud-based PLM market.
Manufacturers with the assistance of cloud-based PLM software can supervise multiple organizations and can easily monitor various processes. The cloud-based PLM can be secured using advance and powerful software provided by the developers. The subscription-based cloud pricing model avoids the upfront cost which ultimately increases the profitability for the manufacturers. Cloud-based PLM service is estimated to find much more use in the bill of materials (BOM) along with supply chain management in the future years. Investment in the field of PLM is although not growing at a constant pace and can be implemented with a varying degree of maturity in different industrial segments depending upon the needs. Cloud-based PLM software finds its application in various fields including the automotive sector, transportation, pharmaceutical, life-science, aerospace and defense, consumer products, energy and utility, consumer electronics, machinery and mechanical parts manufacturing and so on.
Some of the key players of the cloud-based PLM software market includes Dassault Systems Company (France), Razorleaf Corp. (US), Siemens AG (Germany), IFS AB (Sweden), PTC Inc. (US), Accenture PLC (US), Oracle Corporation (US), Infor Inc. (US), SAP SE (Germany), Aras Corporation (US), Autodesk, Inc. (US), and Arena Solutions, Inc. (US). Geographically, North America market has significant CAGR in the cloud-based PLM software industry during the forecast period. The growing demand for advanced electronic computer-aided design (ECAD) and new invented mechanical computer-aided design (MCAD) along with other PLM software in the US and Canada are driving the growth of the market.
Moreover, in the Asia-Pacific region, the cloud-based PLM software market in the defense sector holds admirable growth potential. Cloud-based PLM software is also gaining popularity in developing economies such as India and China to cater to the needs of various industries that will further drive the market. In the European region, regulatory compliance for better cloud-based PLM, increasing safety, enhanced design innovations, and production processes are the key growth drivers for the Product lifecycle market.
Global Cloud-Based PLM Market: – Segmentation
By Application
- Customer Management
- Compliance Management
- Portfolio Management
- Product Data Management
- Collaborative Design and Engineering
- Others
By End-User
- Health Care and Life Science
- Energy and Utilities
- Automotive and Transportation
- Semiconductor and Electronics
- Aerospace and Defense
- Others
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