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Global Cloud Based PLM Market Size was valued at USD 35.7 Billion in 2022. The Cloud Based PLM market industry is projected to grow from USD 42.2 Billion in 2023 to USD 148.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.20% during the forecast period (2023 - 2032). The surge in the need for cloud-based product lifecycle management (PLM) solutions for safe IT infrastructure can be attributed to the development of smart factories and products as well as to these considerations, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The key drivers of growth are expected to be the development of smart products and factories, as well as the growing demand for cloud-based product lifecycle management (PLM) solutions for secure IT infrastructure. As a result of the COVID-19 pandemic outbreak, businesses have begun utilizing cloud technology to facilitate remote working and ensure business continuity. PLM systems are in more demand as a result of numerous firms implementing cloud-based solutions and opting for remote working. The pandemic had a positive impact on market expansion since cloud-based solutions were widely used by different organizations.
Real-time, organized information management is a component of product lifecycle management, which spans the entire lifespan of the product. Information about product design, development, and delivery processes is routinely provided. The activities involved in the product lifetime result in a continual change in variables such as functionality, time, price, and performance. Because of these dynamic dynamics, product innovation is flexible enough to suit the new market demands that now play a big part. These tools for cloud-based product lifecycle management can support business innovation while also helping to cut operating expenses and improve productivity. These benefits are anticipated to have a beneficial impact on market expansion during the course of the forecast term.
The market is growing as a result of the increase in small and medium-sized firms' need for product lifecycle management solutions to cut manufacturing costs across a number of industrial sectors. Businesses must learn how to invest during the course of their existence to maximize potential revenues. At the moment, a disproportionately large number of businesses play a crucial role in completing digital transformation tasks or developing their digitalization road map. One of the significant developments is the combination of Internet of Things (IoT) and PLM systems. This integration has improved the possibilities of product lifecycle management solutions by making real-time performance and quality management post-manufacturing possible. Smart devices and systems that use IoT sensors provide a ton of valuable data, including insights on the possible early failure modes of certain product components. Thus, driving the Cloud Based PLM market revenue.
The global Cloud Based PLM market segmentation, based on Component, includes software and services. Transitional cell carcinoma segment dominated the global market in 2022. A corporation can successfully and efficiently manage information across a product's entire lifecycle by using cloud-based product life cycle management software. It includes processes for the creation and disposal of the product in a variety of industries, including retail, IT & telecom, and the car industry, among others.
The global Cloud Based PLM market segmentation, based on Organization Size, includes small & medium enterprises and large enterprises. The small & medium enterprises segment dominated the global market in 2022. The growth of cloud-based PLM among mid-sized firms is correlated with the segment's increase. Cloud product lifecycle management facilitates easier, quicker, and more genuine team collaboration.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The global Cloud Based PLM market segmentation, based on Technology, includes radio-frequency identification, near field communication, and others. Radio-frequency identification segment dominated the global Cloud Based PLM market in 2022. The growing adoption of Industrial IoT (IIoT) in the production process is boosting demand for radio-frequency identification.
The global Cloud Based PLM market segmentation, based on Application, includes portfolio management, product data management, collaborative design and engineering, customer management, compliance management, and others. Customer management segment dominated the global Cloud Based PLM market in 2022. The segment is expanding as a result of a growing focus on customer satisfaction and the requirement for customer management across several industries.
The global Cloud Based PLM market segmentation, based on End User, includes aerospace & defense, healthcare & life sciences, retail & consumer goods, energy & utilities, industrial machinery & heavy equipment, telecommunication & IT, automotive & transportation, semiconductor & electronics, and others. The automotive & transportation segment dominated the global cloud-based PLM market in 2022. The two primary factors that are expected to drive the automotive industry's market expansion are the growing use of digital manufacturing and the growing use of IoT to the development of smart cars. For instance, Siemens' cloud-based PLM software offers a comprehensive selection of smart car solutions for all significant technical disciplines, from chip design to full vehicle certification.
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Cloud Based PLM Market dominated this market in 2022 (45.80%). The region can invest extensively in cutting-edge solutions, such as IoT, connected industries, telecommunication technologies (5G, LTE), additive manufacturing, and augmented reality, giving it a competitive edge in the market thanks to its solid financial position. Further, the U.S. Cloud Based PLM market held the largest market share, and the Canada Cloud Based PLM market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In 2022, Europe's Cloud Based PLM market held a sizable market share. This is because large companies frequently update their product lifecycle management systems to keep up with the rapid changes in technology that affect their own industries as well as to assist the development of goods that are centered on their target markets. Further, In the European region, the German Cloud Based PLM market had the biggest market share, and the U.K. Cloud Based PLM market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Cloud Based PLM industry is anticipated to experience rapid expansion. Growing industrialisation and digitization in developing nations like China and India would increase the demand for PLM in the region. Moreover, In the Asia-Pacific region, the Indian Cloud Based PLM market had the quickest rate of growth while China's Cloud Based PLM market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Cloud Based PLM market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The cloud-based PLM sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Cloud Based PLM industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Cloud Based PLM sector. Major players in the Cloud Based PLM market, including Dassault Systems, Siemens AG, PTC Inc., Oracle Corporation, SAP SE, Autodesk Inc., Arena Solutions Inc., Aras, Infor, and Accenture PLC, are attempting to increase market demand by investing in research and development Components.
International Business Machines Corp. (IBM) provides products and services related to information technology (IT). The company also offers infrastructure, hosting, and consulting services in addition to developing and marketing computer hardware and software. IBM's product line includes tools for software development, cybersecurity, blockchain, cloud computing, automation, analytics, and automation. The company also offers services in networking, security, technology consulting, application services, business resilience services, cloud computing, and tech support. It helps the automotive, banking and financial markets, electronics, energy and utilities, healthcare, insurance, life sciences, manufacturing, metals and mining, retail and consumer goods, and telecommunications industries. The corporation also has operations throughout the Americas, Europe, the Middle East, and Africa in addition to Asia-Pacific. the United States Its headquarters are in Armonk, New York. In March 2020, IBM announced ELM 7.0, a new version of the Engineering Lifecycle Management (ELM) solution, to help engineering operations expand and manage projects that are getting more complex.
Dassault Systemes SE (Dassault) produces 3D experience platforms, software, and services as a division of Groupe Industriel Marcel Dassault SA. The company offers consultancy services in engineering, design, deployment, maintenance, and training. It also provides services for subscriptions, support, and licenses. The company offers services to the marine, offshore, transportation, mobility, industrial equipment, high-tech, infrastructure, energy and materials, retail, life sciences, utilities, and business service industries. Dassault promotes its products through a network of distributors, agents, system integrators, and value-added resellers. The corporation operates in the Americas, Europe, Africa, the Middle East, and Asia-Pacific through representative offices. Dassault's head office is in Velizy-Villacoublay, Ile-de-France, France. In order to assist companies in reducing the unfavorable environmental effects of the materials, products, and processes they develop, Dassault Systems released Sustainable Innovation Intelligence, a life cycle assessment tool, in February 2022.
· Dassault Systems
· Siemens AG
· PTC Inc.
· Oracle Corporation
· SAP SE
· Autodesk Inc.
· Arena Solutions Inc.
· Aras
· Infor
· Accenture PLC
April 2022: PTC and ITC Infotech have decided to implement PTC's Windchill PLM software as a service (SaaS) in order to quicken customer digital transformation initiatives and continue their 20-year partnership.
· Software
· Services
· Small & Medium Enterprises
· Large Enterprises
· Radio-Frequency Identification
· Near Field Communication
· Others
· Portfolio Management
· Product Data Management
· Collaborative Design and Engineering
· Customer Management
· Compliance Management
· Others
· Aerospace & Defense
· Healthcare & Life Sciences
· Retail & Consumer Goods
· Energy & Utilities
· Industrial Machinery & Heavy Equipment
· Telecommunication & IT
· Automotive & Transportation
· Semiconductor & Electronics
· Others
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 35.7 Billion |
|
Market Size 2023 |
USD 42.2 Billion |
|
Market Size 2032 |
USD 148.8 Billion |
|
Compound Annual Growth Rate (CAGR) |
17.20% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Component, Organization Size, Technology, Application, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Dassault Systems, Siemens AG, PTC Inc., Oracle Corporation, SAP SE, Autodesk Inc., Arena Solutions Inc., Aras, Infor, and Accenture PLC |
|
Key Market Opportunities |
Growing focus on improving the product efficiency |
|
Key Market Dynamics |
The growth include a rising focus on developing smart products and factories and the increasing demand for cloud-based product lifecycle management (PLM) solutions for secure IT infrastructure |
The global Cloud Based PLM market size was valued at USD 35.7 Billion in 2022.
The global market is projected to grow at a CAGR of 17.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Dassault Systems, Siemens AG, PTC Inc., Oracle Corporation, SAP SE, Autodesk Inc., Arena Solutions Inc., Aras, Infor, and Accenture PLC
The Software Component dominated the market in 2022.
The Small & Medium Enterprises Organization Size had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65294
Published on :
Sep 2023
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