Top Growing Trends in Cloud-based Product Lifecycle Management (PLM) Market Across the Globe
Product life cycle management is an information system used to manage and optimize products during development, growth, and maturity and decrease stages. Leading the way through its life cycles, PLM is a series of plans and strategies utilized by management to develop the product. Some of the major advantages of product life cycle management include improving product quality and dependability, cutting the cost of the prototype, and identifying income creation possibilities.
PLM incorporates systematic information management across the whole product life cycle, for example, production and product design information, product development and supply process information, performance management, and other information sets in real-time. The processes of the product lifecycle evolve steadily with changes in time, price, functions, and performance factors. In order to fulfill changing market demands, a product innovation process needs to be flexible based on the variations of factors. Another element is expected to fuel the PLM market expansion, such as product improvements and development management.
According to a Facts and Factors market research report, the global cloud-based product lifecycle management market was USD 35.61 Billion in 2020; further, this revenue is expected to reach around USD 91.81 Billion by the end of 2026, increasing at a CAGR of around 17.1% from 2021 to 2026.
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The profitability and growth of the market are projected to be influenced by a number of variables, including marketing, R&D, internal and external process complexity, as well as incorrect product information. Electronic Design Automation (EDA) is expected to support the usability of PLM software in the electronics and automotive sectors when developing electronic system systems such as printed circuit boards and integrated circuits. In addition, over the forecast period, technical developments such as additive manufacturing and engineering are anticipated to boost the market. These technologies should inspire firms to strive towards new capabilities, which are predicted to raise demand, for their PLM systems.
Top Market Players
The key players in the cloud-based product lifecycle management market are Aras, Accenture PLC, Infor Inc., PTC Inc., Key Innovator, Dassault Systèmes, TCS, SAP SE, Tech Mahindra, Razorleaf Corp., Windchill, Arena Solutions Inc., Autodesk Inc., Oracle Corporation, and Siemens AG. Among others.
Evolution of connected devices and smart factories
Digital transformation trends promote the development and use of next-generation intelligent products and factories in industries such as heavy-duty production and automation. In terms of connection, compliance with security, functionality, and others, these intelligent goods and plants are extremely complicated. Manufacturers require a system that integrates mechanical, electrical, and software skills to build these linked devices effectively. Software suppliers are focusing on creating PLM software, which has sophisticated features, such as 3D design, simulation, and verifying the complicated behavior of intelligent goods and manufacturing systems, to produce these related Products. Therefore, the growth of the PLM market over the forecast period should be driven by the rising need for linked devices.
PLM solutions provide advantages such as cutting operating costs and time for the market, as well as promoting company innovation. These advantages should have a favorable influence on market growth. Smart factories and intelligent manufacturing in small businesses are predicted to develop, as is the introduction of tailor-made and affordable PLM systems. PTC Inc., for example, has taken a big step forward among industry rivals by integrating its ThingWorx capabilities with its Windchill PLM application suite and Creo CAD software.
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In 2020, the greatest market share of the major corporate category was represented. The growing digitization of the industrial industry might be caused by this increase. It has resulted in the fusion of networked gadgets, robotics, and a rapid data network within a plant environment. Customer know-how, speed of delivery, and deeper integration capacities are some of the key elements that drive the category growth. Because of the increasing quantity of PLM systems, customer service need has made customer experience a crucial difference between manufacturers. Furthermore, in the projection period, the sector of small and medium-sized companies would increase fast as government measures to enhance SMEs in countries like India, Brazil, and other countries of South Asia are rising.
Siemens AG stated in September 2019 that it has acquired Lightwork Design, computer software, and a technology licensing firm located in the United Kingdom. This purchase enables Siemens PLM software with its full range of PLM products management applications, to provide clients with increased 3D data visualization capabilities, virtual communication, and high-end rendering.
In June 2019, PTC Inc.’s WINDCHILL PLM platform had been improved with integrated software and systems engineering capability. This addition will add to the Windchill solution for clients who wish to use a unified, up-to-date digital product information thread including system design and specifications.
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