Cloud-Based PLM: Improving Product Lifecycle Management in the Cloud
As more and more businesses migrate their operations to the cloud, the evolution of Product Lifecycle Management (PLM) software is inevitable 1. Cloud-based PLM tools offer a wide range of benefits, including increased scalability, flexibility, and accessibility, making it easier for businesses to manage product development, from ideation to retirement.
The current market size of USD 137.51 billion in 2030. The Cloud Based PLM Market Share is expected to rise at a compound yearly growth rate (CAGR) of 17.10% from 2020-2030.
Overview
Cloud-based PLM refers to the use of cloud computing technology to manage the entire lifecycle of a product, from design and development to production and distribution. It enables businesses to centralize data and streamline processes, making it easier for teams to track project progress and collaborate more efficiently. Cloud-based PLM solutions offer a wide range of features, including CAD integration, version control, workflow management, and document management, to name a few.
Benefits
One of the primary benefits of cloud-based PLM software is scalability 2. As your business grows, you can easily expand your usage of PLM tools by increasing the number of users, storage capacity, or features you require. Scaling up or down is very easy with cloud-based solutions as there are no hardware or software requirements needed.
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Another significant benefit of cloud-based PLM is accessibility. Cloud deployment makes it easier for employees to access PLM tools from any location or device, whether they're working remotely or accessing the software from a mobile device on the shop floor. This accessibility enables all relevant stakeholders, including suppliers, partners, and customers, to be kept up-to-date on important developments throughout a product's lifecycle.
Cloud-based PLM solutions are also tightly integrated with commonly used software packages for design and engineering, enabling seamless data exchange and reducing data loss. Features such as automated versioning and automatic backup mechanisms ensure that all data is safe and secure, eliminating the need for manual backups.
Segmentation:
The study of the cloud-based PLM market includes a segmentation that assists in forming strategies. These segments are organization size, component, application, technology, and end user.
- By component, the global market can be studied on the basis of software and services. The software segment comprises Numerical Control (NC), Simulation Analysis (SA), CAD/CAM/CAE (CAx), Digital Manufacturing (DM), Architecture, Electronic Design and Automation (EDA), Collaborative Product Definition Management (CPDM), Engineering and Construction (AEC), and others. By services, the global market report can be studied on the basis of Platform as a Service (PaaS), Software as a Service (SaaS), Infrastructure as a Service (IaaS), and others.
- By technology, the global report on the cloud-based PLM market includes near field communication, radio-frequency identification, and others.
- By application, the market includes product data management, portfolio management, customer management, collaborative design and engineering, compliance management, and others.
- By organization size, the market studies small and medium enterprises (SME) and large enterprises.
- By end user, the report includes healthcare life sciences, aerospace defense, energy utilities, industrial machinery heavy equipment, semiconductor electronics, retail consumer goods, automotive transportation, telecommunication IT, and others.
Regional Analysis:
North America has the scope to make sure that the market gets maximum exposure. End users in the region are impacting the intake in significant ways. Among countries, the US and Canada are showing notable opportunities for growth.
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Industry News:
- In August 2020, New Generation Computing, Inc. (NGC), known for being a leading provider of digital supply chain solutions, announced that Weissman, a company with a great reputation in designing dancewear and costumes, included NGC’s PLM, supply chain management (SCM), vendor compliance, and quality control solutions. The decision from Weissman to partner with NGC is an initiative to set a proper platform for future growth and success.
- In July 2020, Centric Software announced that they would be opening a branch in Vietnam, where they will introduce Product Lifecycle Management (PLM) solutions to the local community. The company, Centric Software, made a name for itself by providing innovative enterprise solutions to end user industries like retail, footwear, outdoor, fashion, consumer goods, luxury, and home décor companies to make sure they achieve their digital transformation goals. The software has emerged as a must-have backbone technology that drives all the product-related activities covering from concept to retail for retailers, original design manufacturers (ODMs), brands, and original equipment manufacturers (OEMs).
- The recent crisis that happened due to the COVID-19 pandemic and its aftermath are expected to bolster the demand for the cloud-based PLM market as its expertise in handling businesses in various ways is already a proven document.
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