Engineering management software set to surge in Europe 09 January 2012
PAM (plant asset management) and PLM (product lifecycle management) software are emerging as key management solutions, according to a study by Frost & Sullivan.
However, among key findings is the unsurprising revelation that success of the software still pivots on the provision of flexibility, scalability and security in European industrial markets.
That said, Frost & Sullivan senior research analyst Karthik Sundaram notes that together, PAM and PLM are now increasingly understood as essential to achieve a sustainable enterprise framework for the 21st century.
While PAM provides a platform for ensuring the safety and process reliability of an enterprise, he explains, PLM, as always, helps in accelerating new product design and development.
"Regulatory compliance, increased safety, enhanced design innovation and production processes are cornerstones for the growth of advanced management solutions in Europe," states Sundaram.
"Intensifying concerns about safety and decreasing maintenance expenditure will catalyse the PAM market, while growing competition and the need for innovation will galvanise the PLM market," he predicts.
For Sundaram, growth of PAM software is all about users' ongoing quest for improved asset utilisation, uninterrupted production schedules and decreased operational expenditure. Then on the PLM side, the issues remain streamlining the processes around product development and innovation.
Nevertheless, he believes that any serious growth of 'advanced management solutions' in Europe will depend on future software standards and definitions.
"The success of advanced management solutions will be driven by flexibility, scalability and security," explains Karthik. "The need for a scalable solution that can integrate seamlessly with other enterprise applications will be an obligatory product requirement for all market participants, even as cyber attacks pose a major threat to market prospects."
Frost & Sullivan Ltd
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