Continued Success of PAM and PLM to Pivot on Provision of Flexibility, Scalability, and Security
Engineer Live (01/11/12)
The plant asset management (PAM) and product lifecycle management (PLM) markets have become vitally important strategic necessities for enterprise sustenance in the European industrial markets. Together, PAM and PLM provide an advanced management solution critical to achieving a sustainable enterprise framework. PAM provides a platform for ensuring the safety and process reliability of an enterprise, while PLM assists in accelerating product design and development. Frost & Sullivan, European Advanced Management Solutions Market, states that the market earned revenues of 300.9 million Euros for PAM and 2.6 billion Euros for PLM in 2010, and the two are expected to reach a value of 506.6 million and 4.3 billion Euros, respectively, in 2017. "Regulatory compliance, increased safety, enhanced design innovation and production processes are cornerstones for the growth of advanced management solutions in Europe," says Frost & Sullivan Senior Research Analyst Karthik Sundaram. "Intensifying concerns about safety and decreasing maintenance expenditure will catalyze the PAM market, while growing competition and the need for innovation will galvanize the PLM market." PAM market growth will be driven by a need for improved asset utilization, uninterrupted production schedules, and decreased operational expenditure. PLM growth is expected to come from a heightened need for product innovation. Sundaram says the success of advanced management solutions hinges on flexibility, scalability, and security. "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," says Sundaram.