The global computerized maintenance management system (CMMS) market is anticipated to showcase promising growth over the assessment period by registering a CAGR of 9.1% from 2023 to 2033. The global market revenue totaled US$ 1,636.2 Million in 2022 and is projected to reach US$ 4,215.1 Million by 2033.
The rising demand for CMMS software among small and mid-sized businesses along with propelling the adoption of CMMS software in the energy and utilities sector has increased the demand for CMMS. CMMS software allows the balancing of resources and maintains the costs to keep backlogs in check. Furthermore, the CMMS market is expected to contribute 20% over the global asset management market. The processes automated by CMMS solution are rising due to preventive maintenance scheduling, inventory management, maintenance expense record keeping, work requests and work order management, and audit and compliance record management.
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CMMS and enterprise asset management (EAM) are both perfect for asset management and maintenance systems. Furthermore, the EAM assists in complete asset lifecycle management which comprises operations, procurement, planning, and disposal of assets. CMMS is used in managing and maintenance of equipment and machinery. Moreover, the software is capable of capturing small repairs that would otherwise go unnoticed and allows maintenance tasks to be efficiently scheduled, assigned, and prioritized before any major failure occurs. In addition to that, CMMS software offers assistance in manufacturing plants. The software prevents machines and equipment from failing and breakdown.
Key Takeaways from the Computerized Maintenance Management System (CMMS) Market Report:
The Internet of Things (IoT) and Industry 4.0 remains extremely popular subject. Industry 4.0 comprises the latest industrial revolution. AI and IoT have changed the way machines collect and interpret data.
The technology has a significant contribution to higher sales of CMMS. IoT devices are deployed everywhere, not just on large machinery devices but also comprising things such as temperature monitoring, humidity monitoring, and collecting data on other environmental factors.
A huge amount of data is generated through IoT devices which are further fed into a CMMS, and the analysis is conducted to make sure that everything is running the way it should. Moreover, predictive analytics is used to peer into the future and see potential issues. The CMMS can then be used to resolve them.
Continuous innovations are taking place in CMMS in order to develop efficient solutions to catch and adapt their software to this new industry 4.0 technology evolution. Furthermore, rather than manually collecting data points from several sources separately, the new generation of CMMS will connect many industrial IoT devices. They are sensors, equipment monitoring software, safety systems, and other digital technologies, then analyze the data and trigger the actions to address the problem.
The combination of CMMS and IoT creates massive opportunities for both IoT manufacturers and CMMS vendors. In addition to that, the combination will make industrial organizations work smoothly, and help increase productivity and reduce downtime. That can add many millions of dollars to a company’s bottom line.
CMMS software offers assistance within manufacturing plants. The software prevents machines and equipment from possible failure and breakdown. Therefore, several large start-up manufacturing firms are concentrating on implementing CMMS software to manage maintenance activities, prevent machine breakdowns, and prepare for future repairs.
Competitive Landscape
Prominent players in the global computerized maintenance management system (CMMS) market are relying on multiple expansion strategies in order to deepen penetration all over other lucrative markets. In addition to that, these strategies comprise product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
Leading Key Players:
The computerized maintenance management system (CMMS) market is driven by a diverse array of leading players, each contributing unique solutions and innovations. Zunaso, MicroMain Corp., Infor, IBM Corporation, Rockwell Automation (including Fiix, Inc.), Fluke Corporation, Accruent, Hippo CMMS, Limble CMMS, Mobility Work, and UpKeep stand out as key players in this dynamic landscape. With a focus on enhancing asset management, streamlining maintenance processes, and optimizing operational efficiency, these companies play pivotal roles in shaping the future of CMMS technologies, catering to a wide range of industries and businesses worldwide.
More Insights into the Computerized Maintenance Management System (CMMS) Market
The North American market is anticipated to dominate the global CMMS market, as the United States experienced year-on-year growth of around 7.3% in 2022 to surpass a market valuation of US$ 360 Million. The market is set to further aggrandize at a CAGR of nearly 9.1% through 2033.
On the basis of market share, the United Kingdom owns around 15% share in Europe’s CMMS software market. The growing demand for CMMS products among energy and utility firms is driving the growth of the United Kingdom CMMS market.
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