Cloud-Based PLM Market Projected to Hit USD 148.6 billion at a 17.10% CAGR by 2032 – Report by Market Research Future (MRFR)

Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), Cloud-Based PLM Market Information By IVHM Fit, By Subsystem , By Fit, By Aircraft Type and Region – Forecast till 2032”, Cloud-Based PLM Market could thrive at a rate of 17.10% between 2023 and 2032. The market size will be reaching around USD 4.05%billion by the end of the year 2032

Market Synopsis

Cloud-based PLM (Product Lifecycle Management) refers to the use of cloud computing technology to manage the entire lifecycle of a product, from design and development to manufacturing and service. PLM systems provide a centralized platform for collaboration, data management, and workflow automation, enabling companies to streamline their product development processes and improve efficiency. By leveraging cloud infrastructure, cloud-based PLM offers scalability, flexibility, and accessibility, allowing teams to collaborate remotely and access real-time product information from anywhere.

The uses and applications of cloud-based PLM are diverse and span various industries such as aerospace, automotive, electronics, and consumer goods. It facilitates seamless collaboration among cross-functional teams, enables concurrent engineering, and ensures data integrity throughout the product lifecycle. Cloud-based PLM systems are utilized for product design and simulation, bill of materials (BOM) management, change management, quality control, and regulatory compliance. They provide a holistic view of the product information, enabling better decision-making, reducing time-to-market, and enhancing product quality.

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Market Competitive Landscape:

The affluent companies in the Cloud-Based PLM industry include

• Airbus
• Boeing
• Bombardier
• Embraer
• Gulfstream
• Acellent Technologies, Inc.
• BeanAir
• Curtiss-Wright Corporation
• FLYHT Aerospace Solutions Ltd.
• General Electric Company
• Honeywell International Inc.

March 2023

Airbus’s adoption of a cloud-based PLM platform. By migrating its PLM system to the cloud, Airbus aims to improve collaboration and data accessibility across its global design and manufacturing teams. The cloud-based PLM solution enables real-time collaboration, seamless data sharing, and enhanced security, empowering Airbus to streamline its product development processes and bring innovative aircraft to market more efficiently.

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Market USP Covered:

Market Drivers:

There are three significant market driving factors for the cloud-based PLM market. Firstly, the need for improved collaboration and communication among geographically dispersed teams is driving the adoption of cloud-based PLM solutions. In today’s globalized business landscape, companies often have design and manufacturing teams located in different regions. Cloud-based PLM facilitates real-time collaboration, enabling teams to work together seamlessly and reduce time and cost associated with physical meetings and data transfer. Secondly, the increasing complexity of product development and the need for efficient data management are driving the demand for cloud-based PLM. As products become more sophisticated and data volumes grow, organizations require robust PLM systems to manage and organize product data effectively. Cloud-based PLM offers scalability and flexibility, allowing companies to handle large amounts of data and adapt to changing business needs. Thirdly, the growing emphasis on cost reduction and operational efficiency is fueling the adoption of cloud-based PLM solutions. Cloud-based PLM eliminates the need for expensive on-premises infrastructure and reduces IT maintenance costs. It also offers subscription-based pricing models, making it more accessible to small and medium-sized enterprises.

Market Restraints:

There are market restraints for the cloud-based PLM market. Concerns around data security and privacy pose challenges for organizations considering cloud-based PLM solutions. Companies need to ensure that robust security measures are in place to protect sensitive product data stored in the cloud. Additionally, the complexity of integrating cloud-based PLM with existing IT systems and legacy software can be a barrier to adoption. The transition to cloud-based PLM requires careful planning and implementation to ensure smooth integration and minimize disruptions to ongoing operations.

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COVID 19 Analysis

COVID-19 had a significant impact on the cloud-based PLM market. The pandemic forced organizations to adopt remote work and virtual collaboration, creating a surge in demand for cloud-based PLM solutions. With employees working from home, cloud-based PLM platforms enabled teams to access and share product data seamlessly, facilitating collaboration and ensuring continuity in product development processes. The ability to work remotely and access real-time product information became critical for businesses during the pandemic, driving the adoption of cloud-based PLM solutions. Furthermore, the pandemic highlighted the need for digital transformation and agility in product development, leading companies to invest in cloud-based PLM to enhance their competitiveness and adaptability in a changing business landscape.

In the post-COVID scenario, the cloud-based PLM market is expected to witness continued growth. The lessons learned during the pandemic regarding the importance of remote collaboration and flexible access to product data will drive the adoption of cloud-based PLM solutions. Organizations will prioritize cloud-based PLM platforms that offer scalability, security, and ease of collaboration to support remote and distributed teams. Moreover, the shift towards digitalization and Industry 4.0 will further propel the demand for cloud-based PLM, as companies seek to optimize their product development processes, improve efficiency, and accelerate time-to-market.

Market Segmentation

By IVHM Technology – The IVHM Fit in the market Prognostic, Diagnostic, CBM & Adaptive Control

By Subsystem – By Subsystem, the segment includes Aero-Propulsion, Aircraft Structure, Avionics & Others

By Fit – By Fit, the segment includes Retrofit, and line-fit

By Aircraft Type – By Aircraft Type , the segment includes Fixed Wing Aircraft, Helicopter

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Regional Insights

North America dominates the market due to the presence of key players, technological advancements, and high adoption of cloud-based technologies across industries. The United States, in particular, has a mature cloud computing infrastructure and a strong emphasis on innovation, driving the demand for cloud-based PLM solutions. Europe is another significant region, with countries like Germany, France, and the United Kingdom leading in cloud-based PLM adoption. European companies are focused on digital transformation and are investing in cloud technologies to improve collaboration and streamline product development processes. In Asia Pacific, countries such as China, Japan, and India are witnessing rapid growth in the cloud-based PLM market. The region’s expanding manufacturing sector, increasing investments in technology, and growing awareness of the benefits of cloud-based PLM are driving market growth.

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