Engineering Information Management [EIM] Solutions Market Booming Demand Leading To Exponential CAGR Growth By 2027

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.

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.

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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.

Engineering Information Management (EIM) Solutions Market: Overview

• According to Transparency Market Research’s latest research report on the global engineering information management (EIM) solutions market for the historical period 2018 –2019 and the forecast period 2020–2030, the market is anticipated to reach the value of US$ 23 Bn by 2030, expanding at a CAGR of ~10% during the forecast period. Technological advancements, high-speed solutions, and independent management of information in industries are likely to fuel the engineering information management (EIM) solutions market. Furthermore, rising adoption of engineering information management (EIM) solutions for efficient operations across enterprises, so as to improve productivity is expected to enhance the growth of the market. As a result, providers of engineering information management (EIM) solutions have been expanding their solution range and protocol by integrating advanced technologies such as artificial intelligence in order to provide numerous opportunities in the engineering information management (EIM) solutions market.
• North America is anticipated to emerge as the leading engineering information management (EIM) solutions market, followed by Europe and Asia Pacific during the forecast period

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Rising Demand for Engineering Document Management: A Key Driver

• Size, volume, and complexity of files created in organizations lead to challenges around finding and searching documents. Engineering document management helps organizations or enterprises to manage their project files or documents efficiently. In addition, engineering document management is an important application of engineering information management solutions, which reduces risk and improves documentation consistency and accuracy in organizations. It also centralizes information exchanged across core business systems and manages information to enable faster commissioning of projects in organizations. This, in turn, is likely to boost the growth of the engineering information management (EIM) solutions market. Besides, engineering document management focuses on both affordability and effectiveness of data being shared. Thus, engineering information management (EIM) solutions support organizations to work in a faster and more efficient manner to simplify engineering document management to a great extent. Engineering information management (EIM) solutions offer opportunity to automate workflow processes in organizations, which, in turn, accelerates the growth of the engineering information management (EIM) solutions market.
• Furthermore, rising demand for engineering document management to enhance the productivity of organizations by obtaining a fast method to track documents from anywhere, by controlling and managing security of documents, and integrating enterprise business systems in organizations is driving the engineering information management (EIM) solutions market.

Key Challenges Faced by Engineering Information Management (EIM) Solutions Market Players

• Engineering information management (EIM) solutions need to be enhanced and upgraded to meet new customer requirements. Furthermore, majority of engineering information management solution operations consume considerable amount of processing power. This requires high-quality computer hardware and advanced manufacturing devices, which are expensive and hence, limits the growth of the engineering information management (EIM) solutions market globally. Moreover, engineering information management (EIM) solutions incur high maintenance costs that are hidden, and difficult to predict and measure. In addition, while implementing these solutions, various issues arise, such as training of employees, integration and testing, and replacement of outdated devices and equipment. These factors restrain the growth of the engineering information management (EIM) solutions market worldwide.

Increasing Adoption of Engineering Information Management (EIM) Solutions in Power Generation Industry Globally

• Rising demand for engineering information management (EIM) solutions in power and utilities sector for designing and engineering geospatial products, and for infrastructure including power plants, is creating huge opportunities for the engineering information management (EIM) solutions market. In addition, engineering information management (EIM) solutions are used in power plants to design power plant models of all shapes and sizes, and to manage and maintain power plants. Detailed engineering to design power plants plays a vital role in the power and utility sector, which, in turn, creates significant opportunities for the engineering information management (EIM) solutions market. Furthermore, site imaging, mapping, and site layout tools for visualizing and managing land assets in the power generation industry creates huge growth opportunities in the engineering information management (EIM) solutions market.
• Moreover, engineering information management (EIM) solutions assist engineering teams in the power generation industry to create and transfer information of plant operations and updates to operators, so that they can manage the entire seamless process in the industry i.e. from power generation through transmission and distribution to the customer.
• Eventually, all power generation utilities must validate on a continuing basis that their facilities are operating within the limits of their permits, which include environmental, performance, and safety standards, which is possible by integrating engineering information management (EIM) solutions in the power generation industry. This creates opportunities in the engineering information management (EIM) solutions market.