Cloud Based Product Lifecycle Management Global Market Report 2024

The cloud based product lifecycle management market size has grown rapidly in recent years. It will grow from $48.91 billion in 2023 to $57.24 billion in 2024 at a compound annual growth rate (CAGR) of 17%. The expansion observed during the historic period can be attributed to several factors, including a growing emphasis on enhancing product efficiency, the rise in the number of small and medium-scale enterprises, an increasing trend of digitalization, growing awareness about connected devices technology, and the adoption of automatic real-time tracking of products.

The cloud based product lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $106.07 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The anticipated growth in the forecast period can be attributed to several factors, including a rising focus on developing smart products, widespread adoption of cloud-based solutions, increasing demand for product lifecycle management solutions, integration of Internet of Things (IoT) and PLM solutions, and the rising incorporation of IoT technologies. Key trends expected during this period include collaborations and technological developments, heavy investments in research and development initiatives, ongoing technological advancements, introduction of comprehensive solutions, and integration of technologies with existing systems.

The growing adoption of Internet of Things (IoT) solutions is set to drive the expansion of the cloud-based product lifecycle management (PLM) market. IoT solutions encompass technologies, platforms, and systems facilitating the connectivity, communication, and interaction of diverse physical objects, devices, and sensors over the Internet. This trend's surge is fueled by the quest for heightened operational efficiency, real-time insights, and streamlined processes across industries, alongside the increasing availability of cost-effective hardware, advanced analytics capabilities, and scalable cloud platforms. Integrated IoT solutions empower enhanced connectivity, data collection, and real-time insights throughout various stages of the product lifecycle. Furthermore, the fusion of IoT with cloud-based PLM systems empowers manufacturers to elevate operational efficiency, product quality, and customer satisfaction. For instance, a January 2022 estimate by the GSM Association, a UK-based non-profit industry organization, projected that the total number of IoT connections would surpass 23.3 billion by 2025, marking a notable increase from the 15.1 billion connections recorded in 2021. Consequently, the mounting adoption of integrated IoT solutions is steering the growth trajectory of the cloud-based product lifecycle management market.

Key players in the cloud-based product lifecycle management sector are directing their efforts toward innovative solutions such as comprehensive PLM platforms to deliver extensive solutions for effectively managing product lifecycles. A comprehensive PLM platform is crafted to enhance product development processes, streamline data management, and expedite innovation in product design. For example, in February 2022, KloudPLM, an India-based technology company, unveiled a cloud-first PLM platform built on salesforces.com. This platform offers organizations a robust solution for efficiently managing their products' entire lifecycle in the cloud. Equipped with pre-configured templates adaptable to business processes and goals, the platform delivers comprehensive reports, a dashboard, and Key Performance Indicators (KPIs).

In May 2021, Autodesk Inc., a US-based software company, successfully acquired Upchain Inc. for an undisclosed amount. This strategic acquisition is intended to accelerate Autodesk's goal of providing a next-generation design and manufacturing software platform. The move aims to add value for clients by reducing barriers to collaboration, while simultaneously enhancing productivity and resilience. Upchain Inc., headquartered in Canada, is a provider of cloud-based product data management and product lifecycle management software. The acquisition aligns with Autodesk's vision of advancing design and manufacturing solutions for its customers.

Major companies operating in the cloud based product lifecycle management market are Koch 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.

North America was the largest region in the cloud based product lifecycle management market in 2023. 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. The countries covered in the cloud based product lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud-based product lifecycle management (PLM) involves leveraging cloud computing technologies and services to oversee the complete lifecycle of a product, spanning from its inception and design to manufacturing, distribution, and eventual disposal. This approach offers organizations flexibility, accessibility, and cost-effectiveness, empowering them to efficiently manage their product lifecycles and introduce innovative products to market more effectively.

The primary components of cloud-based product lifecycle management comprise software and services. Software encompasses a set of programs, data, or commands that operate machines and execute specific functions. Various technologies, including radio-frequency identification (RFID), near-field communication (NFC), and others, are utilized across organizations of diverse sizes, ranging from small and medium enterprises (SMEs) to large enterprises. These technologies find application across various domains, such as portfolio management, product data management (PDM), collaborative design and engineering, customer management, compliance management, and others, serving multiple industry verticals, including 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, semiconductors and electronics, among others.

The cloud based product lifecycle management research report is one of a series of new reports that provides cloud based product lifecycle management market statistics, including the cloud based product lifecycle management industry's global market size, regional shares, competitors with a cloud based product lifecycle management market share, detailed cloud based product lifecycle management market segments, market trends and opportunities, and any further data you may need to thrive in the cloud based product lifecycle management industry. This cloud based product lifecycle management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud based product lifecycle management market includes revenues earned by entities providing services such as data management, quality management, integrating data processes and business systems, and workflow automation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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