Transparency Market Research delivers key insights on the global engineering information management (EIM) solutions market. In terms of revenue, the global engineering information management (EIM) solutions market is estimated to expand at a CAGR of ~10% during the forecast period 2020–2030, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global engineering information management (EIM) solutions market.
The increasing need for product development due to product complexity, system engineering, and growth in manufacturing activities in emerging economies is a major factor driving the engineering information management (EIM) solutions market. Moreover, rising demand for industrial automation and advanced designing with minimum product development lifecycle time are encouraging greater adoption of engineering information management (EIM) solutions, which, in turn, fuels market growth. The report analyzes the global engineering information management (EIM) solutions market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
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Key Growth Drivers of Engineering Information Management (EIM) Solutions Market
Increasing need for product development: The increasing need for product development due to product complexity, system engineering, and growth in manufacturing activities in emerging economies, such as China, India, Brazil, and South Africa, is expected to boost the engineering information management solutions market. In addition, growing adoption of end-to-end product lifecycle management is contributing to the growth of the engineering information management solutions market worldwide. The rising need for more connected and intelligent products is further driving the market.
In the upcoming years, product lifecycle management is expected to witness major developments, such as integrated capabilities, moving further inside the product lifecycle, enabling technologies and supply network integration. Product lifecycle management can enhance the productivity of a system significantly by providing various sets of tools and methodologies to cut down the redundancies of a system. It provides support and knowledge for sharing data within an organization by reducing both risks and product development time. It can also reduce design cycle and tooling preparation time considerably. This helps to introduce new products to the market and paves the way for quicker penetration. Product lifecycle management automatically adjusts any feature of design each time a change is made. It helps retailers react to the changing customer needs and market demand in accordance with compliance requirements and in an eco-friendly manner. All these factors are anticipated to propel the engineering information management solutions market.
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A centralized product lifecycle management application can eliminate wasteful activity such as duplication of data across systems, checking for inconsistencies of the data, and searching for missing information for firms with significantly less control of their product data. Depending on the type of product architecture, some manufacturers provide better applications for faster design time and lower design costs from more design reuse. This drives the engineering information management solutions market.
Rising cloud virtualization: The technology of cloud computing, when combined with improved configurability and computing mobility of services and software, offers a wide range of prospects for end users. This has led to an upsurge in the level of effectiveness of data sharing inside an enterprise, since it ensures sharing of services and applications within the business. It has also resulted in the sharing and accessing of a deeper level of information across various end-use sectors. The main advantages of cloud-based solutions and services, which are augmenting the global engineering information management solutions market, include asset management, engineering document management, engineering document control, enterprise content management, and data benefits.
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Besides, the growing acceptance of cloud-based services and solutions for incorporating engineering change management, release management, and handover management is expected to create significant opportunity for the growth of the engineering information management solutions market. The growing need for reduced time to market, shortening of product lifecycles, and innovation and provision of new products and services is further pressurizing supply chains globally to implement cloud-based services. Implementation of cloud-based services and solutions is expected to give more ease and accessibility to users, which in turn would enhance the growth of the global engineering information management solutions market. Through cloud solutions, industries can manage three vital business documents – project documents, facility documents, and generic documents, to accomplish their maintenance tasks and documentation updates. This boosts the growth of the global engineering information management solutions market.
Thus, the growing penetration of cloud-based services and solutions that is seen within the vast markets of emerging economies creates significant opportunities for the global engineering information management solutions market.
Engineering Information Management (EIM) Solutions Market: Prominent Regions
In terms of region, the global engineering information management (EIM) solutions market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America held a significant share of the engineering information management (EIM) solutions market in 2020, and this trend is expected to continue during the forecast period. The North America region is projected to dominate the engineering information management solutions market during the forecast period, due to the introduction of cloud-based engineering information management solutions, which provide a range of advantages, such as ease of access, large storage space, and security. Cloud-based engineering information management solutions are mostly adopted by small & medium and large enterprises due to their low operating and maintenance costs.
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Asia Pacific held a significant share of the engineering information management (EIM) solutions market in 2020 with China contributing majority share of 32.6%. The dominance of the region in the market can be attributed to improving economic conditions, and expanding construction field, power and utilities sector, and growth of the industrial manufacture and oil & gas industry. Analyzing the Asia Pacific engineering information management (EIM) solutions market at country level, it is anticipated that India and China would lead the market consistently during the forecast period. This is mainly due to increase in Internet and mobile Internet penetration rate as well as improved connectivity and speed of the Internet. Apart from India and China, countries such as Japan, Singapore, Malaysia, and Australia are also expected to contribute significantly to the Asia Pacific engineering information management (EIM) solutions market. The engineering information management solutions market in India is expected to expand at a CAGR of 10.2%. The market in South America is projected to expand significantly during the forecast period due to rise in adoption of engineering information management solutions for visualizing and managing documents, assets, data, and information across large and small & medium enterprises.
The report provides in-depth segment analysis of the global engineering information management (EIM) solutions market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for a significant share has also been included as part of geographic analysis of the engineering information management (EIM) solutions market.
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Engineering Information Management (EIM) Solutions Market: Key Players
Key players operating in the global engineering information management (EIM) solutions market include Accruent LLC (BlueCielo), Aconex (Oracle Corporation), Assai Software Services B.V., Autodesk, Inc., Aveva Group plc, Bentley Systems Incorporated, Cadac Group, Coreworx Inc., Doculynx Operations, eQuorum Corporation, Ever Team Software, Hexagon AB, InEight, Inc., Lascom SA, M-Files, OpenText Corp., Opidis Idox plc., Pentagon Solutions Ltd., Procore Technologies, Inc., Prosys, SAP SE, Synergis Technologies LLC, Tech Mahindra, Thinkproject, Viewpoint, Inc., Wipro Ltd., and Xenit Solutions NV.
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