TechNavio today launched its report, Global Plant Asset Management Market 2012-2016, based on an in-depth analysis covering the Americas, and the EMEA and APAC regions. The report aims to aid decision makers’ understanding of the present and future landscape of the market.
Commenting on the report, an analyst from TechNavio’s Engineering team said: ”The market is witnessing an increase in the development of plant asset management (PAM) solutions for specific applications according to the demand from end-users. The market vendors have started providing application-specific PAM software in accordance with specific industry specifications. This is mainly because every industry has different asset utilization needs; thus, the development of application-specific PAM software results in enhanced productivity and increased customer satisfaction. For instance, many pharmaceutical companies have started to adopt PAM to improve their product standards. Furthermore, vendors have developed application-specific solutions for wind turbines. This is mainly because of the remote location of wind turbines. Therefore, the trend of developing application-specific solutions in the Global Plant Asset Management market will enhance the market growth during the forecast period.”
According to the report, the increasing need for cost reduction will be one of the major drivers for the growth of the Global Plant Asset Management market during the forecast period. The market is witnessing increased adoption of PAM software in order to reduce overhead costs. PAM software helps in maintaining a check on the operating expenses of organizations by controlling the downtime losses caused by the malfunctioning of plant assets. It also enables maximum utilization of plant resources and monitors the health of the plant assets by taking care of the assets’ maintenance, repair, and overhaul process. PAM software also provides a faster return on investment to the end-users, thus improving the total cost of ownership for the manufacturing companies.
Further, the report reveals that the complexities in the installation and implementation of PAM solutions will be one of the major challenges for the growth of the Global Plant Asset Management market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/global-plant-asset-management-market-20…
TechNavio, the market research platform of Infiniti Research Ltd, publishes periodic market research reports on niche and emerging technologies. For more information on our Engineering market research, please visit https://www.technavio.com/engineering-software
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TechNavio Announces the Publication of its Research Report – Global Plant Asset Management Market 2012-2016
