Computerized Maintenance Management System Market Trends [2031]

Report Description

Computerized Maintenance Management System Market Outlook 2031

The global computerized maintenance management system market size was USD 1.05 Bn in 2022 and is likely to reach USD 2.64 Bn by 2031, expanding at a CAGR of 10.8 % during 2023–2031. Rising demand from businesses to digitally manage their assets is expected to drive the market.

Increasing demand for automation in maintenance work and the rising awareness of virtual maintenance management solutions are expected to drive the computerized maintenance management system (CMMS) market in the coming years. Businesses are required to regulate their repair and maintenance activities by managing maintenance tasks digitally. This directly impacts the market as the CMMS lets businesses optimize their day-to-day repair and maintenance tasks.

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Furthermore, the rapid adoption of digital solutions by the manufacturing industry across the globe is driving the market. For instance,

• According to the report published by the World Manufacturing Foundation, the manufacturing industry contributes to 17% of the global gross domestic product.

CMMS is a software solution that helps businesses manage their maintenance tasks such as inventory management, mobile accessibility, integration capability, data analytics, and others. They contain enterprise asset management (EAM) tools that regularize the maintenance work orders. These work orders schedule technician visits for predicted maintenance requirements and impromptu repair tasks.

The software solutions also let technicians download mobile applications to organize their work routines, by providing a list of work orders arranged priority-wise. The software also provides them with AI-based assistance, increasing the work efficiency.

The COVID-19 pandemic moderately impacted the market. In the initial period of the pandemic, the businesses were shut down due to the travel restrictions applied by various governments across the globe. However, the market gradually recovered, as businesses adapted to virtual settings and the increasing use of online solutions for remotely managing business activities.

CMMS software provides the appropriate virtual work environment for manufacturers as well as for the staff to operate. Furthermore, the pandemic resulted in a surge in the adoption of e-commerce business settings worldwide, which ultimately increases the need for management of business assets virtually. This helped the market grow in the post-pandemic period.

Impact of Artificial Intelligence (AI) in Computerized Maintenance Management System (CMMS) Market

The use of artificial intelligence is likely to provide substantial propulsion to the computerized maintenance management system (CMMS) market.  Integration of CMMS software with IoT and AI helps business organizations to analyze the data obtained from various sources. Machine learning algorithms improve the prediction of potential system failures, thereby saving organizations time.

The systems provide proactive predictive maintenance suggestions, which create lucrative opportunities for the market. This effectively automates the maintenance process, which is expected to drive the market in the coming years.

Computerized Maintenance Management System Market Dynamics

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Major Drivers

Increasing demand for workplace automation drives the market. CMMS software is capable of scheduling the maintenance work order. It helps businesses reduce any manual errors. The software helps schedule simple to critical repair tasks, preventive maintenance, and asset inspection by notifying the staff. This saves time for staff and manufacturers as well as improves productivity with the help of automation. The rising trend of workplace automation is expected to drive the market during the forecast period.

Existing Restraints

High costs and initial investment in the software hampers the market growth. CMMS offers a software solution that is integrated with several enterprise resource planning software. However, new businesses are less likely to afford the initial costs for installation. Furthermore, the complexity of integrating with existing software, training the staff, and maintenance costs of the software are likely to hamper the market during the assessment period.

Emerging Opportunities

Improving user interfaces for mobile CMMS is a major growth opportunity for the market. CMMS apps mainly focus on scheduling maintenance of industrial equipment and machinery in advance. The software solution is also launched as a mobile application for technicians of respective machines and domains. Enhancing the user interface of the app and making it customizable for technicians, helps in minimizing errors. This extends lifespan of the assets and profits the manufacturer, which is expected to drive the market during the forecast period.

Scope of the Computerized Maintenance Management System Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Computerized Maintenance Management System Market Segment Insights

Deployment Segment Analysis

Based on deployment, the computerized maintenance management system (CMMS) market is divided into web-based, cloud-based, and on-premise. The on-premise segment held a major share in 2022, owing to the increasing requirements for data security and compliance for organizations. This mode of deployment provides direct software control to the operator to effectively manage the maintenance infrastructure.

The rising demand for real-time data access to manage a business drives the market. The cloud-based segment is projected to hold the major share of the market during the projection period, due to the versatility of the software. Cloud-based CMMS is accessible from any native app and is connectable from remote locations.

Therefore, service providers are not required to bear the IT service cost, as they do not have to maintain the data centers. Users do not have to configure any hardware to use services. A majority of businesses opted for remote work settings post the COVID-19 pandemic. The rising demand for remote administration of maintenance tasks and asset management is expected to drive the segment in the coming years.

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Enterprise Size Segment Analysis

In terms of enterprise size, the market is segregated into small & medium and large. The large enterprise-size segment held a major share in 2022, due to the rapid expansion of large-sized business. Large enterprises such as oil & gas companies, manufacturing companies, automotive, shipping, and aviation companies have a huge infrastructure that is spread across the globe.

CMMS to effectively streamline the work orders for remotely located maintenance staff. It helps technicians to schedule the on-site repair tasks priority-wise. Increasing awareness regarding the maintenance software is expected to drive the segment during the forecast period. The small & medium-sized (SMEs) segment is projected to register a high CAGR during the forecast period, as SMEs use the CMMS for maintenance management tracking.

They ensure high quality output for their business. Proactive prediction of software about potential system failure and scheduled tasks for the technicians help SMEs to manage company assets while keeping the budget in check. The rising demand for customized digital systems for maintenance management in small to medium business environments is expected to drive the segment in the coming years.

End-Use Segment Analysis

Based on end-use, the computerized maintenance management system (CMMS) market is segmented into manufacturing, oil & gas, communication & data centers, power generation, and aviation. The manufacturing segment held a key share in 2022, owing to the ease of maintenance operations that the software provides. CMMS is designed to help manufacturers to manage their workforce and work request handling.

The software focuses on preventive maintenance tasks, as minor machine failure leads to a major loss for manufacturers. The system keeps track of inventory, which helps detect anomalies if any and keeps track of sales. The software also helps to keep track of unexpected sales. The versatility of the software drives the manufacturing segment. The communication & data centers segment is anticipated to register a robust growth rate during the forecast period.

The communication industry deals with a huge data transfer on an everyday basis, for which they maintain a data center. CMMS software automates the work orders and workflows to keep the workflow smooth at peak hours. They help keep assets connected and predict potential anomalies to be repaired in time. The software works well with IoT data, AI, and analytics to optimize maintenance management for the communication & data center industry, which is anticipated to boost the segment.

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Regional Outlook

In terms of region, the global computerized maintenance management system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2022, owing to the rapid digitalization of the majority of businesses in the region. Countries such as the US and Canada are considered global tech giants, due to their technologically advanced business infrastructures.

Asia Pacific is expected to dominate the global market during the projection period, due to a high number of industries and manufacturing firms in the region. This is attributed to the economic costs of raw materials and inexpensive labor available in the developing countries. The developing economies such as India and China own a huge number of automotive, metal, and machine manufacturing industries. For instance,

• According to data published on May 4, 2021, China generated about 28.7% of global manufacturing revenue output in 2019.

The rapid adoption of software solutions for repair and maintenance activities is expected to drive the market in the region during the forecast period.

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