ESOMAR-certified consulting firm Future Market Insights’ computerized maintenance management system (CMMS) market report expects a significantly positive outlook through 2021, expected to reach a valuation of US$ 2.75 million. Growing demand for CMMS in small and medium-sized enterprises for asset monitoring is primarily underpinning expansion prospects. Furthermore, FMI projects a CAGR of nearly 8.7% CAGR through 2031.

Increasing demand for web-based and cloud-based CMMS software within manufacturing, healthcare and other end-use industries is accelerating the growth of CMMS market. Growing demand for asset monitoring, advent of Internet of Thinking (IoT), artificial intelligence (AI), and smartphones have made the adoption of CMMS software easy, accessible and affordable to the small and medium sized enterprises (SME) in every industry.

Bulk of data and assets require real-time monitoring for maintenance, managing inventory and audit & certification. Cloud-based CMMS software provide real-time data monitoring with the help of AI and IoT, making it easy for SMEs to maintain and process. Hence, adoption of cloud-based CMMS software in SMEs across manufacturing, transportation & logistics, retail, and other end-use industries is increasing exponentially.

Key Takeaways

• By enterprise size, small & medium enterprises (SME’s) are expected to dominate the market
• Surging demand for cloud-based CMMS software is expected to foster sales through 2031
• Manufacturing industry is expected to remain the primary end-user of CMMS
• CMMS market in the U.S. is expected to grow at 8.6% CAGR, accounting for the most lucrative markets in North America
• Increasing focus on advanced technology across the U.K. is expected to spur the CMMS sales at the rate of over 11.7%
• China is expected to be the largest manufacturer in terms of production output and will reach a valuation of US$ 157.4 million