Engineering Information Management [EIM] Solutions Market 2024 Investments in Automation Cause Decline in Data Management Funds During COVID-19

Engineering information management (EIM) solutions are playing a pivotal role in efficient data management for essential industries such as healthcare, med-tech, and F&B during the COVID-19 pandemic. Decision makers and top-level executives have realized the importance of the EIM software to enable complex product designs and better customer satisfaction. As such, a slump in data management funds is being experienced in the engineering information management (EIM) solutions market, as clients are more focused in investments in robotics and automation.

The upcoming decade is predicted to witness the proliferation of Industry 4.0, industrial Internet of Things (IIoT), and digitization, which is expected to create revenue opportunities for companies in the engineering information management (EIM) solutions market. The need for streamlined data integration for end manufacturers is bolstering market growth.

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Companies Solve Challenges of Users to Reduce Rework, Errors

The engineering information management (EIM) solutions market is projected to reach the value mark of US$ 23 Bn by the end of 2030. However, there is a need for software that reduces rework and errors. Coreworx— an integrated project information management solutions provider for world’s engineering and construction industries is boosting its marketing capabilities to reduce rework and ensure compliance with business activities.

Companies in the engineering information management (EIM) solutions market are taking efforts to resolve challenges of clients pertaining to time consuming document management and permit exceptions without loss of corporate governance. They are increasing the availability of software that ensures information revision control and integrity.

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EIM Software Help Overcome Development Costs in Life Sciences Innovation

Stakeholders in the engineering and construction sectors of India are turning toward Wipro’s EIM software, which is standardizing and automating data management. Companies in the engineering information management (EIM) solutions market are teaming up with domain experts, architects, and product specialists that help accelerate business processes. Robust EIM solutions help to improve engineering data quality, address resource scarcity, and enable collaboration to boost return on investment (ROI).

The engineering information management (EIM) solutions market is estimated to clock a robust CAGR of ~10% during the assessment period. This is evident since companies are tapping into incremental opportunities in life sciences innovations. Since device and analytical instrumentation companies face challenges in launching new products into the market due to high development costs, EIM software is being used to overcome this challenge.

Improved Efficiency in 3D Design Preferred by Stakeholders in Design Sector

Activities around engineering and design are undergoing a revolution with the influx of Industry 4.0 and IIoT. Digital transformation in many organizations is leading to the realization of the need for data management and collaboration. Such trends are translating into revenue opportunities for companies in the engineering information management (EIM) solutions market. AVEVA’s Engineering & Design Data Management solutions are gaining recognition for uniting engineering tools with new process control tools to accelerate data exchange and project outcomes. Close tab on capital expenditure counts and improved efficiency in 3D design are being preferred by stakeholders in the engineering and design sectors.

Construction Project Coordination Meets with Connected Team Project Collaboration

Reduced risk and connected teams have become the need of the hour in the construction sector. Oracle’s Aconex Construction Project Controls Software is being publicized for increased visibility and field management. In order to boost the usage of solutions, companies in the engineering information management (EIM) solutions market are increasing the availability for easy to use and turnkey software that can be deployed in days.

Authorized construction technology platforms are gaining prominence in the defense sector. End-to-end process management and data driven intelligence are being addressed by software developers in the engineering information management (EIM) solutions market. Design and construction coordination is being met with connected team project collaboration with a single source of truth to improve data management.

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