Research and Markets (http://www.researchandmarkets.com/research/qrm9zk/global_product) has announced the addition of the "Global Product Lifecycle Management Tools Market 2011-2015" report to their offering.

TechNavio's analysts forecast the Global Product Lifecycle Management Tools market to grow at a CAGR of 9.70 percent over the period 2011-2015. One of the key factors contributing to this market growth is the increasing demand for innovative products. The Global Product Lifecycle Management Tools market has also been witnessing the emergence of cloud-based PLM tools. However, the availability of open-source PLM tools could pose a challenge to the growth of this market.

Key vendors dominating this market space include Autodesk Inc., Dassault Systemes SA, Synopsys Inc., and Siemens PLM Software Inc.

Other vendors mentioned in the report: Cadence Design Systems Inc., Mentor Graphics Inc., MSC Software Corp., Parametric Technology Corp., LMS International, Bentley Systems, Inc., and Delcam plc.

Commenting on the report, an analyst from TechNavio's Engineering team said: "Cloud computing technology is becoming popular among organizations because it offers huge space for data storage, provides flexibility, and enables scalability. Hence, several Product Lifecycle Management (PLM) tools vendors have started developing cloud-based PLM tools. This pay-per-use model of PLM tools reduces the overall cost of software adoption. Moreover, several users can remotely access cloud-based PLM tools at any time or in any place. Furthermore, cloud-based PLM tools can be scaled up in features more easily. Hence, the Global PLM Tools market is witnessing an emerging trend where many vendors are developing cloud-based PLM tools to meet the demands of the end-users."

According to the report, one of the main drivers is the increasing demand for innovative products. To sustain in this competitive business environment, several companies across industries are adopting PLM tools to develop innovative products at affordable prices.

For more information visit http://www.researchandmarkets.com/research/qrm9zk/global_product