Computerized Maintenance Management Systems Market Projected To Grow At A CAGR Of 7.8% To Reach A Value Of USD 2.6 Bn By 2032
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Market Overview
Published Via 11Press: In 2022, the global Computerized Maintenance Management Systems Market was valued at USD 1.2 Bn and is projected to reach USD 2.6 Bn by 2032, growing at a compound annual growth rate (CAGR) of 7.8% from 2022-2032.
Computerized Maintenance Management Systems Market is a software solution developed to organize and streamline maintenance operations across various industries such as manufacturing, healthcare, transportation, etc. The increasing adoption of CMMS software in these sectors to boost equipment uptime, reduce downtime, and minimize maintenance costs is fueling the market’s expansion.
North America currently holds the majority of the CMMS market, followed by Europe and Asia Pacific. The latter region is projected to experience the highest compound annual growth rate due to increasing adoption of advanced technologies like IoT (Internet of Things) and cloud computing within this region.
Some of the leading players in the CMMS market include IBM Corporation, SAP SE, Oracle Corporation, Infor Inc. and Schneider Electric SE among others. These firms are focusing on partnerships, collaborations and acquisitions to increase their market share and diversify their product offering.
The COVID-19 pandemic has also expedited the adoption of CMMS software as organizations prioritize remote monitoring and maintenance to guarantee business continuity. As the world continues to recover from this crisis, demand for CMMS solutions is expected to increase further over the coming years.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Request for PDF sample report
Key Takeaways
- In 2022, the global Computerized Maintenance Management Systems Market was valued at USD 1.2 Bn and is projected to reach USD 2.6 Bn by 2032 at a compound annual growth rate (CAGR) of 7.8% between 2022 and 2032.
- The adoption of CMMS software across various industries to enhance equipment maintenance efficiency, reduce downtime and minimize maintenance costs is fueling the market’s expansion.
- North America currently holds the lion’s share in the CMMS market followed by Europe and Asia Pacific.
- The Asia Pacific region is expected to experience the highest compound annual growth rate due to the rapid adoption of advanced technologies like the Internet of Things (IoT) and cloud computing within the region.
- Some of the major players in the CMMS market include IBM Corporation, SAP SE, Oracle Corporation, Infor Inc. and Schneider Electric SE among others.
Regional Snapshot
- North America is the leading market for CMMS due to the presence of major players, increased awareness about maintenance management systems, and the need to meet regulatory standards.
- Europe is a significant market for CMMS due to the expansion of industries like manufacturing and transportation that require effective maintenance management systems.
- The Asia Pacific region is forecast to experience the highest compound annual growth rate due to increased infrastructure investments and adoption of advanced technologies in countries like China, Japan, and India.
- Latin America and the Middle East and Africa are predicted to experience strong growth in the CMMS market due to the increasing adoption of technology and demand for efficient maintenance management systems across various industries.
Drivers
- The growing adoption of CMMS software across various industries to enhance equipment maintenance efficiency, reduce downtime, and minimize maintenance costs is propelling the market’s expansion.
- The growing need for predictive maintenance solutions to reduce unplanned downtime and boost operational efficiency is propelling the market growth.
- Cloud-based CMMS solutions have also seen an uptick in demand due to their scalability, affordability, and ease of deployment – further fuelling its expansion.
- The rising necessity to comply with regulatory compliance and safety protocols across numerous industries is driving demand for CMMS software.
- The COVID-19 pandemic has also hastened the adoption of CMMS software, as organizations increasingly prioritize remote monitoring and maintenance for equipment to guarantee business continuity.
Restraints
- The high cost of implementation and upkeep for CMMS software is a major obstacle to market growth.
- Furthermore, lack of awareness among small and medium-sized enterprises (SMEs) about its advantages also poses an obstacle.
- Another hurdle faced by the market is a shortage of skilled personnel to operate and maintain CMMS software.
- Security concerns related to storage and sharing sensitive data on cloud-based CMMS solutions are further impeding growth in this space.
- Integration of CMMS software with existing systems and processes poses a challenge to the market’s expansion.
Opportunities
- The growing adoption of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning (ML) in maintenance management processes is creating new opportunities for the CMMS market.
- Industry 4.0, which emphasizes the use of smart technologies in manufacturing and maintenance processes, is expected to create significant growth prospects for the CMMS market.
- The growing demand for mobile-based CMMS solutions presents vendors with an opportunity to develop software that meets this growing need.
- The growing need for asset lifecycle management solutions that track and manage assets throughout their lifespan presents an opportunity in the CMMS market.
Challenges
- Lack of standardization in maintenance processes across various industries poses a significant obstacle for vendors in the CMMS market.
- Furthermore, an absence of skilled personnel to operate and maintain CMMS software poses another difficulty to vendors operating in this space.
- Small and medium-sized enterprises (SMEs) face a substantial obstacle when it comes to the implementation and upkeep costs of CMMS software. Furthermore, security and privacy issues associated with cloud-based CMMS solutions pose another formidable obstacle for vendors in this market.
- Integration of CMMS software with existing systems and processes is a complex undertaking, and vendors often face difficulties in ensuring an effortless transition.
Recent Developments
- In March 2021, IBM launched Maximo Mobile, a mobile application for Maximo, its CMMS software. The application enables field workers to access and update maintenance data on the go.
- In November 2020, Oracle launched a new version of its CMMS software, Oracle Maintenance Cloud, which offers new features such as asset health monitoring and advanced analytics.
- In October 2020, Infor Inc. announced a partnership with Microsoft to integrate its CMMS software, Infor EAM, with Microsoft Dynamics 365 Field Service, enabling customers to streamline their asset maintenance processes.
Key Market Segments
Type
- On-premise
- Web based
- Cloud based
Application
- Tracking of work orders
- Scheduling of routine maintenance activities
- Monitoring
- Control maintenance
Key Market Players
- MicroMain Corporation
- IBM Corporation
- Parafernalia Ltd.
- ServiceChannel Inc.
- Infor Inc.
- eMaint Enterprises LLC
- NexGen Inc.
- Schneider Electric SE
- Mapcon Technologies Inc.
- mPulse Mobile Inc.
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 1.2 Bn |
| Revenue forecast by 2032 | USD 2.6 Bn |
| Growth Rate | CAGR Of 7.8% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
FAQs
Q: What is CMMS?
A: CMMS stands for Computerized Maintenance Management System, which is software used to manage and track maintenance activities and schedules for equipment and assets.
Q: What are the benefits of using CMMS software?
A: Some of the benefits of using CMMS software include improved equipment maintenance efficiency, reduced downtime, minimized maintenance costs, better regulatory compliance, and improved asset lifecycle management.
Q: What industries use CMMS software?
A: CMMS software is used in various industries such as manufacturing, healthcare, transportation, facilities management, and others.
Q: What are the key features of CMMS software?
A: Some of the key features of CMMS software include work order management, asset management, preventive maintenance scheduling, inventory management, and reporting and analytics.
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