Enjoy complimentary customisation on priority with our Enterprise License!
The cloud product lifecycle management market size is estimated to grow at a CAGR of 6.46% between 2022 and 2027. The market size is forecast to increase by USD 1,233.47 million. The growth of the market depends on several factors, including a reduction in IT expenditure, growing demand for large-scale product lifecycle management, and rising requirement for remotely accessible product lifecycle management solutions.
This cloud product lifecycle management market report extensively covers market segmentation by product (CPDM, DM, and CAD), business segment (large enterprises, small, and medium enterprises), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The reduction in IT expenditure is notably driving the market growth, although factors such as rise in bandwidths and performance costs impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving cloud product lifecycle management market growth is the reduction in IT expenditure. There is a rising demand for cloud-based product lifecycle management software as it is expected to lower the management cost and improve the efficiency of an organization.
Due to the growing demand and to remain competitive in the market, most companies have increased their expenditure on IT infrastructure procurement and maintenance. As a result, this increased spending adds up to the overall operational cost of the firm. Thus, with the adoption of cloud-based product lifecycle management software, most companies can reduce their cost significantly. Hence it is expected to drive the global Cloud Product Lifecycle Management (PLM) Market growth during the forecast period.
A key factor shaping the global cloud product lifecycle management market growth is the increasing adoption of automatic real-time tracking of products. In the present market, as multiple users are working on the content in real time, there is an increase in the demand for real-time tracking and collaboration.
Some of the key advantages of these features include increasing overall productivity; intelligent product lifecycle management. Also, these tools prompt the project managers, engineers, and analysts to do their essential tasks on time as per the pre-plan. Thus, the above features of these systems are expected to drive the global Cloud Product Lifecycle Management Market growth during the forecast period.
Rise in bandwidths and performance costs are the key challenges hindering the global cloud product lifecycle management market growth. Most of the big cloud players have experienced outages, as all the systems in the organization are dependent on cloud service providers, and the performance of the business intelligence of the organization and other cloud-based applications is tied to the performance of the cloud service provider.
Even though companies can save money on hardware, management, and maintenance by using cloud-based solutions, they have to spend more money on bandwidth while using these services. The cost varies depending on the size of the applications. In order to transmit and deliver sophisticated and intensive data over the network, the company requires sufficient bandwidth. Thus, the increasing cost of these bandwidths poses a significant threat to global Cloud Product Lifecycle Management (PLM) Market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cloud Product Lifecycle Management Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc: The company offers cloud-based product lifecycle management solutions to the airline, automotive, industrial equipment, and public transportation industries.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the CPDM segment will be significant during the forecast period. Due to the increasing demand for a strategic business approach that uses a consistent set of business processes, which, put together, provides a wide set of diverse solutions to a single problem, there is a significant demand for CPDM segment during the forecast period.
Get a glance at the market contribution of various segments View the PDF Sample
The CPDM segment was valued at USD 1,247.95 million in 2017 and continued to grow until 2021. One of the key advantages of the cloud-based CPDM is that it enables better collaboration between the manufacturers and the suppliers by making the product data accessible through any computer with an Internet connection. Another significant feature of this segment is that it allows control access for viewing and editing for specific users, which helps them protect sensitive intellectual property from getting leaked or misused without firewalls and workarounds. As Cloud CPDM requires low upfront implementation and maintenance costs when compared to the traditional on-premises solution, it is expected to have an increase in demand, which, in turn, can fuel the demand for the cloud product lifecycle management (PLM) market, during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to the strong existence and penetration of the top vendors of cloud-based product lifecycle management products, there is an increase in the overall market growth in the region. Also, as new and emerging technologies are promoted in North America and the region is an early adopter of advanced technologies across all industries, the market in North America has always been lucrative for vendors of cloud-based product lifecycle management products. Due to the strong financial position of North America, the region is able to make huge investments in implementing the most innovative and cutting-edge technology and tools to guarantee efficient corporate operations. Thus, such factors can significantly drive the Cloud PLM Market in the region.
In 2020, due to the outbreak of COVID-19, there was a rapid increase in demand for cloud-based product lifecycle management products. Several vendors are offering smart and innovative products to monitor the products digitally. Factors such as rise in investment and the shift toward the digitally driven environment due to restrictions during the pandemic significantly contributed to the market growth. Additionally, the growing adoption of cloud-based technology to facilitate remote working and ensure business continuity is also driving the growth of the Cloud Product Lifecycle Management Market during the forecast period.
The cloud product lifecycle management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global cloud-based product lifecycle management market as a part of the global systems software market within the global IT software market. The super parent global IT software market covers companies engaged in developing and producing application and systems software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Cloud Product Lifecycle Management Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.46% |
Market growth 2023-2027 |
USD 1,233.47 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.2 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 48% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, ApparelMagic, Aras Corp., Autodesk Inc., Dassault Systemes SE, Edaforce Inc., Essig PLM, FusePLM LLC, IFS World Operations AB, Koch Industries Inc., Oracle Corp., Professional Systems Associates Inc., PROLIM Global Corp., Propel Software Solutions Inc., PTC Inc., SAP SE, and Siemens AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.