Cloud-based PLM market share
Product Lifecycle Management (PLM) is a
process or system used to manage the real-time product status through its
entire lifecycle from product design to manufacturing and disposal. PLM helps
you manage the entire product lifecycle efficiently and cost-effectively which
has been the key reason driving its adoption across several industry verticals.
Nowadays, manufacturers are increasingly
required to share product data with stakeholders inside and outside the organization that includes critical information related to engineering,
operations, quality, procurement, and marketing. And here is where the PLM
comes handy to the manufacturers, as it ensures better co-ordination in the
organization by allowing the corresponding teams to track and regulate product
Traditional or on-premises PLM solutions
are not always cost-effective, especially for small and medium businesses
(SMEs) as these sizes of enterprises generally appear reluctant to invest
heavily in PLM deployment. But with the advent of Cloud-based PLM solutions
gaining popularity among manufacturers around the world, even the SMEs have
changed their stance and have started to embrace the PLM solutions, which is
expected to augment the global Cloud-Based PLM Market size in the years to come.
Cloud-based PLM market has gained immense
momentum as these solutions easily can integrate broad information about
product development, essentially keeping the suppliers in the loop for better
communication about the change order and requests. Thereby, the way it manages
complex product data in a fast-moving environment, cloud-based PLM is
increasingly getting popular in the manufacturing sector, and hence fueling the
cloud-based PLM market demand.
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Other advantages include remote access to
the data with the help of an internet connection, cost-effectivity, and better
return on investment (ROI) than traditional on-premises PLM. In addition,
Cloud-based PLM services can be tailored to customer-specific requirements, and
therefore especially the geographically dispersed organization can quickly
implement new processes making it a scalable solution. Moreover, these systems
offer regular software updates as they are monitored by dedicated software
providers, and also the process of software up-gradation is much quicker as
compared to on-premise PLM applications that require an expensive and
time-consuming integration process.
Considering its usability, cloud-based PLM
solutions are designed with a user-centric approach and so they come integrated
with a better user interface (UI) which enhances the overall user experience.
The list of advantages is just exponential when we include the comprehensive
aspects of the cloud-based PLM solutions such as virtualization capabilities,
robust security, architectural partitioning, and distributed processing,
thereby boosting the Cloud-based PLM market outlook in the upcoming years.
Cloud-based PLM market growth is driven by
its vast number of use cases. The system finds applications in the
transportation, life sciences, consumer products, consumer electronics,
machinery and mechanical component manufacturing, energy and utilities,
aerospace and defense, pharmaceutical and automotive sectors. Besides,
Cloud-based PLM covers a wide geographical area, allowing the businesses to
expand and gather more stakeholders irrespective of the location constraint.
Author Name : Report Hive Research