LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cloud-based product lifecycle management market to post a CAGR of more than 12%, according to their latest market research report.
The interlinking of cloud-based product lifecycle management is one of the major trends being witnessed in the global cloud-based product lifecycle management market 2018-2022. Users of this software are demanding for new feature-rich add-ons to increase the overall productivity. One such add-on feature is the interlinking of multiple software such as the bill of materials (BOM) integration, designing modules, and manufacturing management software to match the requirements of the business.
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In this report, according to Technavio analysts, one of the key factors contributing to the growth of the global cloud-based product lifecycle management market is the reduction in IT expenditure:
Global cloud-based product lifecycle management market: Reduction in IT expenditure
Cloud-based product lifecycle management is expected to lower the management cost and improve the efficiency of the organization. The implementation of cloud-based product lifecycle management software permits the organization to save annual operating costs by using cloud storage. Moreover, relying on cloud storage enables them to save on the cost of internal power required for information storage.
According to a senior analyst at Technavio, “The implementation of cloud-based product lifecycle management enables software organizations to examine and measure the type and number of ongoing projects that are undertaken by them with a real-time tracking plan. This will fuel demand for the market during the forecast period.”
Global cloud-based product lifecycle management market: Market segmentation and analysis
This market research report segments the global cloud-based product lifecycle management market by product (cPDM, DM, CAD), and geography (APAC, the Americas, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The cPDM segment accounted for more than 49% of the total market share in 2017. This segment is expected to witness a 4% increase in its market share over the forecast period, while the DM segment is expected to see a commensurate decline in its market share.
In 2017, the Americas accounted for a major share in the global cloud-based product lifecycle management market, followed by EMEA and APAC. However, the region is expected to witness a decline during the forecast period, while EMEA and APAC are expected to witness an increase in their market shares.
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