Albany, NY -- (SBWIRE) -- 06/06/2016 -- MarketResearchReport.biz has added a new research report to its information pool on the global ICT industry. The report, titled "Global Cloud Product Lifecycle Management Market 2016-2020," covers the present day market scenario, which includes the growth prospects that this market holds for the given forecast period. In order to calculate the size of the global cloud product lifecycle management market, the report takes into consideration direct and indirect revenue streams generated by the vendors. The report only takes into account the following software: CAD, cPDM, and DM.

Most companies and enterprises in the manufacturing sector require product lifecycle management software (PLM). The use of PLM allows a company to handle multiple levels of functionalities. Every organization needs a consistent management of its processes of manufacturing, product design, and design engineering, which PLM software can efficiently handle.

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There is a growing need for PLM in today's manufacturing sectors owing to the high level of complexity that each company has to manage while also creating a positive and expansive product portfolio across multiple areas of interest.

The global cloud product lifecycle management market is expanding at a CAGR of 8.79% within a forecast period of 2016 to 2020.

According to the report, the key driver propelling the global cloud product lifecycle management market forward is the growing healthy competition among market players, which is leading to the overall reduction in software operation costs. One of the greater concerns for consumers of cloud product lifecycle management services is the high initial cost linked to installation and operation. The increasing competitive nature of the market has allowed consumers to avail the benefits of a highly positive operations cost reduction.

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At the same time, the growing cause for concern over data integrity and security is reducing the overall rate at which the global cloud product lifecycle management market is growing.

The report also factors in a recent trend noticed in the global cloud product lifecycle management market, that of the role cloud-based PLM plays in the support of IoT devices and network. Cloud PLMs are gaining more ground in their use over the IoT and therefore improving the growth rate of the overall market.

A regional analysis of the global cloud product lifecycle management market involves the segregation of the global market into three regions: Asia Pacific, EMEA, and the Americas. Each region is paid special attention, catering to the supply and demand of each major region separately, while also considering their weightage from the global perspective.

To fully explain the competitive landscape of the global cloud product lifecycle management market, the report considers four players to be instrumental to the market's growth. These are Dassault Systemes, AutoDesk, Siemens PLM, and PTC. Other prominent vendors mentioned in the report include Infor, Oracle Agile, Omnify, Arena, and Aras.

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