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

REPORT OVERVIEW

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The global computerized maintenance management system (CMMS) software market size was USD 947 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with computerized maintenance management system (CMMS) software market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research and analysis, the market is projected to touch USD 1505 million by 2028, exhibiting a CAGR of 6.7% during the forecasting period. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Computerized maintenance management system, also known as CMMS, is a particularly created piece of software that keeps track of all the data pertaining to maintenance operations, including planned maintenance and work orders, components inventories, and purchasing activities of an organisation (maintenance management). Asset data, including model or serial number, location, downtime statistics, accompanying paperwork, repair manuals, and safety procedures, is stored in a computerised maintenance management system. Additionally, CMMS software records data on work order management, including the work order number, order type, and description of the work order, which aids a business in efficiently managing all of its assets.

COVID-19 Impact: Weakening of the Economy to Hamper Market Growth

The economic impact of the coronavirus disease (COVID-19) was unprecedented and uncertain. No matter the firm, sector, or industry, the pandemic has forced the world to adapt to the current conditions. The world economy and computerized maintenance management system (CMMS) software service industry had been impacted by the coronavirus outbreak (COVID19). There is no industry that has been untouched by the COVID-19 epidemic's severe impact on the global economy. According to this report, rising protectionism and chauvinism have gotten worse throughout this epidemic, causing the economy to weaken faster. It had an impact on the economy, as well as overall standards and values, changing them to create a completely new chain of values. Security and social isolation start to take precedence above promptness and orderly planning. Nearly every industry is experiencing firm relocation and supply chain closures, and even governments are hoarding basic supplies rather than focusing on their economies. The international economy is in peril as a result of this predicament, which has also caused practical economic and social distance.

LATEST TRENDS

"Preventive Maintenance of the system to Propel Market Growth"

A proactive rather than reactive approach to maintenance operations is made possible by CMMS data, allowing for the creation of an advanced asset maintenance strategy. Daily activity data, along with data from sensors, metres, and other IoT instrumentation, can provide insights into processes and assets, help to inform preventive measures, and send alarms before assets fail or perform poorly. This is anticipated to boost computerized maintenance management system (CMMS) software market growth.

RESTRAINING FACTORS

"High Cost of Customization to Restraint Market Growth"

Costs associated with customisation and security are two drawbacks of CMMS hosted in the cloud. By adding or removing modules or connecting to other integrated platforms, it is typically simple to adapt the CMMS to a company's needs, although not always. Costs associated with doing so can add up rapidly. Regarding security, there are increased chances for compromise because data is routinely transmitted to and from the cloud. These security concerns are frequently exaggerated. Despite the widespread belief that cloud software poses security risks, most CMMS vendors have the resources and influence to avoid having their systems compromised. There is no local data to steal, and security fixes are frequently applied to the software. These factors are anticipated to constraint the growth of computerized maintenance management system (CMMS) software.

SEGMENTATION

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• By Type

Based on type; the market is divided into cloud based and on-premises.

In terms of product, cloud based is the largest segment.

• By Application

Based on application; the market is divided into manufacturing, property management firms, logistics & retail, education & government, and healthcare.

In terms of application; Industrial & manufacturing is the largest segment.

DRIVING FACTORS

"Rising Need for Single Platform to Promote Market Growth"

Over the projection period, demand for computerised maintenance management systems is anticipated to increase due to the growing need for a single platform for managing all of an organization's asset-related duties. By centrally managing all of the asset information, providing workflow visibility through dashboards, and automating manual operations like buying parts, restocking MRO inventory, scheduling shifts, and aggregating data, computerised maintenance management systems improve asset visibility.

"Flexible Interface of the System to Augment Market Growth"

The cloud-based CMMS system gives users flexibility and agility while doing away with the need to invest in hardware and software. However, if a business wants to switch to cloud-based technology, data security is one of their top worries. As an illustration, an analysis found that 72% of businesses worldwide have at least one application or a component of their enterprise computing infrastructure in the cloud. These factors are anticipated to propel computerized maintenance management system (CMMS) software industry.

REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Adoption of the Service on a Large Scale"

The market for computerised maintenance management systems was dominated by the North American area, and this dominance is anticipated to continue over the forecast period. North America owns the largest computerized maintenance management system (CMMS) software market share. This is because more industries in the area, including oil and gas, transportation and logistics, power and utility, construction, manufacturing, and healthcare, are adopting computerised maintenance management systems. Additionally, there are a large number of logistical firms operating in the United States, including XPO Logistics Inc.

KEY INDUSTRY PLAYERS

"Tough Competition Among Market Players to Boost Market Growth"

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the computerized maintenance management system (CMMS) software companies' focus related to the market.

List of Market Players Profiled

• IBM (U.S.)
• Dude Solutions (U.S.)
• Siveco (Romania)
• UpKeep (U.S.)
• Accruent (U.S.)
• Rockwell Automation (Fiix) (U.S.)
• ServiceChannel (U.S.)
• DPSI (India)
• eMaint (U.S.)
• JLL (Corrigo) (U.S.)
• iOffice (Hippo & ManagerPlus) (U.S.)

REPORT COVERAGE

The report examines market channels of computerized maintenance management system (CMMS) software market and provides information on the elements affecting probable future global development. Additionally, the report looks at market size and share, regional trends, end-use categories, and market segments. It emphasises the importance of outlining an exhaustive regional analysis. The Global computerized maintenance management system (CMMS) software market study also carried out a sector analysis to comprehend the key driving factors and entry barriers of the market. The paper also offers suggestions on how businesses might strengthen their market positions in light of significant alterations in the market dynamics.