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(MoneyNewsWire.Net, March 12, 2018 ) The Cloud Based PLM Market is expected to grow from USD 18.65 Billion in 2016 to USD 40.55 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.80% during the forecast period. Rising need for integrated PLM solution, effective management of supply chain, and increasing adoption of Internet of Things (IoT) are driving the cloud PLM market.
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The customer management is expected to grow at the highest CAGR during the forecast period, followed by compliance management and collaborative design and engineering. As the enterprises are looking for ways to enhance their customer experience, and majorly focusing on customer retention, the demand for customer management application in the Cloud Based PLM Market is increasing. Moreover, cloud-based PLM not only helps in retaining the customers but also delivers value by developing a healthy customer-provider relationship.
For Cloud Based PLM Market providers environmental compliance is a major concern. To address the issues, PLM providers are offering compliance management applications. The demand for compliance management is driven by regulations such as Restriction of Hazardous Substances (RoHS), Registration, Evaluation, Authorization and Restriction of Chemical substances (REACH), and Waste Electrical and Electronic Equipment Directive (WEEE).
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North America is expected to have the largest market share in 2016, whereas Asia-Pacific (APAC) region is expected to grow at a highest CAGR from 2016 to 2021 in the Cloud Based PLM Market . The major growth factors that would drive the adoption of cloud PLM include the increasing need to focus on customer relationship management and rising cloud-based application.
Slower adoption rate of cloud-based PLM solutions and lack of strong network of PLM providers are the major restraints in the market. The key vendors in the cloud-based PLM market are DassaultSystemes (France), Siemens AG (Germany), PTC Inc. (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Autodesk, Inc. (U.S.), Arena Solutions, Inc. (U.S.), Aras (U.S.), Infor (U.S.) and Accenture PLC (U.S.). These players have adopted various strategies, such as new product developments, acquisitions, and partnerships, to serve the cloud-based PLM market.
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Lack of strong network of PLM providers and slow adoption of Cloud Based PLM Market are some of the major restraints and challenges in the market. The need for agile & flexible solutions for collaboration between enterprises and supply chain is driving the adoption of cloud PLM application in the market.
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