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 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Computerized Maintenance Management System (CMMS) is a software package that maintains a computer database of information about an organization's maintenance operations. CMMS helps optimize budgets, schedules, asset information, labor, inventory, preventative maintenance tasks and work order completion.
Market key trends:
Adoption of cloud-based CMMS solutions is a major trend in the market. Cloud-based systems provide benefits such as mobility, scalability and lower upfront costs. They offer 24/7 accessibility to CMMS data from any internet-enabled device. Vendors now offer cloud hosting, Software as a Service (SaaS) and Platform as a Service (PaaS) models for their CMMS solutions. This has increased affordability and accessibility of CMMS systems for small and medium enterprises.
Segment Analysis
The global Computerized Maintenance Management System market is dominated by the cloud-based segment. The cloud-based CMMS software is more flexible, scalable and cost-effective compared to on-premise models. It allows real-time access to data from any location and enables collaboration between field workers and management. Cloud-based CMMS also ensures seamless updates and eliminates costs associated with hardware maintenance.
Key Takeaways
The Global Computerized Maintenance Management System Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing adoption of IoT and predictive maintenance techniques.
Regional analysis
North America dominates the global CMMS market currently owing to heavy investments in asset management by industries in the US and Canada. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period. Rapid industrialization and growing need to optimize asset utilization are driving the adoption of CMMS solutions in developing countries of Asia Pacific such as China and India.
Key players
Key players operating in the Computerized Maintenance Management System market are IBM, Rockwell Automation, and Fiix. IBM offers Maximo enterprise asset management software to help organizations optimize asset performance and reduce maintenance costs. Rockwell Automation's FactoryTalk Asset Centre eases asset tracking and condition monitoring. Fiix is a cloud-based CMMS that streamlines maintenance operations on web and mobile devices.
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