Benefits Computerized Maintenance Management System (CMMS) In reducing the cost of maintenance operations, unplanned equipment failures are expected to drive its adoption across industries. According to a study by Future Market Insights (FMI), increasing demand from manufacturing, energy, utilities and other industries will enable growth in the CMMS market, which is expected to reach US$1.19 billion by 2021.
Data maintenance is important for any organization. Previously, maintenance data was stored on paper and it was a time-consuming monotonous process. CMMS solutions have emerged with advances in technologies. Computerized Maintenance Management System is software designed to simplify maintenance management. CMMS is sometimes referred to as Enterprise Asset Management (EAM) software. The program does the maintenance information center and facilitates maintenance operations.
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These solutions are used to maintain assets throughout their lifecycle. CMMS software tracks all operations including maintenance, customer service requests, operational performance, and warehouse inventory in one place. These solutions are used for tracking work orders, scheduling tasks, handling external work orders, recording asset history, inventory management, auditing, and certification.
The increase in the number of manufacturing facilities, the growing demand for improved maintenance of processes and the rise in adoption of cloud/web-based technologies are some of the major factors driving the growth of the CMMS market globally. The manufacturing sector will continue to be the major end user in the market, accounting for a 30.5% share, followed by the power and utilities sector.
Key Takeaway: Computerized Maintenance Management System (CMMS) Market
The global CMMS market is expected to register a CAGR of 8.7% during the forecast period 2021-2031
The United States was early adopters of the latest technology. It also displays a growing uptake of CMMS software and services, accounting for more than 80% of the North American market
Expansion in the power and utilities sector will drive sales in the UK, enabling 10.1% annual growth in 2021
China will continue to lead the East Asian market on the back of its ever-increasing manufacturing activities
Increased investment in new technologies will pave the way for expansion in India
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“CMMS software plays an important role in the industry’s transition from reactive maintenance to proactive maintenance to predictive maintenance. The integration of AI and IoT with a CMMS solution will create tremendous opportunities for software vendors,” says the FMI analyst.
Analysis Of The Impact Of COVID-19 On The CMMS Market
The COVID-19 pandemic has clearly divided people’s needs into essential and non-essential. Utilities – electric, gas, and water – fall solidly into the first category. Since these industries are the major part of the nation’s economy, other industries depend on them to meet the needs of every common man. Power, utilities and renewable energy (PU&R) companies are constantly focused on keeping their assets online and providing a safe and reliable supply of electricity and natural gas during the pandemic.
CMMS software tools can help manage sudden changes to operations — such as making changes to maintenance schedules or focusing on facility cleaning — such as those that were required after the COVID-19 outbreak. The software manages automatic routing of work orders to appropriate employees, escalation of necessary work and obtaining appropriate notifications to alert team members, and obtaining approvals for appropriate work.
The emergence of CMMS software solutions for mobile devices
The biggest breakthrough in the CMMS software industry is the emergence of a CMMS software solution for mobile devices. Energy and utility providers that implemented mobile CMMS solutions achieved a 40% improvement in productivity. Working with a portable CMMS software solution increases stability, performance, and functionality.
With mobile CMMS, technicians can create, retrieve, update, and close work orders from anywhere. Any smartphone, mobile devices or internet-connected devices are used to retrieve the CMMS database in real time. Instant access to work orders gives technicians the freedom to prioritize work orders based on location, saving the organization time and money. Moreover, it is used to add specific details to the work order from the job site, which increases the accuracy and timeliness of the information being added to the maintenance database.
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Some of the leading companies operating in the market are IBM Corporation, Rockwell Automation, eMaint (Fluke Corporation), and 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 acquisitions are still very much in demand as market players seek to expand their presence and portfolio. For example, in June 2018, Accruent acquired a maintenance connection, which is a CMMS provider. This development accelerates Accruent’s efforts to help customers gain knowledge and make data-driven decisions to manage multi-site facilities.