by A computerized maintenance management system (CMMS) software helps organizations manage maintenance activities and tasks. It is used to track equipment-related information, maintenance plans, inventory, service history and budgets. Various industries such as manufacturing, education, healthcare, real estate and others rely on CMMS to optimize equipment performance and minimize unexpected downtime. It enables efficient management of preventive and predictive maintenance of numerous assets from a single portal. Common applications of CMMS include managing work orders, materials, preventive maintenance schedules, critical spare parts and purchase orders.
The global Computerized Maintenance Management System Market is estimated to be valued at US$ 1.18 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Adoption of Cloud-Based CMSS: The demand for cloud-based CMMS solutions is growing significantly as they offer advantages such as scalability, reduced upfront cost, easy deployment and enhanced collaboration. Cloud platforms enable remote access to the system from any digital device using internet connectivity. They are ideal for small and medium enterprises with limited IT budgets. Growing popularity of software-as-a-service (SaaS) based CMSS is anticipated to drive the market growth over the forecast period.
Driven by Growing Need for Asset Management: With growing complexities in operations and management of diverse infrastructure assets, there is a pressing need for inventory management and predictive maintenance strategies. Traditional methods are unable to handle large volumes of asset-related data efficiently. Computerized systems help analyze past repair and service records to forecast component failures and plan repairs. This reduces downtime of equipment and associated costs. Increasing awareness about benefits of CMSS for proactive asset management is expected to propel the market expansion during the forecast period.
Segment Analysis
The computerized maintenance management system market is segmented into solutions and services. The solutions segment dominated the market in 2022 accounting for around 55% share. Solutions help manage the maintenance activities efficiently through automated workflows and asset management.
PEST Analysis
Political: Governments across regions are encouraging industries to adopt industrial automation and predictive maintenance techniques to enhance asset efficiency. This is positively impacting the adoption of CMMS solutions.
Economic: Industries are under constant pressure to maximize asset productivity while minimizing maintenance costs. CMMS helps achieve this by scheduling preventive maintenance and avoiding unplanned downtime leading to cost savings.
Social: With increasing awareness, industries recognize the importance of digitizing maintenance processes for improved asset health monitoring. This drives the demand for CMMS.
Technological: Advancements in areas like IoT, analytics, mobility are enhancing the capabilities of CMMS. Features like remote asset monitoring and predictive maintenance analytics are gaining traction.
Key Takeaways
The Global Computerized Maintenance Management System Market Growth is expected to witness high at a CAGR of 8.0% during the forecast period of 2023 to 2030.
Regional analysis: North America dominated the market in 2023 accounting for over 35% share owing to widespread adoption across industries. Asia Pacific is expected to witness fastest growth due to increasing investments in manufacturing sector in countries like China and India.
Key players: Key players operating in the computerized maintenance management system market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, Covance Inc. (acquired by LabCorp), PPD, LLC. QuintilesIMS is a leader in clinical trial solutions and provides comprehensive offerings including EMAR and maintenance services. PAREXEL provides consultancy and managed services for implementing and customizing CMMS.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
