Computerized Maintenance Management SystemComputerized Maintenance Management System Market | One of the Most Booming Industry in Upcoming Years Due to Global Demand in market by 2033
The global computerized maintenance management system (CMMS) market is expected to exhibit promising growth during the assessment period, with a CAGR of 9.1% from 2023 to 2033. The global market revenue in 2023 was US$ 1,636.2 million, and it is expected to reach US$ 4,215.1 million by 2033. According to Future Market Insights’ historical study, the global computerised maintenance management system (CMMS) market increased at a CAGR of 7.0% from 2018 to 2022.
The growing demand for CMMS software among small and medium-sized organisations, as well as the energy and utilities sectors’ use of CMMS software, has increased the demand for CMMS. CMMS software allows for resource balancing and cost control in order to keep backlogs under control.
In addition, the CMMS market is estimated to contribute 20% to the worldwide asset management market. Preventive maintenance scheduling, inventory management, maintenance expense record keeping, work requests and work order management, and audit and compliance record management are among the processes automated by CMMS solutions.
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Asset management and maintenance systems benefit greatly from CMMS and enterprise asset management (EAM). Furthermore, the EAM aids in total asset lifecycle management, which includes asset operations, procurement, planning, and disposal. CMMS software is used to manage and maintain equipment and machinery.
Furthermore, the software can detect minor repairs that would otherwise go unreported and allows maintenance chores to be properly scheduled, assigned, and prioritised before a catastrophic failure occurs. Furthermore, CMMS software provides support in manufacturing plants. The software keeps machinery and equipment from breaking down.
Competitive Landscape
Prominent players in the global computerized maintenance management system (CMMS) market are relying on multiple expansion strategies in order to deepen penetration all over other lucrative markets. In addition to that, these strategies comprise product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
More Insights into the Computerized Maintenance Management System (CMMS) Market
The North American market is anticipated to dominate the global CMMS market, as the United States experienced year-on-year growth of around 7.3% in 2022 to surpass a market valuation of US$ 360 Million. The market is set to further aggrandize at a CAGR of nearly 9.1% through 2033.
On the basis of market share, the United Kingdom owns around 15% share in Europe’s CMMS software market. The growing demand for CMMS products among energy and utility firms is driving the growth of the United Kingdom CMMS market.
