Cloud Based Product Lifecycle Management Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What is the Future CAGR of the Cloud Based Product Lifecycle Management Market, and How Will It Impact Industry Expansion?
The market size of cloud-based product lifecycle management has experienced frenetic growth in the past few years. The market is projected to expand from $57.24 billion in 2024 to $66.8 billion in 2025, with a compound annual growth rate (CAGR) of 16.7%. The significant growth in the previous period can be credited to an escalating emphasis on enhancing product efficacy, an uprise in small and medium scale enterprises, a rising trend of digitalization, increased consciousness around connected devices technology, and implementation of real-time product tracking.
The market size of the cloud-based product lifecycle management is forecasted to experience significant expansion in the forthcoming years, with projections suggesting growth to $124.04 billion in 2029 at a compound annual growth rate (CAGR) of 16.7%. This anticipated growth during the forecasted period may be due to various factors such as the heightened emphasis on creating innovative smart products, widespread acceptance of cloud-based solutions, the increasing need for product lifecycle management solutions, the integration of the Internet of Things (IoT) with PLM solutions and the increasing incorporation of IoT. Key trends for the forecasted period encompass collaborations and technological innovations, significant investment in research and development, escalating technological progress, the unveiling of all-inclusive solutions, and the integration of new technologies with established systems.
How Are the key drivers expanding the growth of the cloud based product lifecycle management Market?
The growth of the cloud-based product lifecycle management market is projected to be driven by the expanding utilization of Internet of Things (IoT) solutions. IoT refers to different technologies, platforms, and systems, enabling the interaction and communication of various physical objects, devices, and sensors using the internet. The demand for integrated IoT solutions is spurred by the need to boost operational efficiency, provide real-time insights, and smooth out processes across various sectors. It is also driven by the rising availability of affordable hardware, state-of-the-art analytics abilities, and scalable cloud platforms. IoT heightens connectivity, data gathering, and instantaneous understanding across different stages of the product lifecycle. Moreover, the merger of IoT with cloud-based PLM systems allows manufacturers to improve operational efficiency, product quality, and customer satisfaction. For example, it was estimated by the GSM Association, a non-profit industry organization based in the UK, that the total number of IoT connections is forecasted to reach over 23.3 billion by 2025, a substantial increase from 15.1 billion connections in 2021. As such, the escalating utilization of integrated Internet of Things (IoT) solutions is prompting the expansion of the cloud-based product lifecycle management market.
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What Are the Top Market Players Propelling the Growth of the Cloud Based Product Lifecycle Management Industry?
Major companies operating in the cloud based product lifecycle management market are:
• Koch Industries Inc._x000D_
• Siemens AG_x000D_
• Accenture plc_x000D_
• Oracle Corporation_x000D_
• SAP SE_x000D_
What Are the Key Trends to Watch in the Cloud Based Product Lifecycle Management Market Over the Coming Years?
Leading firms in the cloud-based product lifecycle management market are prioritizing inventive solutions like extensive product lifecycle management (PLM) platforms. These platforms are designed to improve product development activities, organize data management more effectively, and foster rapid innovation in product design. For example, in February 2022, KloudPLM, an Indian tech company, introduced a cloud-first PLM platform utilizing salesforces.com. This platform provides a sturdy solution for organizations to manage their products’ entire lifecycle efficiently via cloud. Included are pre-configured templates that can be customized based on business processes and objectives, accompanied by comprehensive reports, a dashboard, and KPIs (Key Performance Indicators).
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Which Industry Segments Are Leading the Development and Expansion of the Cloud Based Product Lifecycle Management Market?
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
Subsegments:
1) By Software: Product Design And Development Software, Product Data Management (PDM) Software, Computer-Aided Design (CAD) Software, Product Quality Management Software, Others:
2) By Services: Consulting, Implementation, Support And Maintenance
What Regions Are Dominating the Cloud Based Product Lifecycle Management Market Growth?
North America was the largest region in the cloud based product lifecycle management market in 2024. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the cloud based product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Key Characteristics That Define the Cloud Based Product Lifecycle Management Market?
Cloud-based product lifecycle management (PLM) refers to the use of cloud computing technologies and services to manage the entire lifecycle of a product, from its conception and design through manufacturing, distribution, and eventual disposal. It offers flexibility, accessibility, and cost-effectiveness, enabling organizations to effectively manage their product lifecycles and bring innovative products to market more efficiently.
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