Cloud Based Product Lifecycle Management: A Leading Driver Behind Adoption Of IoT Solutions Fueling Cloud-Based Product Lifecycle Management Market Expansion Market Expansion in 2025

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What Will the Cloud Based Product Lifecycle Management Industry Market Size Be by 2025?
The market size of cloud-based product lifecycle management has witnessed a swift expansion recently, escalating from $57.24 billion in 2024 to forecasted $66.8 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.7%. Reasons for this growth wave experienced in the historical timeframe include the increased emphasis on enhancing product efficiency, a surge in small to medium scale businesses, digitalization trends intensifying, heightened knowledge about connected devices technology, and the implementation of real-time automatic product tracking.

What's the Long-Term Growth Forecast for the Cloud Based Product Lifecycle Management Market Size Through 2029?
In the coming years, the market size of cloud-based product lifecycle management is projected to experience significant expansion. The market is expected to reach $124.04 billion by 2029, with a compound annual growth rate (CAGR) of 16.7%. The expansion during the forecast period can be accredited to various factors such as an increased emphasis on creating intelligent products, the widespread utilization of cloud-based solutions, increased demand for product lifecycle management solutions, integration of the Internet of Things (IoT) with PLM solutions, and growing inclusion of IoT. The major trends in the forecast period will consist of collaborations and technological advancements, substantial investments in research and development, growing technological advancements, the launch of comprehensive solutions, and the integration of technologies with pre-existing systems.

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What Are the Key Growth Drivers Fueling the Cloud Based Product Lifecycle Management Market Expansion?
The anticipated progression of the cloud-based product lifecycle management market is predicated on the growing utilization of Internet of Things (IoT) solutions. These technological innovations pertain to tools, platforms, and networks that allow for the linking, interaction, and conversation of a variety of physical devices, gadgets, and sensors via the Internet. The need for increased operational effectiveness, immediate knowledge, and streamlined operations across multiple industries, plus the expanding availability of affordable hardware, sophisticated analytics capabilities, and adaptable cloud platforms, are all spurring the growing deployment of integrated IoT solutions. IoT technology facilitates advanced connectivity, data acquisition, and instantaneous insights throughout the product lifecycle's different phases. Also, incorporating IoT with cloud-based PLM systems allows businesses to augment operational performance, product superiority, and customer gratification. To illustrate, in January 2022, the GSM Association, based in the United Kingdom and operating as a non-profit industry body, predicted that the amount of universal IoT linkages would surpass 23.3 billion by 2025, a considerable ascent from the 15.1 billion linkages listed in 2021. Consequently, the escalating implementation of integrated Internet of Things (IoT) solutions is propelling the evolution of the cloud-based product lifecycle management market.

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What Are the Key Trends Driving Cloud Based Product Lifecycle Management Market Growth?
Leading businesses in the cloud-based product lifecycle management market are prioritizing inventive solutions like inclusive product lifecycle management (PLM) tools to offer an all-encompassing solution for product lifecycle management. These PLM platforms are aimed at improving product development procedures, simplifying data management processes, and spurring innovation in product design. To illustrate, KloudPLM, a tech firm based in India, in February 2022, unveiled the first-of-its-kind product lifecycle management (PLM) tool that runs on salesforces.com, offering companies a robust tool kit for managing their product lifecycle seamlessly on the cloud. It comes with preset templates that can be tweaked to align with business processes and objectives and also includes thorough reports, a dashboard and Key Performance Indicators (KPIs).

How Is the Cloud Based Product Lifecycle Management Market Segmented?
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, Healare 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

Subsegments:
1) By Software: Product Design And Development Software, Product Data Management (PDM) Software, Computer-Aided Design (CAD) Software, Product Quality Management Software, Others:
2) By Services: Consulting, Implementation, Support And Maintenance

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Which Companies Are Leading the Charge in Cloud Based Product Lifecycle Management Market Innovation?
Major companies operating in the cloud based product lifecycle management market are Koch Industries Inc., Siemens AG, plc, 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

Which Regions Are Leading the Global Cloud Based Product Lifecycle Management Market in Revenue?
North America was the largest region in the cloud based product lifecycle management market in 2024. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the cloud based product lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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