Cloud-Based Computerized Maintenance Management Systems (CMMS) To Gain Popularity within Small & Medium Sized Enterprises: Future Market Insights Study
DUBAI, U.A.E, May 25, 2021 /PRNewswire/ -- ESOMAR-certified consulting firm Future Market Insights' computerized maintenance management system (CMMS) market report expects a significantly positive outlook through 2021, expected to reach a valuation of US$ 2.75 million. Growing demand for CMMS in small and medium sized enterprises for asset monitoring is primarily underpinning expansion prospects. Furthermore, FMI projects a CAGR of nearly 8.7% CAGR through 2031.
Increasing demand for web-based and cloud-based CMMS software within manufacturing, healthcare and other end-use industries is accelerating the growth of CMMS market. Growing demand for asset monitoring, advent of Internet of Thinking (IoT), artificial intelligence (AI), and smartphones have made the adoption of CMMS software easy, accessible and affordable to the small and medium sized enterprises (SME) in every industry.
Bulk of data and assets require real-time monitoring for maintenance, managing inventory and audit & certification. Cloud-based CMMS software provide real-time data monitoring with the help of AI and IoT, making it easy for SMEs to maintain and process. Hence, adoption of cloud-based CMMS software in SMEs across manufacturing, transportation & logistics, retail, and other end-use industries is increasing exponentially.
"CMMS providers are adopting AI and data science to develop advanced cloud-based software with real-time predictive analysis, minimizing human interference while providing the service seamlessly," says the FMI analyst
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Key Takeaways
- By enterprise size, small & medium enterprises (SME's) are expected to dominate the market
- Surging demand for cloud-based CMMS software is expected to foster sales through 2031
- Manufacturing industry is expected to remain the primary end-user of CMMS
- CMMS market in the U.S. is expected to grow at 8.6% CAGR, accounting for the most lucrative markets in North America
- Increasing focus on advanced technology across the U.K. is expected to spur the CMMS sales at the rate of over 11.7%
- China is expected to be the largest manufacturer in terms of production output and will reach a valuation of US$ 157.4 million
Competitive Landscape
IBM Corporation, Rockwell Automation, Fluke Corporation, MicroMain Corp., Infor, Maintenance Corporation(Accruent), Hippo CMMS, Limble CMMS, Mobility Work, DIMO Software, MPulse Software Inc., FasTrack SoftWorks Inc., CMMS Data Group, Letosys, QuickFMS, Cryotos, SIERRA ODC Private Limited, Piqo Tech Software Solutions Pvt. Ltd., and IFS among others are some of the prominent CMMS providers profiled by Future Market Insights. Leading CMMS providers are reliant on strategic collaborations and partnerships to strengthen their position in the industry.
In May 2020, Engage Mobilize Inc., a cloud-based digital field management, announced a new product line for CMMS software for phase time monitoring and automated scheduling & notifications.
Also, in September 2019, AI-Driven B2B software recommender Comparesoft announced a new partnership with leading CMMS software provider eMaint (Fluke) as its referral partner.
Furthermore, in September 2020, Avalara Inc., a leading provider of cloud-based tax compliance automation for businesses of all sizes announced the release of 16 newly certified integration with CMMS software, and CRM software applications.
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More Insights on the Global Computerized maintenance management system Market
In its latest report, Future Market Insights provides an exhaustive analysis on the key growth drivers and factors affecting the global computerized maintenance management system market over the forecast period of 2021 and 2031. To gain a better understanding on the markets' key segments and sub-segments, FMI has segregated the market on the basis of solution (CMMS software, cloud-based/web-based, on-premises, service, consulting service, integration & implementation service, support & maintenance services), enterprise size (small & medium enterprise and large enterprises), industry (manufacturing, transportation & logistics, retail & CPG, education, hospitality, healthcare, energy & utilities, government and others), and regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East & Africa)
Key Questions Covered in the Report
- How will the demand of CMMS will evolve in the future?
- Which segment is expected to remain lucrative throughout the forecast period?
- What are the key drivers will impact the computerized maintenance management system market?
- What are the challenges that will impact the CMMS market demand?
- Which region will remain the most lucrative through 2031?
- What is the impact of Covid-19 on computerized maintenance management system market?
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