Market Research Report
Global Engineering Information Management Solutions, Forecast to 2023
|Published by||Frost & Sullivan||Product code||631757|
|Published||Content info||102 Pages
Delivery time: 1-2 business days
|Global Engineering Information Management Solutions, Forecast to 2023|
|Published: April 11, 2018||Content info: 102 Pages||
Digitization and SaaS Growth Offset Challenges from Oil & Gas Industry
Large-scale, process-driven industries, such as utilities, generate large amounts of engineering documentation that requires collaboration for project completion and archiving for regulatory compliance. The days of keeping schematics in filing cabinets and viewing them on drafting tables has given way to digitization and file sharing across employees and contractors on personal computers and mobile devices. With capital projects growing in size and complexity and an increasingly distributed workforce, the need for managing the accompanying engineering information is greater than ever. Growth in the engineering information management (EIM) market will come from companies transitioning to fully computer-aided design workflows and embracing software-as-a-service (SaaS) solutions for their digital transformation while dealing with the economic fluctuations of the oil & gas industry.
Despite facing economic uncertainty and other challenges, such as energy demand and price fluctuations, Hexagon, Aveva, and BlueCielo are well positioned to continue leading the EIM market, controlling just over 50% of the market between them as of 2017. Frost & Sullivan expects revenues for the EIM solutions market to increase from $322.5 million in 2016 to 627.5 million in 2023, at a compound annual growth rate (CAGR) of 10.0% over the forecast period.
The base year for this study is 2016, with forecasts running up to 2023. The research highlights key trends impacting the global EIM solutions market and outlines future implications.
The global EIM solutions market has been segmented into North America, Latin America (NALA); Europe, the Middle East, and Africa (EMEA); and Asia-Pacific (APAC). Challenges on economic uncertainty impact each region uniquely, with EMEA dealing with the ramifications of the United Kingdom voting to leave the European Union in 2016 (i.e., Brexit), becoming official in 2019; demographic growth trends in APAC increasing the need for energy, utilities, and infrastructure projects; and NALA refocusing on infrastructure due to the business-friendly economic environment in the short term and transitions to renewable energy sources in the long term.