CMMS Software Market Size, Share, Growth, And Industry Analysis By Type (Cloud Based CMMS Software and On-Premises CMMS Software) By Application (Industrial & Manufacturing, Property Management Firms, Logistics & Retail, Education & Government, Healthcare and Others) Regional Forecast to 2028

Updated On: 13 March 2023

Report Overview

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The global CMMS software market size was worth US$ 954.6 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Per our research, the market is expected to reach substantial revenue by 2028, exhibiting a CAGR of 10.4% during the forecast period. The sudden rise in CAGR is attributable to the CMMS software market growth, and demand returning to pre-pandemic levels once the pandemic is over. 

Businesses can monitor their Maintenance, Repair, and Operations (MRO) activities with the aid of CMMS software, a computerized maintenance management system. It can schedule and monitor work orders, asset repairs, and maintenance chores that must be done beforehand. Businesses can reduce the requirement for replacement parts and equipment by optimizing their inventory levels using this software.

Improved communication between maintenance and other departments, less downtime, and longer equipment lifespan are all advantages of utilizing this software. They can also save firms money by decreasing the frequency of unscheduled repairs and enhancing inventory control. Consider purchasing a CMMS system if you want to upgrade your maintenance operations. It might be the best choice you ever make for your company!

COVID-19 Impact: The Increased Demand for Remote Working Solutions Accelerated the Market Growth

Covid-19 has impacted the CMMS software market in a variety of ways. First, many organizations have adopted new working practices to adhere to social distance norms. Because of this, there is now a higher need for remote working solutions, which is advantageous for companies that make this software. Second, the pandemic has caused many industries to slow down, which has decreased demand for this software. However, some companies have taken advantage of this as a chance to invest in cutting-edge technology, which has helped to lessen the pandemic's negative effects on the CMMS software market.

Latest Trends

"Mobile-Friendly Applications Boost the Market Expansion"

In CMMS software, new and exciting things are constantly happening. Mobile-friendly programs that enable customers to access and update their maintenance data while on the go are the newest trend. This is a fantastic breakthrough for businesses with workers out in the field or traveling because it enables them to stay on top of maintenance activities without being confined to a desk. Other features include improved security measures to safeguard sensitive data and connection with well-known productivity programs like Microsoft Office 365 and SharePoint. It's exciting to be involved with this software with all the innovation going on!

Segmentation

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• By Type Analysis

The CMMS software market can be segmented into cloud based CMMS software and on-premises CMMS software. Among these, the cloud based CMMS software is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into industrial & manufacturing, property management firms, logistics & retail, education & government, healthcare, and others. Industrial & manufacturing are expected to hold the most significant CMMS software market share in the upcoming years.

Driving Factors

"Increasing Popularity of Cloud-Based Solutions, Rise of Industry 4.0, and the Internet of Things (IoT) to Propel the Market Expansion"

Numerous factors are causing the CMMS software market to expand quickly. First and foremost, CMMS is now more accessible than ever because of the rising popularity of cloud-based solutions. Additionally, the development of Industry 4.0 and the Internet of Things (IoT) has increased demand for more advanced maintenance management tools that may aid businesses in more efficient asset management. Last but not least, as the advantages of preventive maintenance become more widely recognized, more businesses are investing in this software to assist them in optimizing their operations.

"The Increasing Need for Organizations to Manage their Assets and Maintenance Operations More Efficiently Fuels the Market Growth"

The market is anticipated to expand rapidly in the upcoming years due to various variables. One of the most significant drivers is the growing requirement for enterprises to manage their assets and maintenance operations more effectively. Organizations can track and manage all facets of their maintenance operations using this software, including work order management, asset tracking, and inventory management. Additionally, this software can assist businesses in enhancing their safety records and decreasing downtime. As a result, many businesses are using this software to enhance their maintenance processes.

Restraining Factors

"The High Cost and Lack of Standardization Hinder the Market Growth"

Several issues hinder the CMMS software market. One is the absence of standards. There are various kinds of CMMS software available, each with its advantages and disadvantages. Because of this, it is challenging for customers to compare items and decide wisely. The price of this software is another impediment. Many items have seat prices significantly higher than $1,000, which might be prohibitive for small and medium-sized organizations. Finally, because of the software's perceived complexity, some purchasers might be reluctant to implement a CMMS solution. Even though CMMS solutions have advanced significantly in recent years, consumers unfamiliar with maintenance management ideas may still find them intimidating.

Regional Insights

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"U.S. to Dominate Market Due to Increasing Popularity of Cloud-Based Solutions, Rise of Industry 4.0, and the Internet of Things (IoT)"

Between 2022 and 2028, the CMMS software market will be dominated by U.S. Factors driving the market growth in this region include the increasing popularity of cloud-based solutions, the rise of industry 4.0, and the internet of things (IoT).

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The increasing need for organizations to manage their assets and maintenance operations more efficiently fuels market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Accruent (U.S.)
• eMaint (U.S.)
• Dude Solutions (U.S.)
• iOffice (Hippo & ManagerPlus) (U.S.)
• IBM (U.S.)
• ServiceChannel (U.S.)
• Rockwell Automation (Fiix) (U.S.)
• UpKeep (U.S.)
• Siveco (Romania)
• IFS (Sweden)
• Spacewell (India)
• JDM Technology (Canada)
• MVP Plant (U.S.)
• DPSI (U.S.)
• MRI (Real Asset Management) (U.S.)
• FasTrak (U.S.)
• FMX (U.S.)
• Sierra (U.S.)
• Orion IXL Bhd (Malaysia)
• Ultimo (U.S.)
• JLL (Corrigo) (U.S.)
• EZOfficeInventory (U.S.)
• CyberMetrics (FaciliWorks) (U.S.)
• Maxpanda (U.S.)
• eWorkOrders (U.S.)
• Ashcom Technologies (U.S.)
• Landport (Netherlands)
• Megamation Systems (Canada)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.