The global market for Computerized Maintenance Management System (CMMS) Software is expected to grow at a CAGR of 11.8% during the forecast period.
The computerized maintenance management system (CMMS) is a software package used in maintaining the operational information of the organization in a database. This information is further used by the management in increasing the efficiency of their work. The computerized maintenance management system software is also referred to as enterprise asset management.
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The benefits provided by computerized maintenance management system software such as tracking work orders, scheduling task, managing audit and inventory are boosting the demand for computerized maintenance management system software in organizations. However, poor upgrade capabilities and a lack of trained professionals are obstructing the growth of the computerized maintenance management system software market.
Based on deployment, the cloud-based computerized maintenance management system software dominated the market in 2018 and is expected to show similar trends in the near future.
This cloud-based computerized maintenance management system software provides numerous advantages such as unlimited scalabilities, lower cost of ownership, and regular updates, which are triggering the demand for cloud-based services during the forecast period. The small and medium sized enterprises are expected to lead the market during the forecast period, owing to the need for domain specific skilled workforce and technical personnel. Further, SMEs also use this software to develop asset usage and enhance operational efficiency.
North America dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing penetration of mobility and cloud in the market is driving the demand for computerized maintenance management system software in the region. At the same time, the European market shows significant growth during the forecast period. The rising adoption of cloud-based technologies is one of the factors that is driving the market in this region. The Asia-Pacific region is also anticipated to exhibit a high growth rate, owing to rise in demand for enterprise management in developing countries such as China, India, and Japan.
The key players operating in this market are IBM, Infor, Maintenance Connection Inc., Hippo CMMS., FasTrak SoftWorks, Inc., MPulse Software, Inc., eMaint, Fiix Inc., CMMS Data Group, EPAC Software Technologies Inc. and others. Companies involved in this market concentrate on research and development, along with acquisitions & mergers and innovation in products, in order to strengthen their market share. In November 2018, Bentley Systems announced the acquisition of ACE enterprise, a provider of Enterprise Asset Management and owing to this acquisition, Bentley will use ACE platform to access information from AssetWise. In April 2017, IBM announced its collaboration with ABB and owing to this collaboration, ABB will upgrade their analytics and asset implementation with IBM Watson.
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