How much is the Cloud-based Product Lifecycle Management (PLM) industry worth? August 13, 2021
Product life cycle management (PLM) is a process or system used to manage the data and design process associated with the life of a product from its conception and envisioning through its manufacture, to its retirement and disposal. Product life cycle
management helps to manage the entire lifecycle of a product efficiently and costeffectively. Today, manufacturers increasingly need to share product data with stakeholders both inside and outside the organization (including engineering, operations, quality, procurement and marketing). Manufacturers need to collaborate, track and regulate changes to the product with their corresponding team. Traditional or on-premise PLM solutions often turn ineffective cost-wise, especially, for the small and medium size businesses. Small and medium size enterprises (SMEs) have been averse to spending high on PLM solutions till recently. Cloud- based PLM solution is growing in popularity with manufacturers around the world which allows them to consolidate information about product development, streamline change orders and requests and improve communication with suppliers. It is an easier way to manage complex product data in fast-moving and geographically dispersed organizations with anyone accessible with an internet connection. Further, cloud-based PLM is more cost-effective as compared to traditional on-premise PLM and is cited to offer improved return on investment (ROI).
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Cloud-based PLM service can be adapted according to customer specific requirements. Thus, multi-national enterprises can implement new processes faster and quickly deploy scalable solutions to its processes worldwide. Cloud-based PLM solutions have a better UI (User Interface) and can provide automated software updates in less time as compared to on-premise based PLM solutions. The process of any software up gradation in cloud-based PLM requires very less time compared to on-premise based PLM service. On-premise PLM service has an expensive and time-intensive integration process which requires software licenses and a significant infrastructure investment. In contrast, cloud PLM service is maintained by the software provider, which means