Cloud-based PLM market size

Improved performance and scalability advantages to foster cloud-based PLM market share

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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 changes.

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