Engineering Information Management (EIM) Systems Market to Record an Exponential CAGR by 2026
Posted: Mar 15, 2019
Effective engineering information management (EIM) is the key to efficient operations. Engineering information management improves productivity, reduces risk, and minimizes downtime. EIM system is a highly cost-effective profitability enhancement and risk mitigation tool, from pre feed to delivery and throughout the entire cycle of an operation. These systems deal with considerable volume of data, as they have to perform various management activities such as, management of records, data, reports and others. EIM systems play a vital role in assisting companies to control, manage, secure, and track their engineering assets. Process intensive industries, such as mining, chemicals, and energy, have been engaged by engineering information management systems. Development in the engineering information management (EIM) systems market comes from implementation of software-as-a-service (SaaS) solutions for digital transformation and industries transitioning to an entire computer-aided strategy for workflows.
EIM systems drive operational efficiencies, improve cross team relationship, reduce wastage, and save costs. Real-time data and information management also drives the market, as it involves process-centric business approach. The boost in engineering information management systems revenue is observed due to quick executive decision formulation and enhanced regulation and governance. EIM systems helps organizations improve productivity, reduce effort replication and downtime, which leads to cost reduction. This, in turn, boosts adoption of the systems EIM systems also provide back-up and archival support for the data they are dealing with. Moreover, prompt disaster recovery is also offered, which enhances business continuity, leading to the expansion of the market. Intelligent and reliable collection of information makes the process easier, which is a key factor driving the EIM systems market. Furthermore, companies such as AVEVA Group plc provide intelligent systems for EIM, thereby fuelling the market. Test request management, test system configuration management, engineering data analysis, data traceability and management, statistical process control along with asset and resource management are provided by EIM systems, thus reducing expenditure on manpower in industries.
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However, high installation and maintenance costs hamper the EIM systems market. Increase in expense on data security, as EIM systems deal with big-data, is a key factor that is projected to restrain the market. Increasing technological advancements, high speed solutions, and time and location independent management of information in industries are likely to fuel the EIM systems market.
The global EIM systems market can be segmented based on end-user, application, deployment type, and region. In terms of end-user, the market can be classified into chemical, food and beverage, manufacturing, marine & mining, oil & gas, and power & utility. Based on application the market can be categorized into record & reports management, data management, change management, knowledge management, reprographic services, and document management. In terms of deployment type, the engineering information management systems market can be bifurcated into on-premise and cloud. In terms of deployment, the cloud segment is anticipated to account for a prominent share of the EIM systems market during the forecast period. Based on region, the global EIM systems market can be categorized into North America (United States, Canada and Mexico), Asia Pacific (China, Japan, Korea, India and Southeast Asia), Middle East & Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), South America (Brazil, Argentina, Colombia), and Europe (Germany, France, UK, Russia and Italy).
Major players operating in the global EIM systems market include Autodesk, Inc., Aveva Group plc, Bentley Systems Incorporated, BlueCielo an Accruent Company, Cadac Group, Everteam, HEXAGON, OpenText Corp., Opidis Idox plc., SAP SE, and Synergis Technologies LLC. These companies offer various engineering information management solutions such as telecom expense management, enterprise Content Management (ECM), Digital Process Automatione, Customer Experience Management (CEM), B2B Integration and EDI, Discovery, for different industries.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia