Cloud Based Product Lifecycle Management Market: Estimated Growth Curve and Demand Analysis for 2024-2033

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 17.0%. The growth in the historic period can be attributed to a growing focus on improving product efficiency, a rising number of small and medium scale enterprises, an increasing trend of digitalization, growing awareness about connected devices technology, 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 growth in the forecast period can be attributed to a rising focus on developing smart products, widespread adoption of cloud-based solutions, rising demand for product lifecycle management solutions, integration of Internet of Things (IoT) and PLM solutions, and rising incorporation of IoT. Major trends in the forecast period include collaborations and technological developments, investing heavily in research and development, rising technological advancements, introduction of comprehensive solutions, and integration of technologies with existing systems.

Market Overview -
Cloud-based product lifecycle management (PLM) refers to the use of cloud computing technologies and services to manage the entire lifecycle of a product, from its conception and design through manufacturing, distribution, and eventual disposal. It offers flexibility, accessibility, and cost-effectiveness, enabling organizations to effectively manage their product lifecycles and bring innovative products to market more efficiently.

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Adoption Of IoT Solutions Fueling Cloud-Based Product Lifecycle Management Market Expansion
The increasing adoption of Internet of Things (IoT) solutions is expected to propel the growth of the cloud-based product lifecycle management market going forward. Internet of Things (IoT) solutions refer to technologies, platforms, and systems that enable the connection, communication, and interaction of various physical objects, devices, and sensors over the Internet. The increasing adoption of integrated IoT solutions is driven by the need for enhanced operational efficiency, real-time insights, and streamlined processes across industries, as well as the growing availability of cost-effective hardware, advanced analytics capabilities, and scalable cloud platforms. IoT enables enhanced connectivity, data collection, and real-time insights across various stages of the product lifecycle. Additionally, the integration of IoT with cloud-based PLM systems enables manufacturers to enhance operational efficiency, product quality, and customer satisfaction. For instance, in January 2022, according to the GSM Association, a UK-based non-profit industry organization, it was estimated that the number of IoT connections overall is expected to exceed 23.3 billion by 2025, a significant rise from the 15.1 billion connections that were registered in 2021. Therefore, the increasing adoption of integrated Internet of Things (IoT) solutions is driving the growth of the cloud-based product lifecycle management market.

Competitive Landscape -
Major companies operating in the cloud based product lifecycle management market are Koch Industries Inc., Siemens AG, 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

Innovative Solutions Transforming The Cloud-Based PLM Market
Major companies operating in the cloud-based product lifecycle management market are focusing on innovative solutions, such as comprehensive product lifecycle management (PLM) platforms, to provide an extensive solution for managing the lifecycle of products effectively. A comprehensive PLM platform is designed to enhance product development processes, streamline data management, and accelerate innovation in product design. For instance, in February 2022, KloudPLM, an India-based technology company, launched the cloud-first product lifecycle management (PLM) platform built on salesforces.com, which offers organizations a robust solution for managing the entire lifecycle of their products efficiently on the cloud. It has pre-configured templates that can be further configured to meet business processes and goals and provides comprehensive reports, a dashboard, and KPIs (Key Performance Indicators).

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Key Segments -

The cloud based product lifecycle management market covered in this report is segmented -
1) By Component: Software, Services
2) By Technology: Radio-Frequency Identification (RFID), Near Field Communication (NFC), Other Technologies
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Portfolio Management, Product Data Management (PDM), Collaborative Design And Engineering, Customer Management, Compliance Management, Other Applications
5) By Industry Vertical: 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, Semiconductor And Electronics, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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