In order to sustain this growth, EAM systems vendors would have to compete fiercely to offer innovative and cost-effective solutions to multinational as well as small and medium businesses (SMBs). The ability to increase presence in the Asia Pacific and Latin American regions would also open numerous lucrative market opportunities.
New analysis from Frost & Sullivan (industrialautomation.frost.com) World Enterprise Asset Management Systems Markets, finds that the market earned revenues of $1.19 billion in 2006 and estimates this to reach $2.24 billion in 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest analysis of the world enterprise asset management systems markets, then send an email to David Escalante, Corporate Communications, at david.escalante[.]frost.com, with your full name, company name, title, telephone number, email, address, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
Asset management solutions primarily focus at helping maintenance managers address maintenance issues and to manage plant assets optimally. Therefore, mangers have the ability to reduce manufacturing costs by minimizing the potential downtime of critical equipment and process plants. Given the current economic scenario, where managers focus on cutting cost and improving manufacturing key performance indicators, EAM systems continue their drive.
"The ability of EAM systems to reduce plant downtime and the manufacturing costs remains the primary driver for the world EAM systems markets," notes Frost and Sullivan. "The growing need to adhere regulatory issues, implementation of best practices, and the increased penetration of enterprise wide IT systems will likely propel the growth of this market."
However, maintaining a scalable and modular product portfolio adaptable to large multinationals as well as SMBs customers remains another major challenge for EAM systems vendors.
"Any EAM solution vendor that provides a modular, scalable, off-the-shelf solution would have tremendous advantage over other participants," states Frost & Sullivan. "However, this is quite a challenge considering the fact that most of the existing systems require a considerable amount of hardware and software configuration changes to cater to a greenfield and brownfield installation."
Additionally, challenges exist in the implementation of best practices and safety, security, and compliance regulations, as well as the complex maintenance, repair, and overhaul (MRO) strategies on a quick and scalable basis.
Strategic alliances with automation majors and niche providers will enable the Tier 1 participants to further penetrate the vertical markets they compete in. By having a comprehensive product portfolio and an open architecture, manufacturers can maximize their opportunities not only in the large projects, but also in smaller projects. Vendors could ideally create centers of excellence (CoE) for industry specific verticals, maintain best practice libraries/processes and implement standard project management methodologies specific to each vertical to address specific end-user challenges.
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World Enterprise Asset management Systems Markets for Process Industries / N235