- By Renee Bassett
- May 13, 2022
A new report on the Computerized Maintenance Management System (CMMS) market from Future Market Insights predicts growth of 8.8% CAGR amid surging demand for advanced data-driven maintenance solutions. The biggest breakthrough in the CMMS software industry is the emergence of mobile CMMS software solutions.
A new report on the Computerized Maintenance Management System (CMMS) market from Future Market Insights predicts growth of 8.8% CAGR amid surging demand for advanced data-driven maintenance solutions. The biggest breakthrough in the CMMS software industry is the emergence of mobile CMMS software solutions, according to the report.
A computerized maintenance management system (CMMS) is a software that is designed to simplify maintenance management. The CMMS is sometimes referred to as Enterprise Asset Management (EAM) software. The software centralizes maintenance information and facilitates the processes of maintenance operations. Below is breakdown of individual components of CMMS.
These solutions are used to maintain the assets during their life cycle. The solution 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.
The report notes that energy and utility providers that have implemented mobile CMMS solutions have achieved 40% improvement in productivity. Working with mobile CMMS software solutions increase stability, performance, and functionality, and allow technicians to create, retrieve, update, and close work orders from anywhere.
“The CMMS software plays a critical role in industry’s move from reactive maintenance to proactive to predictive maintenance. Integration of AI and IoT in CMMS will create huge opportunities for CMMS software vendors,” said an FMI analyst.
Any smartphone, mobile devices or internet-enabled devices can be 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.
Manufacturing leads the way
An increase in the number of manufacturing facilities, rising demand for enhanced maintenance of operations, and a rise in the adoption of cloud/web-based technologies are also factors propelling increased use of CMMS systems globally.
The CMMS software segment is estimated to register a CAGR of 9.1% during the forecast period owing to rise in adoption of CMMS across different industry verticals. The manufacturing segment is expected to dominate in 2022 with a market share of 30.3%, followed by the energy and utility segment. The retail and CPG sector is projected to register the second-fastest CAGR of 10.2% in terms of value during the forecast period.
Cloud-based software solutions help optimize facility and asset maintenance in real-time, helping organizations automate and maintain work orders, increase equipment reliability, streamline maintenance operations and costs. Thus, the cloud-based CMMS software is expected to grow at a higher CAGR.
Among regions, the South Asia and Pacific CMMS market is estimated to register high CAGR, as more enterprises in developing countries like Indonesia and Malaysia are investing in CMMS software for the initiative towards creation of digital manufacturing industries.
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. According to the report, 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. 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,” according to an FMI analyst.
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