DUBLIN — (BUSINESS WIRE) — May 10, 2013 — Research and Markets ( http://www.researchandmarkets.com/research/jgk4hz/global_plant) has announced the addition of the "Global Plant Design and Engineering Applications Market 2012-2016" report to their offering.
TechNavio's analysts forecast the Global Plant Design and Engineering Applications market to grow at a CAGR of 11.89 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand from the developing countries. The Global Plant Design and Engineering Applications market has also been witnessing the increasing development of cloud-based models. However, the need to increase interoperability could pose a challenge to the growth of this market.
The report also includes a discussion of the key vendors operating in this market. The key vendors dominating this market space are AVEVA Group plc., Bentley Systems Inc., and Hexagon AB.
The other vendors mentioned in the report are Autodesk Inc. and Tekla Corp.
Commenting on the report, an analyst from TechNavio's Engineering team said: "The increased adoption of the cloud-based model is a major trend in the Global Plant Design and Engineering Applications market. Cloud computing technology is becoming popular among organizations because it offers huge space for data storage, provides flexibility, and enables scalability. Hence, several plant design and engineering application software vendors have started developing cloud-based solutions. This pay-per-use model of plant design suites reduces the overall cost of software adoption. Moreover, several users can remotely access cloud-based plant design software solutions at any time and in any place. Furthermore, cloud-based plant design software can be scaled up more easily in terms of features. Hence, many vendors are developing cloud-based plant design and engineering applications suites to meet the demands of end-users."
According to the report, increasing demand from developing countries is one of the major drivers in the market. Many process manufacturing industries such as the Pharmaceutical industry are growing at a fast rate in many developing countries such as China, India, Brazil, and Poland.
For more information visit http://www.researchandmarkets.com/research/jgk4hz/global_plant
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