by Computerized Maintenance Management Systems (CMMS) are comprehensive software applications that help organizations manage maintenance activities and tasks. CMMS provides various benefits like increased equipment reliability, optimized inventory management, improved workforce management, and enhanced productivity. It enables real-time monitoring of assets through integration with IoT devices and sensors. CMMS automates routine tasks like work order scheduling, time tracking, preventive maintenance planning, and spare parts management.
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 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of predictive maintenance is one of the major trends witnessed in the CMMS market. Predictive maintenance leverages machine learning and IoT technologies to predict equipment failures in advance. It helps take preventive actions and avoid costly downtime. CMMS integrated with predictive maintenance capabilities helps organizations achieve optimum asset performance through condition-based monitoring. Cloud deployment of CMMS solutions is another trend gaining popularity. Cloud-based CMMS offers advantages like remote access, enhanced scalability, automatic software upgrades, and reduced IT maintenance costs. They are well-suited for small and medium enterprises with limited capital expenditure and human resources for on-premise installations.
Porter’s Analysis
Threat of new entrants: The computerized maintenance management system market has moderate threat of new entrants due to high capital requirements and established players. However, opportunities exist for SaaS providers to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various vendors providing computerized maintenance management systems.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many component suppliers in the market.
Threat of new substitutes: Threat of substitution is low as computerized maintenance management systems provide unique advantages over traditional manual maintenance systems.
Competitive rivalry: The market has high competitive rivalry due to presence of numerous global and regional players competing on parameters of pricing, functionality, and services.
Key Takeaways
The Global Computerized Maintenance Management System Market Size is expected to witness high growth. The market size is projected to reach US$ 2.19 Bn by 2030 from US$ 1.18 Bn in 2023, rising at a CAGR of 8.0% during the forecast period.
Regional analysis: North America dominates the global computerized maintenance management system market currently. This is attributed to growing focus on asset optimization and operational efficiency among organizations in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period, with China and India emerging as lucrative markets.
Key players: Key players operating in the Computerized Maintenance Management System market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, Covance Inc. (acquired by LabCorp), PPD, LLC. These players are focusing on new product launches and enhancements to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
