About Product Lifecycle Management
Many manufacturing companies require PLM software, as it helps deal with different functional levels of an organization such as design engineering, product designing, and manufacturing. The need for managing a product from the concept to servitization has led to the emergence of PLM software and services. The rising product complexity and increase in product portfolio across organizations have fueled the need for a system that provides solutions to the production process across industries. The implementation of PLM in an organization provides higher revenue, reduces the cost of production, and enhances capital efficiency.
Technavio’s analysts forecast the global cloud PLM market to grow at a CAGR of 8.79% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global cloud PLM market for 2016-2020. To calculate the market size, the report considers both direct revenue and indirect revenue of the vendors. In addition, we have only considered DM, cPDM, and CAD software.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cloud Product Lifecycle Management (PLM) Market 2016-2020
Technavio recognizes the following companies as the key players in the global cloud product lifecycle management (PLM) market: PTC, Siemens PLM, Autodesk, and Dassault Systèmes.
Other Prominent Vendors in the market are: Apparel magic, Aras, Arena, Omnify, Oracle Agile, and Infor.
Commenting on the report, an analyst from Technavio’s team said: “An emerging trend to watch is the increased role of cloud PLM in IoT supporting devices. IoT is the network of physical, tangible objects that are interconnected through technology and can communicate among themselves and also with internal and external environments. Thus, IoT is carried out by connecting devices with each other and also with their end-users' communication devices. IoT combines hardware devices, embedded software, communication services, and IT services together. The major components of IoT include radio-frequency identification, near field communication, wireless sensor networks, cloud services, gateways, data storage and analytics, and visualization elements.”
According to the report, a key driver of market growth is the reduction in operations cost. By implementing cloud PLM software, enterprises can reduce costs in different stages of product lifecycle such as product planning, development, manufacturing, and support, enabling them to minimize the cost of products offered. By digitally creating a manufacturing plan and re-using the plan, plant information, and manufacturing process, the enterprise can further reduce their operating cost.
Further, the report states that a challenge faced by most organizations is an increasing concern for data security. This factor could hamper market growth.
PTC, Siemens PLM, Autodesk, Dassault Systèmes, Apparel magic, Aras, Arena, Omnify, Oracle Agile, Infor.
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