Cloud-Based PLM Market Is Growing Dur to The Rising by Evolution of Smart Factories and Connected Devices to Market Growth
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cloud-Based PLM Market Research Report: by Component, by Technology, by Organization size, by Application, and by End User - Forecast till 2030”, the market is anticipated to acquire a valuation of approximately USD 137.51 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 17.10% during the assessment timeframe.
Cloud-Based PLM Market Analysis
Eminent market players profiled in the global cloud-based PLM market report include-
Dassault Systemes (France)
Siemens AG (Germany)
PTC Inc. (U.S.)
Oracle Corporation (U.S.)
SAP SE (Germany)
Autodesk, Inc. (U.S.)
Arena Solutions, Inc. (U.S)
Aras Corporation (U.S.)
Infor Inc. (U.S.)
Accenture PLC (U.S.)
IFS AB (Sweden)
Razorleaf Corp. (U.S.)
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Revenue Forecast in 2030
USD 137.51 Billion
CAGR of 17.10% from 2022 to 2030
Key Market Opportunities
Growing internet penetration
Key Market Drivers
The rising adoption of the Internet of things (IoT)
Evolution of Smart Factories and Connected Devices to Boost Market Growth
The evolution of smart factories and connected devices will boost market growth over the forecast period. Trends in digital transformation encourage the creation and application of the next generation of intelligent factories and products in sectors including heavy-duty manufacturing and automation. These intelligent products and plants are very complex in terms of connectivity, adherence to security, functioning, and other factors. To efficiently construct these interconnected devices, manufacturers need a system that incorporates mechanical, electrical, and software expertise. To generate these connected Products, software providers are putting their efforts into developing PLM software, which includes sophisticated features like 3D design, simulation, and testing the complex behavior of intelligent goods and production processes. As a result, the growing demand for linked devices should propel the PLM market's growth over the course of the projected period.
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Integration into ERP System to offer Robust Opportunities
Customer management, Internet of Things (IoT), ERP system integration, managing re-engineering in real-time, 3D printing, and vendor management are some of the causes that have contributed to the increase in demand. In the anticipated time frame, all of these applications are anticipated to grow the market.
Slower Adoption Rate to act as Market Restraint
The slower adoption rate of the cloud-based PLM solutions, lack of strong network of PLM providers and rising privacy may act as market restraints over the forecast period.
Security Concerns to act as Market Challenge
Security concerns, lack of technical expertise, high cost of investment in initial implementation, higher charge for up gradation, and need for timely maintenance may act as market challenges over the forecast period.
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The global cloud-based PLM market is bifurcated based on component, application, technology, and end user.
By component, the cloud-based PLM market is segmented into Radio-frequency identification, Near field communication, Cloud services, and others.
By application, the cloud-based PLM market is segmented into Public, Private, Community, and Hybrid among Others.
By technology, the cloud-based PLM market is segmented into SaaS, PaaS ,and IaaS among others.
By end user, telecommunication will lead the market over the forecast period for the exponential increase in acceptance of the cloud-based PLM all over the world.
The COVID-19 epidemic possessed a favorable effect on the market for cloud-based PLM. Because of the lockdown, the epidemic has spread throughout the entire world. In order to decrease human contact, people were compelled to work from home. This trend accelerated the development of the IoT and raised the market for cloud-based PLM's popularity index. IoT has opened up new channels for gathering data on product functionality and understanding shifting customer trends. As businesses attempt to make informative data more usable and accessible by linking cloud-based PLM systems with the IoT, they may now project their future into the IoT. Prior to now, it was challenging to centralize data administration for data exchange and information collection. The efficiency of data exchange has risen as new hosted infrastructure and SaaS cloud-based PLM systems have replaced outdated ones during the epidemic.
North America to Lead Cloud-Based PLM Market
Due to the presence of noteworthy players and the expanding adoption of telecommunications technologies like 5G and LTE in this region, North America now holds a dominant position in the cloud-based product lifecycle management (PLM) industry. Other significant elements influencing this region's dominance include the presence of modern infrastructure and the growing adoption of augmented reality. The widespread adoption of cloud-based PLM platforms and services is responsible for the biggest market share. Additionally, technological advancements and a rise in the use of cloud-based technologies across numerous industrial verticals fuel market expansion. Due to its cutting-edge technological infrastructure and plenty of cloud-based solution providers, the US holds a dominant share of the regional market for cloud-based technologies.
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APAC to Have Favorable Growth in Cloud-Based PLM Market
Due to the increasing adoption of internet of things and linked device technologies by small and medium-sized businesses, Asia-Pacific is predicted to experience considerable growth between 2022 and 2029. Additionally, the region's expanding IT infrastructure and firms' active use of product lifecycle management solutions as part of their growth strategy will continue to support market expansion in this area. During the projected period, the Cloud-Based PLM Market is expected to develop at the greatest CAGR in the Asia-Pacific region. The growing importance of concentrating on customer relationship management and the expansion of cloud-based applications are the main growth factors that will propel the adoption of cloud PLM. However, it is anticipated that the growth of the IT infrastructure in the Asia Pacific region would be remarkable. This field is expected to have tremendous growth over the next few years as outsourcing and the IT sector both advance. Additionally, rising cloud demand is a major driver of this region's cloud-based PLM market. Additionally, the global cloud-based PLM market is expanding due to economic growth in countries like China, India, and Japan. Asia Pacific is home to a rapidly expanding cloud-based PLM sector. Government measures to support cloud-based PLM for data security and the growing use of cloud-based business applications across industries are factors that contribute to the growth of the regional market. Additionally, rising cloud computing demand has a beneficial effect on the expansion of the regional market. In the near future, India, South Korea, China, Japan, and the region's other major economies will experience fast growth. Over the projection period, the APAC cloud-based PLM market is anticipated to grow at the quickest rate.
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