by 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:
A computerized maintenance management system (CMMS) is a software package that maintains a computer database of information about an organization’s maintenance operations. This kind of information typically includes details about asset inventories, work order histories, schedules, preventive maintenance schedules and tasks, and maintenance tasks, checklists and procedures. CMMS helps in improving uptime and equipment reliability by reducing unplanned downtime and delays caused by parts shortages or technicians waiting for work orders. It streamlines maintenance operations which results in enhanced productivity and lower operational costs.
Market key trends:
One of the key trends in the computerized maintenance management system market is the increasing adoption of cloud-based CMMS. Cloud-based CMMS provide benefits such as reduced IT infrastructure costs, flexible payment options, easy accessibility from any location through internet connection, and minimal upfront investment. This has increased the popularity of cloud-based CMMS among small and medium enterprises. According to research, around 65-70% of new CMMS deployments are cloud-based. Rising cloud adoption is expected to drive the computerized maintenance management system market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low startup costs and lack of intellectual property protection pose a moderate threat of new entrants in the Computerized Maintenance Management System Market.
Bargaining power of buyers: Large buyers in industries such as manufacturing can leverage their buyer power and negotiation margins due to availability of substitute products.
Bargaining power of suppliers: A few large players dominate the supply market for Computerized Maintenance Management System solutions thereby holding stronger bargaining power.
Threat of new substitutes: Emergence of asset performance management and machine learning based predictive maintenance solutions pose a threat of substitution to traditional CMMS products.
Competitive rivalry: Highly competitive due to presence of major players like IBM, Rockwell Automation, and Fiix.
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 2023 to 2030, due to increasing need for asset management across industries. The market size for 2023 is US$ 1.18 Bn.
North America dominates the global CMMS market currently owing to high technology adoption in industries and presence of major players in the region. Asia Pacific region is expected to be the fastest growing market during the forecast period driven by increasing manufacturing activities and rising need for maximizing asset uptime in emerging economies like China and India.
Key players operating in the Computerized Maintenance Management System market are IBM, Rockwell Automation, and Fiix. IBM offers extensive CMMS solutions and services portfolio catering to various industry verticals. Rockwell Automation provides maintenance and asset management software helping improve productivity and efficiency. Fiix is a leading cloud-based CMMS provider focusing on small to medium scale businesses.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
