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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
222 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
Market growth 2025-2029 |
USD 1544.9 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
6.5 |
Key countries |
US, Canada, China, Germany, UK, Japan, France, India, Italy, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
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.
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.
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