Rising Scale and Complexity of Capital Projects Highlight the Advantages of Engineering Information Management Solutions
Infrastructure and construction will surpass the energy vertical in terms of demand, finds Frost & Sullivan
Jun 23, 2015, 07:48 ET
MOUNTAIN VIEW, Calif., June 23, 2015 /PRNewswire/ -- In 2014, continued economic uncertainty, declining oil prices, and downturn in the Australian mining industry hampered the outlook for the global engineering information management (EIM) solutions market. However, growth in the Asia-Pacific region, boom in infrastructure spending, flexibility offered by cloud and hybrid solutions, and cost considerations, continue to drive interest in EIM. Process-driven industries, in particular, are showing keenness to employ EIM solutions to organize, manage, track, control and secure data assets.
New analysis from Frost & Sullivan, Analysis of the Global Engineering Information Management Solutions Market (http://www.frost.com/nefb), finds that the market earned revenues of $301.5 million in 2014 and estimates this to reach $576.0 million by 2021. The value proposition of EIM solutions has been resonating with the biggest enterprises in energy, utilities, infrastructure and construction. Although energy is the largest vertical for EIM solutions today, demand from infrastructure and construction sectors are anticipated to take over in the near future.
For complimentary access to more information on this research, please visit: http://bit.ly/1RpWmY8
"The steadily increasing scale and complexity of capital projects across the world brings with it the need to manage information in a secure, seamless and integrated fashion," said Frost & Sullivan Digital Media Industry Analyst Anisha Vinny. "EIM solutions, which enhance collaboration, drive operational efficiencies, reduce wastage, create cost savings, and decrease time to market, are thus in a good position to differentiate themselves from other standalone, siloed solutions."
Despite the growing number of successful EIM solution deployments by large engineering, procurement and construction companies, as well as owner operators, there still exists a fundamental lack of awareness on the features and benefits of these products among much of the target market. Several customers have attempted to build home-grown EIM solutions, while others are using disparate solutions like document management, project management, enterprise content management, and contract management.
"Within this scenario, scalability, interoperability, and the ability to integrate with widely-used enterprise software will continue to be critical requirements for EIM customers," noted Vinny. "For vendors, tighter technology partnerships will account for a growing part of the revenue mix."
Analysis of the Global Engineering Information Management Solutions Market is part of the Digital Media (http://ww2.frost.com/research/industry/information-communications-technologies/conferencing-collaboration) Growth Partnership Service program. Frost & Sullivan's related studies include: Analysis of the Global Digital Signage Systems Market, Analysis of the Global Enterprise Rights Management Market, Global Marketing Automation Software Market, and Global Trends in Video on Demand (VOD) Technology. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Analysis of the Global Engineering Information Management Solutions Market
Corporate Communications – North America
E: [email protected]
SOURCE Frost & Sullivan
Share this article