Uncategorized Global Cloud-based Product Lifecycle Management (PLM) Market Will Reach to USD 91.8 Billion by 2026 – GlobeNewswire
| Source: Facts & Factors
Pune, INDIA
New York, NY, Sept. 08, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Cloud based Product Lifecycle Management (PLM) Market By Component (Software and Services), By Application (Portfolio Management, Product Data Management, Collaborative Design and Engineering, Customer Management, Compliance Management, and Others), By Technology (Radio-Frequency Identification, Near Field Communication and Others), By Organization Size (Small and Medium Enterprise and Large Enterprise), By Industry Vertical (Aerospace and Defense, Healthcare and Life Sciences, Retail and Consumer goods, Energy and Utilities, Industrial Machinery and Heavy Equipment, Telecommunication and IT, Automotive and Transportation, Semiconductor and Electronics and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026”.
“According to the recent research report, the demand of global Cloud based Product Lifecycle Management (PLM) Market size & share expected to reach to USD 91.81 Billion by 2026 from USD 35.61 Billion in 2020 in 2020, at a compound annual growth rate (CAGR) of 17.1% during the forecast period 2021 to 2026”
Global Cloud based Product Lifecycle Management (PLM) Market: Overview
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.
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Market Dynamics
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 behaviour 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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Global Cloud based Product Lifecycle Management (PLM) Market: Report Scope
Global Cloud-based Product Lifecycle Management Market: Segmentation
The study provides a decisive view of the global Cloud based Product Lifecycle Management market by segmenting it based on application, technology, component, organization size, and industry vertical. The component segment is categorized into services and software. Portfolio management, collaborative design and engineering, product data management, compliance management, customer management, and others are the application segment of the global Cloud based Product Lifecycle Management market. To offers better target customer analysis, our analyst further bifurcates technology segments into near-field communication, radio-frequency identification, and others.
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Global Cloud-based Product Lifecycle Management (PLM) Market: Regional Analysis
Based on regions, the global Cloud based Product Lifecycle Management market can be divided into five main regions namely North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
However, the expansion of the IT infrastructure in the Asia Pacific is projected to be spectacular. In the coming few years, this area is projected to see significant development as IT sectors and outsourcing improve. In addition, increasing cloud demands further boost the cloud-based PLM industry in this area. In addition, economic growth is also growing in the worldwide cloud-based PLM market in nations like China, India, and Japan.
Browse the full report“Cloud-based Product Lifecycle Management (PLM) Market By Component (Software and Services), By Application (Portfolio Management, Product Data Management, Collaborative Design and Engineering, Customer Management, Compliance Management, and Others), By Technology (Radio-Frequency Identification, Near Field Communication and Others), By Organization Size (Small and Medium Enterprise and Large Enterprise), By Industry Vertical (Aerospace and Defense, Healthcare and Life Sciences, Retail and Consumer goods, Energy and Utilities, Industrial Machinery and Heavy Equipment, Telecommunication and IT, Automotive and Transportation, Semiconductor and Electronics and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/cloud-based-product-lifecycle-management-market
The global Cloud-based Product Lifecycle Management (PLM) Market is segmented as follows:
By Component
By Application
By Technology
By Organization Size
By Industry Vertical
Key Highlights of this Report:
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