LONDON, April 25, 2016 /PRNewswire/ -- Analysis of the Global Plant Asset Management (PAM) Software Market : Increase in IIoT-Ready Plant Facilities will Spur Market Growth
This Frost & Sullivan study analyzes the convergence trends of information technology and operational technology (IT/OT), changing buying behavior, influence of disruptive technologies, competitive intensity and impact of economic and mega trends in the global plant asset management (PAM) market. In addition to PAM software market analysis, the study highlights CEO's 360 degree view of industry challenges, trends and implications. It also includes the drivers, restraints, forecasts and trends in the geographic regions of North America, Latin America, Europe, Middle East and Africa (EMEA), Asia-Pacific and the Rest-of-the–World (RoW).
In 2015, the global plant asset management (PAM) software market accounted for $ million in revenue and is expected to reach $ billion by 2022, growing at a compounded annual growth rate (CAGR) of % during 2015–2022.
- North America ( % CAGR) and Asia-Pacific ( % CAGR) offer the most growth opportunities for the PAM software market. In the former case, it is driven by the end user's need to improve the efficiency of aging assets, while in the latter case, it is driven by the desire to access new technologies for many capital projects.
- The energy industry contributes % of the PAM software market revenue. As such, investment in developing targeted applications in this industry is the key to success for solution providers.
- Awareness on enterprise asset management (EAM) software implementation and IIoT market penetration drive the market for PAM software. The market is more likely to get disrupted with newer business models from original equipment manufacturers (OEMs). More cloud offerings are likely to emerge from PAM software solution providers.
- Improvements in integration with other plant software systems, and developments in data exchange standards will be the key focus area for solution providers, apart from leveraging IIoT technologies.
- The competitive landscape is expected to be disrupted by the entry of many niche predictive analytics solution providers from the information technology (IT) sector and likely to witness market consolidation.
Key Questions this Study will Answer
- What are the key trends that drive PAM software and services, and how is the market growing by different verticals, software types, and regions?
- What are the megatrends and economic trends that favor PAM software evolution, and how do they affect market revenue?
- How do IT-OT convergence and IIoT technologies affect the market and how can solution providers leverage them to gain market share?
- How is the industrial customer's buying behavior changing, and what are the factors that influence it? How can PAM software vendors leverage these factors to develop new offerings and get more value from them?
- How is the competitive landscape evolving for PAM software, and what consolidation trends will the market witness in terms of mergers and acquisitions (M&As), partnerships, and investments?
- What are the best practices that PAM software vendors should adopt to win in this emerging blue ocean market?
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