-- Infrastructure and construction will surpass the energy vertical in terms of demand, finds Frost & Sullivan
MOUNTAIN VIEW, California, 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.
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"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.
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Analysis of the Global Engineering Information Management Solutions Market
SOURCE Frost & Sullivan