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Three Trends Transforming PLM: Cloud, Mobile, IoT
Product Lifecycle Management (PLM) is the process of managing the lifecycle of a product from initial idea, through engineering design and manufacture, to in-field usage and maintenance, and final to disposal and/or destruction. PLM has traditionally been used in markets that create very complex products, like automotive and transportation, but it is increasingly used in industries like consumer goods. energy. AEC and shipbuilding.
Transparency Market Research (TMR) estimates the PLM market to grow about 8 percent annually, reaching $76 billion in 2022. Growth in the sector is fueled by product innovation, increased productivity, and reduction in operational costs. The market is fairly evenly split between services (56 percent) and software (44 percent). Cloud-based PLM solutions are growing rapidly. Small and medium sized companies in particular are adopting cloud-based PLM applications that previously had been beyond their budget reach.
Stan Przybylinski, Vice President of Research for CIMdata, was quoted in an Oracle blog as identifying three IT trends that are reshaping the nature of PLM:
- Cloud Computing
- Mobile devices
- Emerging technologies, like 3D printing and Internet of Things (IoT)
