Posted By mark itwired
Posted on August 10, 2021
Benefits of computerized maintenance management system (CMMS) in the reduction of maintenance operations cost and
unplanned equipment failure is expected to propel their adoption across
industries. According to a study by Future Market Insights (FMI), increasing
demand from manufacturing, energy & utility, and other industries will
enable growth in the CMMS market, which is expected to reach US$ 1.19 Bn by
2021.
To
Get Sample Copy of Report Visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5491
Data maintenance is important to any organization. Previously,
maintenance data was stored on paper which was a time consuming and monotonous
process. CMMS solutions came into existence with the advancement in
technologies. A computerized maintenance management system is a software that
is designed to simplify maintenance management. CMMS is sometimes referred to
as Enterprise Asset Management (EAM) software. The software centralizes
maintenance information and facilitates the processes of maintenance
operations.
These solutions are used to
maintain the assets during their life cycle life. CMMS software tracks all the
processes which include maintenance, customer service requests, operational
performance, and warehouse inventory in one place. These solutions are used for
tracking work orders, scheduling tasks, dealing with external work requests,
recording asset history, managing inventory, and audit and certification.
Increase in the number of
manufacturing facilities, and rising demand for enhanced maintenance of
operations and rise in adoption of cloud/web-based technologies are some of the
key factor propelling the growth of CMMS market globally. The manufacturing segment
will remain the key end user in the market, accounting for a share of 30.5%
followed by energy and utility segment.
For More Details, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-5491
Key Takeaways: Computerized Maintenance Management System (CMMS)
Market
- The global CMMS market is estimated to register a CAGR of 8.7%
during the forecast period of 2021-2031 - The U.S. has remained early adopter of latest technologies. It
also exhibits increasing uptake of CMMS software and services, accounting for
over 80% of North America market - Expansion of energy and utilities sector will drive sales in the
U.K., enabling y-o-y growth at 10.1% in 2021 - China will continue leading the East Asia market on the back of
consistently rising manufacturing activities - Increasing investment in modern technologies will pave way for
expansion in India
“A CMMS
software plays a critical role in an industry’s move from reactive maintenance
to proactive to predictive maintenance. Integration of AI and IoT with CMMS
solution will create huge opportunities for software vendors” says FMI Analyst.
COVID-19 Impact Analysis on
CMMS Market
The COVID-19 pandemic has
clearly divided individual’s needs into essentials and non-essentials.
Utilities – electricity, gas, and water – fall firmly in the first category. As
these industries are the key part of a nation’s economy, as other industries
depend on it to serve the needs of every common man. Power, utilities &
renewables (PU&R) companies are continuously focusing on keeping their
assets on-line and providing safe, reliable supplies of electricity and natural
gas during the pandemic.
Energy and utility providers
across the globe are becoming increasingly concerned about the spread of the
virus among their employees. This puts a bigger demand and more stress on
organizations to take a more aggressive approach to improve worker safety
through preventive best practices and proper preparation. In these times,
automation of your workflow can really help streamline your operations.
CMMS software tools can help
manage sudden changes in operations – like making changes in maintenance
schedules or placing an emphasis on facility cleaning – like those that were
required after the COVID-19 outbreak. The software manages the auto-routing of
work orders to right staff, escalating critical work and having the proper
notifications to alert team members, and getting approvals for appropriate
work.
These capabilities enable
energy and utility organizations to improve operations, deliver critical
communication and make sure the work continues – even in a pandemic. Thus, the
CMMS market has shown significant growth during the pandemic. Increasing
lockdown periods due to COVID-19 pandemic have estimated to motivate the energy
and utility organizations to procure CMMS software during the forecast period.
Emergence of Mobile CMMS
Software Solutions
The biggest breakthrough in
the CMMS software industry is the emergence of mobile CMMS software solution.
Energy and utility providers that have implemented the mobile CMMS solutions
have achieved 40% improvement in productivity. Working with mobile CMMS
software solution increases stability, performance, and functionality.
Through mobile CMMS,
technicians can create, retrieve, update, and close work orders from anywhere.
Any smartphone, mobile devices or internet-enabled devices are used to retrieve
the CMMS database in real time. Instant access to work orders provides
technicians the freedom to prioritize work orders based on location, saving
organization time and money. Moreover, it is used to add specific details to a
work order from the job site, increasing the accuracy and timeliness of the
information being added to the maintenance database.
Who is Winning?
Some of the leading companies
operating in the market are IBM Corporation, Rockwell Automation, eMaint (Fluke
Corporation), MicroMain Corp., Infor, Maintenance Connection (Accruent), Hippo
CMMS, Limble CMMS, Mobility Work, DIMO Software, MPulse Software, FasTrak
SoftWorks, CMMS Data Group, Letosys, QuickFMS, Cryotos, SIERRA ODC Private
Limited, PiqoTech Software Solutions Pvt. Ltd., and IFS.
Mergers and acquisition remain highly sought-after as market players seek to expand their footprint and portfolio. For instance, in June 2018, Accruent, has acquired Maintenance Connection, a CMMS provider. This development accelerates Accruent’s efforts to help customers gain insight and make data-driven decisions for multi-site facility management.
More about Technology:
Unified Communication
as a Service (UCaaS) Market
