Press release
Emerging Trends to Drive Cloud Based Product Lifecycle Management Market Growth at 16.7% CAGR Through 2029
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.Cloud Based Product Lifecycle Management Market Size Growth Forecast: What to Expect by 2025?
Over the recent years, the market size of cloud-based product lifecycle management has experienced a rapid growth. It is projected to increase from $57.24 billion in 2024 to $66.79 billion in 2025, representing a compound annual growth rate (CAGR) of 16.7%. Factors contributing to the growth during the historic period include an escalating emphasis on enhancing product efficiency, a surge in the number of small and medium scale businesses, an upward trend in digitalization, heightened awareness about connected devices technology, and the adoption of real-time tracking of products.
How Will the Cloud Based Product Lifecycle Management Market Size Evolve and Grow by 2029?
The market for cloud-based product lifecycle management products is projected to escalate quickly in the imminent years, reaching a worth of $123.7 billion by 2029 and experiencing a compound annual growth rate (CAGR) of 16.7%. The predicted expansion during this period can be linked to the increasing concentration on creating intelligent products, the popularity of cloud-based platforms, escalating demand for product lifecycle management solutions, combining IoT and PLM solutions, and integrating IoT into the mainstream. Significant trends during this prediction period include partnerships and technological advancements, massive investment in R&D, technological progression, the implementation of all-inclusive solutions, and the amalgamation of new technologies with existing infrastructures.
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What Drivers Are Propelling the Growth of Cloud Based Product Lifecycle Management Market Forward?
The cloud-based product lifecycle management market is predicted to experience growth stimulated by the rising implementation of Internet of Things (IoT) solutions. These solutions, consisting of technologies, platforms, and systems, facilitate connectivity, communication, and interaction between various physical objects, devices, and sensors online. The surging acceptance of coherent IoT solutions is motivated by the demand for heightened operational efficiency, real-time insights, and streamlined processes in different industries. It is also fueled by the increasing availability of affordable hardware, sophisticated analytics capabilities, and scalable cloud platforms. IoT bolsters improved connectivity, data gathering, and real-time insights at numerous stages of the product lifecycle. Moreover, manufacturers can elevate operational efficiency, product quality, and customer satisfaction by integrating IoT with cloud-based PLM systems. For example, in January 2022, the GSM Association, a non-profit industry organization based in the UK, anticipated that the total number of IoT connections would surpass 23.3 billion by 2025, an impressive increase from the 15.1 billion connections recorded in 2021. Consequently, the escalating implementation of cohesive Internet of Things (IoT) solutions is boosting the growth of the cloud-based product lifecycle management market.
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Which Emerging Trends Are Transforming the Cloud Based Product Lifecycle Management Market in 2025?
Key businesses in the cloud-based product lifecycle management market are concentrating on pioneering solutions such as inclusive product lifecycle management (PLM) platforms. The goal is to offer a thorough answer for efficiently managing a product's lifecycle. This type of platform aims to improve product development procedures, simplify data management, and speed up innovation in product design. An example is KloudPLM, a technology firm from India. In February 2022, they unveiled a cloud-first product lifecycle management (PLM) platform rooted in salesforces.com. This platform equips organizations with a sturdy solution for managing their products' entire lifecycle on the cloud efficiently. It features pre-configured templates that can adjust to match business procedures and targets, along with delivering comprehensive reports, a dashboard, and KPIs (Key Performance Indicators).
What Are the Key Segments in the Cloud Based Product Lifecycle Management Market?
The cloud based product lifecycle managementmarket 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
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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Who Are the Key Players Shaping the Cloud Based Product Lifecycle Management Market's Competitive Landscape?
Major companies operating in the cloud based product lifecycle management market are Koch Industries Inc., Siemens AG, accenture* 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
What Geographic Markets Are Powering Growth in the Cloud Based Product Lifecycle Management Market?
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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