Latest News- Computerized Maintenance Management System Market: On-premise is expected to lead the Deployment segment during 2024-2028
The Computerized Maintenance Management System Market is being driven by Growing focus to prevent downtime with cost-effective solutions
The Computerized Maintenance Management System Market is expected to grow at a CAGR of 9.74% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 864.67 million. In today's business landscape, the adoption of cloud-based Computerized Maintenance Management Systems (CMMS) is on the rise. This trend is primarily driven by the significant cost savings and expedited implementation that cloud solutions offer. By eliminating the need for up-front hardware procurement and installation, businesses can realize immediate financial benefits. Furthermore, cloud-based CMMS solutions provide various other advantages, such as process alignment, enhanced system security, reliability, scalability, and anywhere, anytime access to applications for employees, users, and partners. Additionally, cloud solutions alleviate the need for a dedicated IT team for software maintenance and updates, as well as the requirement for server, storage, and computing resources for global organizations.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Deployment (On-premise, Cloud) End-user (Large enterprises, Small and medium enterprises) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Computerized Maintenance Management System Market Research Report
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In the realm of Computerized Maintenance Management Systems (CMMS), key components include equipment reliability, asset tracking, proactive maintenance, digital twin technology, maintenance analytics, industrial automation, and factory automation. These features foster maintenance strategies, optimize operational efficiency, and reduce downtime through industrial data analytics, remote monitoring, maintenance outsourcing, and predictive maintenance. Additionally, AI, maintenance consulting, and certification programs enhance performance, while asset performance management, condition monitoring, and maintenance reporting tools ensure asset efficiency and risk management. Resource optimization, maintenance planning, budget optimization, compliance, workforce optimization, and maintenance audits further bolster the benefits of CMMS solutions.
The Computerized Maintenance Management System (CMMS) market is a significant segment of the global communications equipment market, which encompasses the manufacturing sector and falls under the larger information technology sector. This market includes the sales of communication equipment, such as IoT devices, predictive analytics software, and Energy and Utility Management Systems (EAM), as well as investments made by industries to enhance their skilled workforce and manufacturing plants' communication infrastructure. Technavio's market analysis covers enterprise networking products, including Local Area Networks (LANs), Wide Area Networks (WANs), routers, telephones, switchboards, and exchanges, as well as telecommunication and broadcasting equipment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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