Technavio Announces the Publication of its Research Report Global Plant Asset Management (PAM) System Market 2017-2021
Technavio recognizes the following companies as the key players in the global plant asset management (PAM) system market: ABB, Emerson, Honeywell, Rockwell Automation, and Siemens Other Prominent Vendors in the market are: Applied Material, Dassault Systèmes, Endress+Hauser, GE Digital, Hitachi, IBM, IFS, Petrofac, SAP, Schneider Electric, and Yokogawa.Commenting on the report, an analyst from Technavios team said: The latest trend gaining momentum in the market is Use of prescriptive analytics for analysis. Prescriptive analytics is a new tool in PAM, which is gaining traction.
Prescriptive analytics uses historical data to forecast system changes and creates a "What-if" scenario to showcase what impact each action on the system can have on the process. This is very helpful during maintenance, as organizations can schedule their maintenance based on different scenarios created through prescriptive analytics.
Thus, even if the system or process is behind schedule, it could be brought back to its usual state.
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According to the report, one of the major drivers for this market is Incorporation of 3D modeling in real time asset management. 3D modeling has moved from the prototype stage and has been finding acceptance among industries.
For example, the construction industry is using Building Information Modelling (BIM), a 3D model-based technology process, which provides users a digital description of the building. Similarly, 3D laser scanners can be used to capture detailed data of a physical object and store it as a 3D model in computers.
With the cost of adopting 3D technology going down, organizations are increasingly incorporating it into their systems for asset management. For example, Bentley Systems offers software that can combine photos taken from the ground, drones, and laser scans to create 3D reconstructions of facilities.
This can be used for planning maintenance, construction, and training.
Further, the report states that one of the major factors hindering the growth of this market is Threat of substitutes. The PAM system is witnessing a high threat from substitutes such as manufacturing execution system (MES) software.
An MES is an information technology-based manufacturing system that provides management and control of manufacturing operations. It helps in automation, execution, and management of manufacturing operations, such as operation scheduling, lot tracking, resource allocation and control, plant maintenance, labor planning, data acquisition and collection, quality assurance, and process control.
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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.
About Plant Asset Management (PAM) System A PAM system manages and monitors the fixed assets of a company, which are used in the production process. PAM gives better control over the production process and enhances the efficiency and productivity of an organization.
It also generates real-time data of assets, which enables officials to take an informed decision. The real-time data generated by a PAM system can also be used to identify signs of failure, ensuring that plant productivity is not hit due to machine downtime.Technavios analysts forecast the global plant asset management (PAM) system market to grow at a CAGR of 5.15% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global plant asset management (PAM) system market for 2017-2021. To calculate the market size, the report considers the revenue of top vendors in the market along with Technavio data source is used.The market is divided into the following segments based on geography:
EMEATechnavio's report, Global Plant Asset Management (PAM) System Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The report also includes a discussion of the key vendors operating in this market.
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Other prominent vendors
Incorporation of 3D modeling in real time asset management
For a full, detailed list, view our report Market challenge
Threat of substitutes
For a full, detailed list, view our report Market trend
Use of prescriptive analytics for analysis
For a full, detailed list, view our report Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
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