San Francisco, 04 February 2030: The Report Computerized Maintenance Management System Market Size, Share & Trends Analysis Report By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global computerized maintenance management system market size is expected to reach USD 2.41 billion by 2030, registering a CAGR of 10.9% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. A computerized maintenance management system (CMMS) is a centralized database system that facilitates functions like tracking work orders, managing inventories, audits, and many more.

Increasing use of emerging technologies such as artificial intelligence (AI), machine learning, and the Internet Of Things (IoT), advancement in smart factories and digitize manufacturing, and the growing adoption of CMMS software among mid-sized and small businesses are primary drivers of the market growth. Moreover, the growing demand for cloud-based CMMS solutions that provide numerous benefits in terms of cost-effectiveness, less maintenance, and automatic upgradation is anticipated to drive market growth during the forecast period.

The growing integration of advanced technologies such as AI, machine learning, and IoT with the computerized maintenance management system software to optimize industrial operations associated with CMMS software is observed as a trending factor contributing to the market growth. For instance, in February 2022, Unilever and Angelini Pharma, Inc. use Quick Algorithm's CMMS, which provides AI-driven CMMS. Mobile apps are key components of IOT-CMMS integration, and CMMS solutions include mobile-friendly apps. CMMS enables all asset data to be accessed over the internet using smartphones, tablets, laptops, and desktop computers.

The cloud-based segment is anticipated to grow rapidly over the forecast period. It offers a similar user experience as a program installed entirely on a local hard drive, but with reduced resource needs, more convenient updating, and the ability to access functionality across different devices in real-time. Enterprises are looking for all-in-one software such as CRM, CMMS, manufacturing, and inventory. As an example, Odoo provides a full suite of integrating business applications worldwide. It provides fully integrated solutions for CMMS, CRM, ERP, point of sale (POS), accounting, and more. The software can be installed on-premises or in the cloud and comes with fully customizable solutions.

The growth of the small and medium-sized enterprises segment is largely due to technology adoption. In June 2021, United Nations Intergovernmental Organization stated that formal and informal MSMEs make up over 90% of all enterprises. Increasing adoption of CMMS in mid-sized and small enterprises is expected to boost market growth. Growing compliance regulations around health and safety, as well as the need for asset-intensive industries to extend asset lifespans and delay capital investments, are also driving market growth.

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The market rise is attributed to government spending on infrastructure projects, the rise of SMEs, the rapid adoption of digital services, and growing IT spending. In addition, the emergence of new technologies such as the internet of things (IoT), artificial intelligence (AI), and analytics to offer valuable insights, cloud services, and the need for asset-intensive industries to extend asset life and delay capital investments also contribute to the market growth. Moreover, the COVID-19 pandemic led to the inability to travel and cross borders, which pushes businesses to rethink their current way of doing things, including their asset management options. Increasing compliance regulations and health and safety are also driving the market growth.

Computerized Maintenance Management System Market Report Highlights

• The cloud segment is expected to register significant growth during the forecast period as it eliminates the need for hardware and software investment, and provides flexibility and agility to the users. The cloud-based solution provides real-time visibility which is driving its demand in the CMMS market
• The SMEs segment is anticipated to register the highest CAGR from 2023 to 2030 owing to consolidating maintenance management systems, automated notifications, work orders, reporting analytics, auditing, and real-time accuracy, among others
• The manufacturing industry is expected to grow significantly. Factors such as the rise in world-class maintenance organizations, and increased compliance regulations around health and safety are key drivers of the market growth
• Asia Pacific is anticipated to register the highest growth rate during the forecast period. Growing awareness about computerized maintenance management systems (CMMS) in end-users, increase investment in government infrastructure projects, need for asset-intensive industries are driving the market forward

Market share for cloud-based CMMS has increased rapidly in recent years. Several factors facilitate the growth of cloud-based remote solutions. These driving factors include empowering companies to access the software via remote access, regular feature updates, quick implementation, low in-house IT staff requirement, and low upfront investment, among many others. Moreover, the bulk of data and assets require real-time monitoring for maintenance, managing inventory, and auditing

The Cloud-based software provides real-time data monitoring with the help of artificial intelligence (AI) and the Internet Of Things (IoT) to develop predictive analysis, minimizing human interference while providing seamlessly. The implementation of cloud-based systems continues to result in large growth for companies. For instance, in January 2022, Industrial and Financial Systems (IFS), a CMMS provider, announced its financial result for December 2021. The company witnessed a 22% growth in software revenue in 2021, with cloud revenue witnessing strong growth at a 105% increase year on year despite COVID-19. The most significant contributor to the growth was the launch of the IFS cloud service in March 2021.

Nowadays, the cloud-based computerized maintenance management system (CMMS) comes equipped with a mobile CMMS system to eliminate paperwork and allows technicians to access all their tasks in real time by receiving instant notifications. It also embeds some additional features such as operations in offline mode, instant push notifications, speed-to-text diction, and QR and barcode scanner to quickly pull up information. For instance, in April 2022, MobilityWork, a CMMS software provider, introduced 3D imaging in the mobile application to remotely visualize a complete view of equipment. 3D visualization works through the implementation of internet of things (IoT) sensors.

Computerized Maintenance Management System Market Report Scope

Apart from the above features, CMMS helps track a wide range of key performance indicators (KPI), including maintenance costs, equipment uptime, and work order completion rates. By monitoring and analyzing KPIs, users can make informed decisions about how to improve maintenance operations. Moreover, COVID-19 accelerated CMMS usage across many industries such as manufacturing and plants, food and beverage, Facility Management, and many others.

For instance, in March 2021, UpKeep, a Computerized Maintenance Management System (CMMS) vendor, released its State of Maintenance 2021 Report. A survey was carried out among 1,000 maintenance and facilities professionals in 18 industries in 73 countries. It stated that COVID-19 accelerated the digital transformation in maintenance and reliability teams. 66% of participants reported usage of CMMS to track work orders. Furthermore, maintenance teams surveyed reported major adoption of CMMS software during the COVID-19 pandemic.