About Plant Asset Management System
A PAM system manages and monitors the fixed assets of a company, which are used in the production process. PAM gives a better control over the production process and generates a real-time data of assets, which enables officials to take 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.
Technavio’s analysts forecast the global PAM system market to grow at a CAGR of 10.07% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global plant asset management (PAM) system market for 2016-2020. To calculate the market size, the report considers the revenue generated through the sales of the PAM software and maintenance and support services in this report.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Plant Asset Management System Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Plant Asset Management System Market: ABB, Emerson Electric, Honeywell, Rockwell Automation and Siemens.
Other Prominent Vendors in the market are: Applied Materials, Dassault Systèmes, Endress+Hauser, GE Energy, Hitachi, IBM, Petrofac, SAP, Schneider Electric and Yokogawa.
Commenting on the report, an analyst from Technavio’s team said: “Companies in the manufacturing industry are integrating PAM with smart devices that are connected to the industrial Internet of Things (IIoT), in order to achieve better business outcomes. Connecting PAM systems to IIoT allows for faster decision-making and easy collection, integration, and analysis of data gathered from multiple sources, units, plants, and operations.”
According to the report, the use of PAM can help process-oriented companies to go green and reduce cost by cutting down wastage and defects. PAM also improves plant efficiency by ensuring operations on a real-time basis and providing updated information continuously to operators on the shop floor.
Further, the report states that the substitutes pose a challenge to PAM software because end-users, such as power, oil and gas, chemicals and petrochemicals, automotive, and the food and beverages industries prefer these software because these perform applications similar to PAM with no additional cost.
ABB, Emerson Electric, Honeywell, Rockwell Automation, Siemens, Applied Materials, Dassault Systèmes, Endress+Hauser, GE Energy, Hitachi, IBM, Petrofac, SAP, Schneider Electric, Yokogawa.
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