By 2031, the market for computerized maintenance management systems (CMMS) is anticipated to be worth US$2.75 million. The need for CMMS solutions is being fueled by the growing use of asset monitoring solutions in the energy and utility sector as well as the increased demand for CMMS software among small and mid-sized organizations.
Future Market Insights (FMI), a market research and consultancy organization with ESOMAR certification, provides information about the major variables influencing the demand for CMMS systems in its latest study. The research analyses the effects of COVID-19 on the adoption of CMMS solutions globally, as well as pre-and post-COVID market growth analyses. It also follows the global adoption of CMMS products in 20+ high-growing areas.
Computerized maintenance management systems (CMMS) are predicted to become more popular across sectors as a result of their advantages in lowering maintenance operations costs and unplanned equipment failure. To prevent an out-of-control maintenance backlog, CMMS software permits balancing the resources and maintaining the maintenance expenses. The software records minor fixes that would otherwise go unnoticed and makes it possible to appropriately schedule, assign, and prioritize maintenance work in advance of any significant breakdown.
Every piece of equipment in industrial facilities has a very high cost. It can affect how a firm operates and how much money it makes if any of these machines or pieces of equipment sit inactive for a while. Manufacturing firms greatly benefit from CMMS software. The program guards against equipment breakdown and machine failure. As a result, several established and emerging manufacturing companies are concentrating on deploying CMMS software to coordinate maintenance tasks, avoid machine malfunctions, and plan for future repairs.
Any firm has to maintain its data. Previously, maintenance information was kept on paper, which was a laborious and boring procedure. The development of technologies led to the creation of CMMS systems. A software program created to streamline maintenance management is known as a computerized maintenance management system. Software for enterprise asset management, or EAM, is another name for CMMS. The program streamlines maintenance operations and centralizes information on maintenance.
For an industry to transition from reactive maintenance to proactive maintenance and finally, to predictive maintenance, CMMS software is essential. Software suppliers will have a tonne of opportunity as a result of the integration of AI and IoT with CMMS solutions, according to FMI Analyst.
A few of the major factors driving the growth of the CMMS market globally include an increase in the number of manufacturing facilities, rising demand for improved maintenance operations, and an increase in the adoption of cloud/web-based technologies. With a share of 30.5 percent, the manufacturing sector will continue to be the biggest end user in the market, followed by the energy and utility sectors.
Key Takeaways: Computerized Maintenance Management System (CMMS) Market
• The global CMMS market is estimated to register a CAGR of 8.7% during the forecast period of 2021-2031
• The U.S. has remained an early adopter of the latest technologies. It also exhibits increasing uptake of CMMS software and services, accounting for over 80% of the North American market
• Expansion of the energy and utility sector will drive sales in the U.K., enabling y-o-y growth at 10.1% in 2021
• China will continue leading the East Asia market on the back of consistently rising manufacturing activities
• Increasing investment in modern technologies will pave way for expansion in India
COVID-19 Impact Analysis on CMMS Market
Individual needs may now be categorized into necessities and non-necessities thanks to the COVID-19 pandemic. Electricity, gas, and water are considered utilities and belong in the first group. Because other industries rely on these to meet the demands of the average person, these industries constitute a crucial component of a country’s economy. Companies in the power, utilities, and renewables (PU&R) sector are constantly working to maintain the availability of their assets and deliver safe, dependable supplies of gas and electricity during the epidemic.
With the help of these capabilities, energy and utility companies may enhance operations, provide crucial communication, and ensure that work gets done even during a pandemic. As a result, during the pandemic, the CMMS market has experienced tremendous growth. The COVID-19 pandemic is expected to have increased lockdown times, which has motivated the energy and utility industries to procure CMMS software during the forecast period.
IBM Corporation, Rockwell Automation, Maintenance Connection (Accruent), MicroMain Corp., Infor, Hippo CMMS, Limble CMMS, Mobility Work, DIMO Software, MPulse Software, FasTrak SoftWorks, CMMS Data Group, Letosys, QuickFMS, Cryptos, SIERRA ODC Private Limited, PiqoTech Software Solutions Pvt. Ltd., and IFS are a few of the top businesses in the
As market players look to increase their footprint and portfolio, mergers and acquisitions are still in high demand. For instance, in June 2018, Accruent purchased CMMS supplier Maintenance Connection. Accruent’s efforts to assist clients in gaining understanding and making data-driven decisions for multi-site facilities management are now moving even faster.
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