Computerized Maintenance Management System (CMMS) Market Outlook 2021 Pricing Strategy, Industry Latest News, Top Company Analysis, Research Report Analysis and Share by Forecast 2031
Benefits of computerized maintenance management system (CMMS) in the reduction of maintenance operations cost and unplanned equipment failure is expected to propel their adoption across industries. According to a study by Future Market Insights (FMI), increasing demand from manufacturing, energy & utility, and other industries will enable growth in the CMMS market, which is expected to reach US$ 1.19 Bn by 2021.
Data maintenance is important to any organization. Previously, maintenance data was stored on paper which was a time consuming and monotonous process. CMMS solutions came into existence with the advancement in technologies. A computerized maintenance management system is a software that is designed to simplify maintenance management. CMMS is sometimes referred to as Enterprise Asset Management (EAM) software. The software centralizes maintenance information and facilitates the processes of maintenance operations.
These solutions are used to maintain the assets during their life cycle life. CMMS software tracks all the processes which include maintenance, customer service requests, operational performance, and warehouse inventory in one place. These solutions are used for tracking work orders, scheduling tasks, dealing with external work requests, recording asset history, managing inventory, and audit and certification.
Increase in the number of manufacturing facilities, and rising demand for enhanced maintenance of operations and rise in adoption of cloud/web-based technologies are some of the key factor propelling the growth of CMMS market globally. The manufacturing segment will remain the key end user in the market, accounting for a share of 30.5% followed by energy and utility segment.
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 early adopter of latest technologies. It also exhibits increasing uptake of CMMS software and services, accounting for over 80% of North America market
Expansion of energy and utilities 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
“A CMMS software plays a critical role in an industry’s move from reactive maintenance to proactive to predictive maintenance. Integration of AI and IoT with CMMS solution will create huge opportunities for software vendors” says FMI Analyst.
COVID-19 Impact Analysis on CMMS Market
The COVID-19 pandemic has clearly divided individual’s needs into essentials and non-essentials. Utilities – electricity, gas, and water – fall firmly in the first category. As these industries are the key part of a nation’s economy, as other industries depend on it to serve the needs of every common man. Power, utilities & renewables (PU&R) companies are continuously focusing on keeping their assets on-line and providing safe, reliable supplies of electricity and natural gas during the pandemic.
Energy and utility providers across the globe are becoming increasingly concerned about the spread of the virus among their employees. This puts a bigger demand and more stress on organizations to take a more aggressive approach to improve worker safety through preventive best practices and proper preparation. In these times, automation of your workflow can really help streamline your operations.
CMMS software tools can help manage sudden changes in operations – like making changes in maintenance schedules or placing an emphasis on facility cleaning – like those that were required after the COVID-19 outbreak. The software manages the auto-routing of work orders to right staff, escalating critical work and having the proper notifications to alert team members, and getting approvals for appropriate work.
These capabilities enable energy and utility organizations to improve operations, deliver critical communication and make sure the work continues – even in a pandemic. Thus, the CMMS market has shown significant growth during the pandemic. Increasing lockdown periods due to COVID-19 pandemic have estimated to motivate the energy and utility organizations to procure CMMS software during the forecast period.
Emergence of Mobile CMMS Software Solutions
The biggest breakthrough in the CMMS software industry is the emergence of mobile CMMS software solution. Energy and utility providers that have implemented the mobile CMMS solutions have achieved 40% improvement in productivity. Working with mobile CMMS software solution increases stability, performance, and functionality.
Through mobile CMMS, technicians can create, retrieve, update, and close work orders from anywhere. Any smartphone, mobile devices or internet-enabled devices are used to retrieve the CMMS database in real time. Instant access to work orders provides technicians the freedom to prioritize work orders based on location, saving organization time and money. Moreover, it is used to add specific details to a work order from the job site, increasing the accuracy and timeliness of the information being added to the maintenance database.
Who is Winning?
Some of the leading companies operating in the market are IBM Corporation, Rockwell Automation, eMaint (Fluke Corporation), MicroMain Corp., Infor, Maintenance Connection (Accruent), Hippo CMMS, Limble CMMS, Mobility Work, DIMO Software, MPulse Software, FasTrak SoftWorks, CMMS Data Group, Letosys, QuickFMS, Cryotos, SIERRA ODC Private Limited, PiqoTech Software Solutions Pvt. Ltd., and IFS.
Mergers and acquisition remain highly sought-after as market players seek to expand their footprint and portfolio. For instance, in June 2018, Accruent, has acquired Maintenance Connection, a CMMS provider. This development accelerates Accruent’s efforts to help customers gain insight and make data-driven decisions for multi-site facility management.