Cloud-Based PLM Market: Global Market Analysis, Opportunity Assessment and Forecast to 2027 | COVID-19 Effects

Posted 2 years ago in TECHNOLOGY.

Global Cloud-Based PLM Market Research Report: by Component (Software and Services), by Technology (Radio-Frequency Identification, Near Field Communication, and Others), by Organization size, by Application, and by End User - Forecast till 2027

Cloud-Based PLM Market: Global Market Analysis, Opportunity Assessment and Forecast to 2027 | COVID-19 Effects

Overview

Cloud-based Product Lifecycle Management (PLM) refers to the internet-based system handling a product's lifecycle from start to end. The cloud-based PLM is an efficient software framework that facilitates enterprises to integrate the information required for product development and customization according to specifications provided. Cloud PLM solutions enhance communications between manufacturers and suppliers, offering more organized results for product development.

The cloud-based PLM is a cost-effective tool facilitating low-maintenance devices. Additionally, the software offers various solutions, such as Numerical Control (NC), CAD/CAM/CAE (CAx), Simulation & Analysis (S&A), Architecture, Electronic Design & Automation (EDA), Engineering & Construction (AEC), Digital Manufacturing (DM), Collaborative Product Definition Management (CPDM), and many more.

 Resultantly, the global Cloud PLM Market is growing rapidly, witnessing wide adoption of this software. Besides, the market growth attributes to the significantly increased adoption of cloud-based PLM platforms across end-user verticals. Moreover, advantages that cloud-based PLM offers, such as lower IT management costs with flexibility, agility, and security, escalate the market demand. 

Market Research Future (MRFR) asserts that the global cloud-based PLM market is poised to create a valuation of approx. USD 50 BN by 2023, growing at 15% CAGR throughout the forecast period (2017 – 2023). Industries constantly adopt new software to enhance the growth and develop quality products and retain customer base. Furthermore, the rising adoption of cloud-based PLM integrated Internet of Things (IoT) drives the market growth. 

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Global Cloud-based PLM Market – Segments

The report is segmented into six dynamics;

By Component    : Software (CAD/CAM/CAE (CAx), Simulation & Analysis (S&A), Numerical Control (NC), Electronic Design & Automation (EDA), Collaborative Product Definition Management (CPDM), Architecture, Engineering & Construction (AEC), Digital Manufacturing (DM), and others ) and Services (Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and others).

By Organization SizeSmall & Medium Enterprise (SME) and Large Enterprise.

By Technology    : Near Field Communication, Radio-Frequency Identification, and others.

By Application    : Portfolio Management, Product Data Management , Collaborative Design & Engineering, Customer Management, Compliance Management, and others.

By End User         : Aerospace & Defense, Retail & Consumer Goods, Energy & Utilities, Healthcare & Life Sciences, Industrial Machinery & Heavy Equipment, Automotive & Transportation, Telecommunication & IT, Semiconductor & Electronics, and others.

By Regions           :  Americas, Europe, APAC, and Rest-of-the-World.

Cloud-based PLM Market – Regional Analysis

North America dominates the global cloud-based PLM market. The largest market share attributes to the wide adoption of cloud-based PLM platforms and services. Besides, technology upgrades and increased adoption of cloud-based technologies across various industry verticals drive market growth. 

The US accounts for a leading share in the regional market for cloud-based technologies due to the futuristic technology infrastructure and the presence of many cloud-based solution providers. The North American cloud-based PLM market is projected to retain its dominance throughout the estimated period.

Europe stands second in the global cloud-based PLM market. The region is one of the key markets for cloud-managed services, influencing the cloud-based PLM market growth. Additionally, the proliferation of the Internet, IIoT, and smart connected devices, alongside the proliferation of a cloud-based PLM system, boosts market valuation. The European cloud-based PLM market tool is expected to witness significant growth during the forecast period.

The cloud-based PLM market in the Asia Pacific region is growing at a rapid pace. Factors such as government initiatives to promote cloud-based PLM for data security and the increasing adoption of cloud-based business applications across industries boost the regional market growth. Furthermore, increasing demand for cloud computing positively impacts the market growth in the region.

Japan, South Korea, China, and India hold a considerably fair share in the regional market and grow rapidly in the years to come. The APAC cloud-based PLM market is expected to register the highest CAGR over the forecast period, emerging as the fastest-growing market. 

Global Cloud-based PLM Market   - Competitive Analysis

The fiercely competitive cloud-based PLM market appears fragmented due to the competitive landscape formed by many large & small players and new entrants. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from the recent proceedings in the market. 

Major Players

Players leading the cloud-based PLM market are Siemens AG (Germany), Dassault Systemes (France), PTC Inc. (US), SAP SE (Germany), Oracle Corporation (US), Autodesk, Inc. (US), Aras Corporation (US), Arena Solutions, Inc. (US), Infor Inc. (US), IFS AB (Sweden), Accenture PLC (US), and Razorleaf Corp. (US), among others.

Industry/ Innovation/ Related News

September 17, 2020 -- Accenture announced the acquisition of a German technology consultancy -SALT Solutionsto build cloud-based industrial IoT platforms. The acquisition would help Accenture to build cloud-based industrial Internet of things (IoT) platforms that speed up and optimize clients' production and logistics and enable them to reduce quality and waste issues along the entire supply chain.

SALT Solutions will be pivotal to bolstering Accenture's digital manufacturing and operations capabilities, including PLM Systems in Italy, Callisto Integration in Canada, Silveo in France, and Enterprise System Partners in Ireland.

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Cloud Based PLM Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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