April 23, 2024
Computerized Maintenance Management System
Ict

Computerized Maintenance Management System Market Poised to Grow Significantly Due to Rising Need for Streamlined Maintenance Operations

A computerized maintenance management system (CMMS) is a software package that maintains a computer database of information about an organization’s maintenance operations. CMMS helps maintain equipment, maximize uptime and availability, reduce inventory, and monitor technician performance.

The global CMMS market is estimated to be valued at US$ 1.36 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the computerized maintenance management system market are IBM, Rockwell Automation, and Fiix. Key players help organizations manage workflows, process work orders, keep assets operational and optimize maintenance budgets to increase equipment uptime. The computerized maintenance management system market offers opportunities such as improving productivity and efficiency through maintenance performance optimization. CMMS allows organizations to go global easily and gain real-time visibility into asset performance across geographies, thus supporting global expansion of the market.

Market drivers

Rising need for streamlined maintenance operations is expected to drive the growth of The CMMS Market. CMMS helps reduce downtime and maintenance costs by automating workflows and asset management. It enhances visibility into asset performance and maintenance activities which enables proactive maintenance and improved decision making. This improves overall equipment effectiveness and maximizes uptime of critical assets.

PEST Analysis

Political: Regulations relating to digitization of maintenance processes in industries.

Economical: Investment in asset management technologies to reduce operational costs and increase productivity.

Social: Acceptance of advanced technologies in maintenance operations to improve efficiency.

Technological: Adoption of IoT, analytics, augmented reality in CMMS to optimize asset performance and enable remote monitoring.

Geographical concentration
The computerized maintenance management system market in terms of value is highly concentrated in North America and Europe. North America accounts for over 35% market share owing to rapid industrialization and presence of global players. Europe is the second largest market led by developed economies like Germany, UK, and France adopting CMMS solutions across industries.

Fastest growing region
The computerized maintenance management system market is witnessing the fastest growth in Asia Pacific region. Factors such as increasing investments in manufacturing and infrastructure sectors coupled with initiatives by governments in countries like China and India to promote adoption of advanced technologies are propelling the growth. Rapid industrialization and growing need to optimize plant maintenance processes is driving the demand in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it