Zion Market Research, the market research group announced the analysis report titled "Cloud-Based PLM Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Sarasota, FL -- (SBWIRE) -- 10/10/2017 -- PLM stands for portfolio management application. It secures customers as they are working on a reliable platform throughout the product lifecycle. Cloud is an Internet-based system which manages data of product and its related information from beginning to end of the product lifecycle. Cloud-based PLM is widely accepted in the world by many manufacturers to track record of the product development. It also assists to boost resources with better planning and enable financial constraints. For instance, Autodesk introduced PDM in Cloud-Based PLM solution. This launch will allow users to manage CAD geometry along with features such as versioning, collaboration on designs, revision control, and release tracking.
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The global market is segmented on the basis of vertical as industrial machinery and heavy equipment, energy and utilities, healthcare and life sciences, automotive and transportation, aerospace and defense, telecommunication and IT, semiconductor and electronics, retail and consumer goods, and others. Of which, telecommunication and IT vertical segment dominates the global market. Owing to increasing acceptance of cloud-based PLM, this in turn is anticipated to boost the global market.
On the basis of applications, the global cloud-based PLM market is further categorized as customer management, portfolio management, compliance management, product data management, collaborative design and engineering, and others. Of which, customer management is the leading segment and accounts for the largest market share in the global market.
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Some of the major drivers influencing the global cloud-based PLM market are vendor configuration, managing re-engineering in real-time, 3D printing, integration into ERP system, Internet of Things (IoT) devices, customer management, and increasing demand for cloud-based PLM solutions. Customer management application is expected to boost the market in the near future. The enterprises are focusing on customer retention through enriching their customer experience, which is expected to fuel cloud-based PLM market growth in future. Moreover, cloud-based PLM assists to retain customers as well as provide solution to maintain healthy customer relationship.
North America is the dominating regional segment in terms of adoption of cloud-based PLM. However, Asia Pacific is expected to witness remarkable growth in the IT infrastructure. This region is expected to show considerable growth in next few years owing to improving IT industries and outsourcing.
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In addition, growing needs of cloud-based application also fuels the cloud-based PLM market in this region. Moreover, economic development in countries such as India, China, and Japan are also gaining considerable growth in the global cloud-based PLM market.
Some of the key players in the global cloud-based PLM market include Razorleaf Corp., Arena Solutions, Inc., Oracle Corporation, Autodesk, Inc., and Siemens AG. Others key competitors are Accenture PLC, Infor, Inc., Aras, Key Innovator, PTC, Inc., Dassault Systèmes, and SAP SE.
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