Analysis of the Global Engineering Information Management Solutions Market
Downturns in the Oil and Gas and Mining Industries Challenge Growth
23 Apr, 2015, 12:40 ET
NEW YORK, April 23, 2015 /PRNewswire/ -- There is a vast, untapped market for engineering information management (EIM) solutions, driven by the needs of industries that are complex, process driven, and regulated, and that actively seek cost savings and efficiency. This study examines the global EIM solutions market, including drivers and restraints and industry challenges. It provides global and regional revenue forecasts and assessments, breakdowns by vertical, and the competitive landscape. The base year is 2014; the forecast period is from 2015 to 2021. Predictions about the market and recommendations for participants are included. Information has been obtained from primary research, including interviews with market participants and customers, and secondary research.
- Frost & Sullivan defines engineering information management (EIM) solutions as software solutions that enable the turnkey management of all engineering asset information for industries that are extremely process-focused, such as energy, healthcare/pharmaceuticals, chemicals, mining, and industrial manufacturing.
- EIM is a combination of multiple capabilities—as a result, its functionality overlaps with complementary solutions including enterprise content management, records management, file management, document management, inventory control, contract management, supply chain management, and enterprise resource planning (ERP).
- The broadening scale of capital projects across the energy and infrastructure and construction industries, combined with the compliance demands imposed by stringent regulatory environments in the pharmaceuticals, chemicals, and utilities industries, are driving demand for centralized, consistent information management solutions. The deployment flexibility offered by hybrid and cloud models, and the ability of EIM solutions to integrate with other widely used enterprise solutions such as SAP,
computer-aided design (CAD), and collaboration platforms including Microsoft Sharepoint, help maximize operational efficiencies, driving EIM sales.
- Global economic uncertainty; falling oil prices; a downturn in the Australian mining industry; competition from home-grown solutions, system integrators, and independent consultants; and a general lack of awareness of EIM benefits are among market challenges.
- In 2014, the global EIM solutions market generated $ million in revenue. The Europe, Middle East, and Africa (EMEA) region led the global market thanks to its growing demand from energy, engineering, and construction industries. North American and Latin America (NALA) followed closely behind because of the shale gas boom in the United States driving growth in the region's energy, chemicals, and manufacturing industries. Asia-Pacific (APAC) was the smallest regional market; however, it is the fastest-growing over the forecast period.
- Process-driven industries and capital projects in oil and gas, infrastructure and construction, utilities, manufacturing, chemicals, and pharmaceuticals are the largest consumers of EIM solutions globally.
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