Latest News- Cloud Product Lifecycle Management (PLM) Market: cPDM is expected to lead the Product segment during 2025-2029

The Cloud Product Lifecycle Management (PLM) Market is being driven by Reduction in IT expenditure

The Cloud Product Lifecycle Management (PLM) Market is expected to grow at a CAGR of 7.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1544.9 million. In today's business landscape, the adoption of cloud Product Lifecycle Management (PLM) solutions has become a necessity for enterprises seeking to streamline their product development processes. One of the key advantages of cloud PLM is the seamless integration of various software applications, such as Bill of Materials (BOM) management, design modules, and manufacturing systems. This interlinking enhances overall productivity and efficiency by enabling real-time access to critical data from multiple locations and devices. As the demand for advanced PLM capabilities continues to grow, cloud solutions are increasingly being deployed to facilitate collaborative workflows, ensure data accuracy, and drive innovation across the entire product development lifecycle. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • cPDM
  • DM
  • CAD
• Business Segment
  • Large enterprises
  • Small and medium enterprises
• Deployment
  • Public cloud
  • Private cloud
  • Hybrid cloud
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Reduction in IT expenditure
• Growing demand for large-scale product lifecycle management
• Rising requirement for remotely accessible product lifecycle management solutions

However, the market also witnesses some limitations, which are as follows:

• Threat to cybersecurity and software privacy
• Network latency in cloud
• Rise in bandwidths and performance costs

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Market Scope in Cloud Product Lifecycle Management (PLM) Market Research Report

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Research Analysis Overview

The Cloud Product Lifecycle Management (PLM) market encompasses various solutions, including Cloud-based PLM, On-premise PLM, and Hybrid PLM, to manage Product Lifecycle Data using a PLM Platform. PLM Implementation, Consulting, Training, and Support ensure smooth adoption of these systems. PLM Migration, Adoption, and Roadmap planning are crucial for successful implementation. PLM Workflow Automation, Customization, Integration, API, User Interface, and Mobile App enhance user experience. Cost Optimization, Quality Improvement, Innovation Management, Sustainability Management, Risk Management, Change Management, Configuration Management, Document Management, Knowledge Management, Collaboration Tools, Communication Tools, Project Management, Portfolio Management, Product Portfolio, Design Review, Manufacturing Process, Quality Control, Supplier Management, and Customer Service are essential features of a comprehensive PLM solution.

Market Research Overview

In the expansive IT software industry, the Product Lifecycle Management (PLM) segment, specifically Cloud PLM, falls under the system software market. This market encompasses organizations involved in the development and production of application and systems software, including database management software. Cloud PLM, a subset of this market, focuses on product development, design, and supply chain management through cloud-based solutions. Data management is a crucial aspect of this market, ensuring the efficient and secure handling of critical product information throughout the product lifecycle. The global system software market, as calculated by Technavio, represents the consolidated revenue of organizations providing various types of systems software, including cloud-based PLM solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/