The plant asset management (PAM) and product lifecycle management (PLM) markets have become strategic necessities, critical for enterprise sustenance in the highly competitive European industrial markets.
Together, they constitute an advanced management solution 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, PLM helps in accelerating new product design and development.
New analysis from Frost & Sullivan, European Advanced Management Solutions Market, finds that the market earned revenues of €300.9 million and €2640.7 million for PAM and PLM, respectively, in 2010. It is estimated that the market value of PAM and PLM will reach €506.6 and €4331.4 million, respectively, in 2017.
“Regulatory compliance, increased safety, enhanced design innovation and production processes are cornerstones for the growth of advanced management solutions in Europe,” remarks Frost & Sullivan Senior Research Analyst Karthik 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.”
The end-user quest for improved asset utilisation, uninterrupted production schedules and decreased operational expenditure will fuel the growth of the European PAM market. The heightened need for product innovation and increasing awareness of collaborative Product Definitions management (cPDm) solutions will boost the potential of PLM.
While their benefits are obvious, the growth of advanced management solutions in Europe will depend on the standards and definitions of future enterprise software. The need for a joint framework of enterprise application and production automation will present a challenge to this market in the coming years.
“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.”
The end-user quest for improved productivity necessitates interaction across different operating units. This is feasible only through a systematic combination of enterprise software and production automation systems.
“The development of a scalable solution that is secure, safe and reliable can be achieved by integrating enterprise resource planning (ERP), management execution systems (MES) and PLM,” concludes Karthik.