Cloud Based Product Lifecycle Management Market Overview: Market Size, Major Drivers And Trends
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The cloud-based product lifecycle management market has experienced rapid growth, ascending from $48.91 billion in 2023 to $57.24 billion in 2024, showcasing a compound annual growth rate (CAGR) of 17.0%. This surge is attributed to a growing emphasis on enhancing product efficiency, the proliferation of small and medium-scale enterprises, increasing digitalization trends, growing awareness of connected devices technology, and the adoption of automatic real-time tracking of products. Looking ahead, the market is anticipated to maintain its rapid growth trajectory, projected to reach $106.07 billion in 2028, with a CAGR of 16.7%. Factors contributing to this growth include a heightened focus on developing smart products, widespread adoption of cloud-based solutions, rising demand for product lifecycle management solutions, integration of Internet of Things (IoT) and PLM solutions, and increased incorporation of IoT. Major trends in the forecast period encompass collaborations and technological advancements, heavy investment in research and development, rapid technological advancements, introduction of comprehensive solutions, and integration of technologies with existing systems.
The growth of the cloud-based product lifecycle management market is poised to be fueled by the increasing adoption of Internet of Things (IoT) solutions, which facilitate the connection and interaction of physical objects over the Internet, enhancing operational efficiency and providing real-time insights across industries. Integration of IoT with cloud-based PLM systems enables manufacturers to improve operational efficiency and product quality. With projections indicating IoT connections surpassing 23.3 billion by 2025, according to the GSM Association, the adoption of integrated IoT solutions is driving the growth of the cloud-based product lifecycle management market.
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What Are The Key Trends That Influence Cloud Based Product Lifecycle Management Market Share Analysis?
Major companies in the cloud-based product lifecycle management market are focusing on innovative solutions such as KloudPLM’s cloud-first platform built on salesforces.com. Launched in February 2022, this platform offers organizations robust capabilities for managing the entire lifecycle of their products efficiently on the cloud. It includes pre-configured templates, comprehensive reports, dashboards, and Key Performance Indicators (KPIs), enabling organizations to streamline product development processes and accelerate innovation in product design.
Which Market Players Are Driving Growth In The Cloud Based Product Lifecycle Management Market?
Major companies operating in the market areKoch Industries Inc., Siemens AG, Accenture plc, Oracle Corporation, SAP SE, Atos SE, Rockwell Automation Inc., Dassault Systèmes S.A., Autodesk Inc., PTC Inc., Veeva Systems Inc., Blue Yonder Group Inc., IFS AB, Lectra SA, Centric Software Inc., PROLIM Corporation, Arena Solutions Inc., Tacton Systems AB, Aras Corporation, Bamboo Rose Inc., FusePLM, NexGenCAM LLC, Propel Software Inc., Essig PLM, Professional Systems Associates Inc., Razorleaf Corporation
How Is The Global Cloud Based Product Lifecycle Management Market Segmented?
The cloud based product lifecycle management market covered in this report is segmented –
1) By Component: Software, Services
2) By Technology: Radio-Frequency Identification (RFID), Near Field Communication (NFC), Other Technologies
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Portfolio Management, Product Data Management (PDM), Collaborative Design And Engineering, Customer Management, Compliance Management, Other Applications
5) By Industry Vertical: Aerospace And Defense, Healthcare And Life Sciences, Retail And Consumer Goods, Energy And Utilities, Industrial Machinery And Heavy Equipment, Telecommunications And IT, Automotive And Transportation, Semiconductor And Electronics, Other Industry Verticals
Read The Full Cloud Based Product Lifecycle Management Market Report Here
The Cloud Based Product Lifecycle Management Global Market Report 2024 provides an overview of the cloud based product lifecycle managementmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cloud based product lifecycle management market forecast analyzes cloud based product lifecycle management market size, cloud based product lifecycle management market share, leading competitor and their market positions.
The Table Of Content For The Cloud Based Product Lifecycle Management Market Include
1. Cloud Based Product Lifecycle Management Market Executive Summary
2. Cloud Based Product Lifecycle Management Market Segments
3. Cloud Based Product Lifecycle Management Market Size And Template Market Growth Rate
4. Key Cloud Based Product Lifecycle Management Market Trends
5. Major Cloud Based Product Lifecycle Management Market Drivers
……
25. Key Mergers And Acquisitions In The Cloud Based Product Lifecycle Management Market
26. Top Cloud Based Product Lifecycle Management Companies
27. Cloud Based Product Lifecycle Management Market Opportunities And Strategies
28. Cloud Based Product Lifecycle Management Market, Conclusions And Recommendations
29. Appendix
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