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Cloud-based PLM Market Valuation – 2024-2031
Increasing need for Cloud-based PLM Systems that provide scalability, flexibility, and accessibility. Cloud PLM technologies help enterprises to centralize product data, streamline global team collaboration, and shorten time-to-market for new product launches. Furthermore, the growing trend of remote work and scattered teams, combined with the necessity for real-time access to product information, accelerates the use of cloud PLM systems, which is predicted to push market sales above USD 55.55 Billion in 2024 and reach USD 190.82 Billion by 2031.
Furthermore, advances in technologies such as artificial intelligence (AI), the Internet of Things (IoT), and big data analytics are improving the capabilities of cloud PLM solutions, resulting in increased acceptance and market growth at a CAGR of about 16.68 % from 2024 to 2031
Cloud-based PLM Market: Definition/ Overview
Cloud-Based Product Lifecycle Management (PLM) is the use of cloud computing to help manage product development processes from conception to disposal. It centralizes product data, simplifies communication across scattered teams, and improves access to real-time information. Applications include manufacturing, automotive, aerospace, and consumer goods, where it improves design, prototyping, production, and maintenance procedures. The future of Cloud-Based PLM lies in advanced integration with emerging technologies such as artificial intelligence, machine learning, and the Internet of Things, which will enable predictive analytics, automated decision-making, and increased product innovation. As businesses embrace digital transformation and remote work, demand for cloud-based PLM solutions is expected to increase, increasing innovation and efficiency across industries.
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Wil Growing Trend of Remote Work Drive the Cloud-based PLM Market?
The increasing popularity of remote work is predicted to fuel significant growth in the cloud-based product lifecycle management (PLM) industry. With the advent of remote workforces and distributed teams, organizations are increasingly looking for cloud-based PLM solutions that allow for seamless communication, access to real-time product data, and effective project management from any location. Cloud PLM platforms provide the flexibility and accessibility required for remote work settings, enabling dispersed teams to engage on product design, development, and management regardless of physical location.
Furthermore, the incorporation of communication and collaboration capabilities into cloud PLM solutions allows distant teams to efficiently interact, share comments, and track project progress in real-time, increasing productivity and innovation. Furthermore, the COVID-19 pandemic has heightened the demand for remote access to product data and workflows, hastening the adoption of cloud-based PLM systems by enterprises shifting to remote work arrangements. As remote work becomes more common, the need for cloud-based PLM solutions is likely to rise, fueling industry expansion and innovation in product lifecycle management methods.
The Cloud-based PLM Market is expanding as a result of rising demand for cloud-based solutions that are scalable, flexible, and easily accessible. These systems provide for centralized product data, improved collaboration, and faster time-to-market for new goods. The trend toward remote work and distributed teams adds to this demand, propelling industry development and innovation in product lifecycle management approaches.
Advancements in AI and IoT technologies are driving the growth of the Cloud-Based Product Lifecycle Management (PLM) Market. These technologies provide predictive analytics, automation, and real-time monitoring, allowing firms to make better decisions and develop more quickly. The need for these solutions is projected to continue to rise.
Will Increasing Data Security and Privacy Concerns Hinder the Growth of the Cloud-based PLM Market?
Rising data security and privacy issues have the potential to stymie the expansion of the cloud-based product lifecycle management (PLM) market. As businesses digitize and centralize their product data in cloud-based PLM systems, there is a greater emphasis on safeguarding sensitive information like intellectual property, design specifications, and customer data. Many firms, particularly those in highly regulated industries like as aerospace, defense, and healthcare, have major adoption barriers due to concerns about data security breaches, unauthorized access, and compliance with rules such as GDPR and CCPA.
Furthermore, the idea of less control over data kept in the cloud may dissuade enterprises with strict security requirements from completely adopting cloud-based PLM solutions. To address these issues and reduce barriers to adoption, cloud PLM vendors must prioritize strong security measures, transparent data governance methods, adherence to privacy rules, and clear information about data protection policies.
Furthermore, providing customizable security features, encryption options, and data residency options can help enterprises develop trust and convince them that their sensitive product data is secure in the cloud.
Integration challenges are a critical barrier that could stymie the expansion of the cloud-based product lifecycle management (PLM) market. Integrating cloud PLM solutions with existing enterprise systems such as ERP, CRM, and CAD/CAM tools can be difficult and time-consuming, frequently resulting in incompatibility, data transfer hurdles, and interoperability concerns. This complexity not only raises implementation costs and timeframes, but it also impedes seamless data flow and process automation between systems. To overcome this obstacle and maintain market momentum, cloud PLM companies must invest in strong integration capabilities, complete support for common data exchange formats and APIs, and pre-built connectors for major business applications. Furthermore, developing collaborations with system integrators and consulting firms can assist enterprises in negotiating integration issues and speed the implementation of cloud PLM solutions.
Customization and configuration problems impede the growth of the cloud-based product lifecycle management (PLM) market. Excessive customization may result in increased complexity, longer implementation times, and higher costs. Vendors must provide versatile, configurable solutions that balance customization and standardization, as well as extensive training and support services to ensure optimal configuration and utilization.
Category-Wise Acumens
Will Rising Usage of Software Drive the Cloud-based PLM Market?
The increasing use of software is predicted to fuel significant growth in the cloud-based product lifecycle management (PLM) industry. As industries across sectors become more reliant on software-driven solutions for product design, development, and manufacturing processes, there is a growing demand for efficient software-related product lifecycle management. Cloud-based PLM solutions provide enterprises with a scalable, collaborative, and centralized platform for managing software-intensive product development from concept to end of life.
These technologies enable seamless communication among interdisciplinary teams, provide real-time access to software-related product data from any location, and integrate with software development tools and version control systems. Companies that use cloud-based PLM solutions can expedite software-driven product development processes, reduce time-to-market, and increase product quality, meeting rising demand for software-driven solutions and driving growth in the Cloud-based PLM Market. Furthermore, with the rise of software as a service (SaaS) and subscription-based models, cloud-based PLM systems provide better flexibility and cost-effectiveness, accelerating their adoption and market expansion.
For Instance, in October 2023, CONTACT Software developed a cloud PLM solution.CIM Database Cloud is CONTACT’s latest ready-to-use solution for end-to-end digital product creation. The no-code platform combines enterprise-level PLM capability with new cloud technologies, providing cutting-edge IT security and powerful DevOps services.
Services are the fastest-growing segment in the cloud-based product lifecycle management (PLM) market, offering assistance with setup, customization, training, and continuing support. They provide experience in PLM methodology, industry best practices, and technical know-how to help enterprises make the most of their investments. As cloud PLM solutions advance, services assist firms in adapting, optimizing workflows, and remaining competitive.
Will Increasing Demand for Radio-Frequency Technology Boost the Cloud-based PLM Market?
The growing demand for radio-frequency (RF) technology is expected to boost the cloud-based product lifecycle management (PLM) industry. Telecommunications, automotive, aerospace, healthcare, and consumer electronics all rely heavily on RF technology, which is used for wireless communication, RFID tracking, IoT devices, and other applications.
As the use of RF technology increases, particularly with the proliferation of IoT devices and the development of 5G networks, there is a greater demand for efficient management of RF-related product lifecycles. Cloud-based PLM solutions provide enterprises with a scalable and collaborative platform for designing, developing, and managing RF-enabled products across their lifecycle.
For Instance October 2023 Siemens and Microsoft collaborate to accelerate cross-industry AI adoption. Companies unveil Siemens Industrial Copilot, a generative AI-powered assistant intended to improve human-machine collaboration and efficiency.
Furthermore, these technologies enable seamless collaboration among diverse teams, provide real-time access to product data from any location, and integrate with RF modeling and testing tools. Companies that use cloud-based PLM systems can expedite RF product development processes, reduce time-to-market, and increase product quality, satisfying the growing demand for RF technology and driving growth in the Cloud-based PLM Market.
NFC technology is driving the cloud-based product lifecycle management (PLM) sector, allowing for contactless data transfer and authentication in industries such as retail, healthcare, automotive, and consumer electronics. Cloud-based PLM systems improve collaboration, provide real-time access to product data, and enable integration with NFC testing tools, hence driving market growth.
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Country/Region-wise
Will the Increasing Adoption of Cloud-Based Technologies in North America Drive the Cloud-based PLM Market?
The growing adoption of cloud-based technologies in North America is expected to fuel significant growth in the cloud-based product lifecycle management (PLM) market. Businesses across North America are recognizing the benefits of cloud-based solutions, such as scalability, flexibility, and cost-effectiveness, and there is a growing demand for cloud PLM systems to streamline product development. Cloud PLM solutions help firms centralize product data, facilitate collaboration across cross-functional teams, and increase agility in responding to market changes.
Furthermore, the region’s superior IT infrastructure, robust regulatory frameworks, and high level of digitization create an atmosphere that encourages the use of cloud PLM technology. As North American firms prioritize innovation, efficiency, and competitiveness, the adoption of cloud-based PLM solutions is likely to accelerate, boosting market growth and transforming product development procedures throughout the area.
The rise of remote work and distributed teams is increasing the demand for cloud-based product lifecycle management (PLM) solutions. These technologies offer real-time communication, data sharing, and project tracking, which boosts efficiency and creativity in North American sectors.
In North America, innovative features like AI-driven design optimization, IoT integration, and real-time collaboration tools are driving the cloud-based product lifecycle management (PLM) industry. With a strong emphasis on innovation and technology improvement, North American enterprises use sophisticated skills to remain competitive in today’s continuously changing market. These characteristics enable firms to streamline product development processes, improve decision-making, and improve collaboration among distributed teams, hence boosting market growth and transforming product lifecycle management methods throughout the region’s different industries.
Will Increasing Industrialization and Digitalization in the Asia Pacific Drive the Cloud-based PLM Market?
The increasing industrialization and digitization in the Asia Pacific are expected to fuel considerable growth in the cloud-based product lifecycle management (PLM) market. As Asia Pacific countries see rapid economic development and technological innovation, industries such as manufacturing, automotive, aerospace, and electronics are expanding significantly. As the industrial sector expands, more efficient and agile product development procedures are required to remain competitive in the global market.
Cloud-based PLM systems are scalable, flexible, and easily accessible, making them ideal for meeting the changing needs of Asia Pacific companies. Furthermore, as the region embraces digitalization initiatives and adopts technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics, there is an increasing demand for PLM solutions that can use these technologies to drive innovation and improve decision-making in product development.
Furthermore, the growing trend of remote work and distributed teams following the COVID-19 pandemic has accelerated the use of cloud-based PLM solutions, allowing for seamless communication across geographically distant teams. With Asia Pacific rising as a vital hub for manufacturing and technological innovation, demand for cloud-based PLM solutions is predicted to skyrocket, propelling market expansion and transformation in product lifecycle management methods throughout the region.
In the Asia Pacific area, the growing use of cloud-based product lifecycle management (PLM) systems is improving product development processes and propelling innovation. Organizations in Asia Pacific may streamline product lifecycle management, improve collaboration among scattered teams, and speed up time-to-market for innovative products by embracing sophisticated technologies such as IoT, AI, and big data analytics. This optimization allows businesses to respond swiftly to changing market needs, enhance product quality, and promote continuous innovation, thereby positioning them competitively in the global market landscape.
Competitive Landscape
The competitive landscape of the cloud-based product lifecycle management (PLM) market includes emerging startups, niche providers, and established vendors offering specialized solutions or targeting specific industries. Startups and niche providers often focus on innovation, developing disruptive technologies such as AI-driven design optimization, IoT integration, or industry-specific functionalities to differentiate themselves in the market. Established vendors leverage their brand reputation, extensive customer base, and global presence to maintain market share and expand their offerings. Moreover, consulting firms, system integrators, and value-added resellers play a crucial role by providing implementation services, customization, and ongoing support to organizations adopting cloud-based PLM solutions. The competitive dynamics in the Cloud-based PLM Market are shaped by factors such as product differentiation, pricing strategies, partnerships, and geographical expansion, driving continuous innovation and evolution in product lifecycle management practices.
Some of the prominent players operating in the Cloud-based PLM Market include:
- Siemens PLM Software
- Dassault Systèmes
- Oracle
- SAP
- Autodesk
- PTC
- GE Digital
- Infor
- OpenText
- Arena Solutions
Cloud-based PLM Market Latest Developments
- In May 2023, Aras, a leading low-code PLM platform with apps for designing, building, and operating complex products, announced that Aras Enterprise SaaS is now available on the Microsoft Azure Marketplace, an online marketplace that sells Azure-compatible software and services. Aras users may now benefit from the productive and trusted Azure cloud platform, which has reduced deployment and management. In addition, Aras is officially a Microsoft Cloud Partner.
- In March 2024, NVIDIA’s Omniverse™ Cloud platform will now be available as APIs, expanding its accessibility to software creators worldwide.The five new Omniverse Cloud application programming interfaces allow developers to easily integrate core Omniverse technologies into existing design and automation software applications for digital twins, as well as simulation workflows for testing and validating autonomous machines such as robots or self-driving vehicles.
- In May 2023, Janie and Jack adopted PLM for digital transformation. Janie and Jack, a premium clothing and accessories brand, has teamed with Discover e-Solutions (DeSL) to adopt Product Lifestyle Management (PLM) and Purchase Order Management software solutions to assist drive development. DeSL’s PLM software is tailored to satisfy the specialized needs of the retail, fashion, garment, and footwear industries. According to the marketing solutions firm, the end-to-end fashion PLM solution provides a true web-based, real-time, collaborative network that is specifically designed to reduce development timeframes and improve quality.
- In March 2023, Siemens Digital Industries Software and Daimler Truck AG today announced a new collaboration to develop a cutting-edge digital engineering platform based on the Siemens Xcelerator portfolio of software and services. The new platform will allow Daimler Truck to explore a future of commercial vehicle innovation, as well as efficient product development and lifecycle management of trucks and buses. It will be rolled out internationally across Daimler Trucks’ engineering hubs, brands, and business divisions.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period |
2021-2031 |
| Growth Rate |
CAGR of ~16.68% from 2024 to 2031 |
| Base Year for Valuation |
2024 |
| Historical Period |
2021-2023 |
| Forecast Period |
2024-2031 |
| Quantitative Units |
Value in USD Billion |
| Report Coverage |
Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players |
Siemens PLM Software, Dassault Systèmes, Oracle, SAP, Autodesk, PTC, GE Digital, Infor, OpenText, Arena Solutions. |
| Customization |
Report customization along with purchase available upon request |
Cloud-based PLM Market, By Category
By Component
- Software
- Services
Organization Size
- Small & Medium Enterprises
- Large Enterprises
Technology
- Radio-Frequency Identification
- Near Field Communication
Application
- Portfolio Management
- Product Data Management
- Collaborative Design and Engineering
- Customer Management
- Compliance Management
Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Research Methodology of Market Research:
