Cloud based PLM market categorizes the global market by application as portfolio management, product data management, collaborative design and engineering, customer management, compliance management, by organization size, by vertical, & by region.
Pune, India -- (SBWIRE) -- 10/03/2016 -- According to a new market research report "Cloud-Based PLM Market by Application (Portfolio Management, Product Data Management, Collaborative Design and Engineering, Customer Management, Compliance Management), Organization Size, Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cloud-based PLM market size is estimated to grow from USD 18.65 Billion in 2016 to USD 40.55 Billion by 2021, at an expected Compound Annual Growth Rate (CAGR) of 16.80% from 2016 to 2021. Rising need for integrated PLM solutions, effective management of supply chain, growing adoption of Internet of Things (IoT) are increasing the demand for cloud-based PLM in the market.
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"Cloud-Based PLM Market - Global Forecast to 2021"
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"Customer Management is expected to grow at the highest CAGR during the forecast period"
The cloud-based PLM market is expected to grow at an impressive CAGR during the forecast period. Since enterprises are focusing on improving customer relationship and retaining them customer retention are the two most important factors, the customer management application segment is expected to witness a substantial growth rate during the forecast period. Moreover, cloud-based PLM increases revenues and also enhances productivity by establishing healthy customer-provider relationship.
Retail & Consumer Goods and Healthcare & Life Sciences are expected to grow at high CAGRs during the forecast period."
The cloud-based PLM market is witnessing a potential growth in the retail and consumer goods industry across various regions owing to the increase in the adoption of cloud-based application. Moreover, healthcare and life sciences sector has been early adopter of cloud-based technologies to serve customers better.
"Asia-Pacific (APAC) is expected to witness a high growth potential during the forecast period"
North America is expected to hold the largest market share in 2016, while APAC would be the fastest maturing in terms of CAGR. Factors such as improving IT infrastructure, growing internet penetration, and the increasing number of connected devices are driving the growth of the cloud-based PLM market in APAC.
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The major application providers in the cloud-based PLM market 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 (U.S.), Infor (U.S.), and Accenture PLC (U.S.).
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