The global computerized maintenance management system market is estimated to be valued at US$ 1.18 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Computerized Maintenance Management Systems provide various benefits such as improved equipment performance, reduced downtime and costs savings. They digitally capture equipment histories which helps in predictive maintenance and ensures safety compliance. Automated workflow management enhances efficiency.
Weakness: High initial installation and purchasing costs for software licensing and training can be barriers for small facilities. Reliance on technology and software upgrades require continued financial commitment.
Opportunity: Growing demand for remote equipment monitoring from a central location provides opportunities. Adoption across different industries like manufacturing, transportation, healthcare etc. opens new markets. Integration of advanced technologies like IoT, AI, analytics can further enhance capabilities.
Threats: Competition from open source and low cost alternatives can impact margins. Lack of skilled resources and data security threats pose challenges. Regulatory uncertainties about data handling can negatively impact demand.
Key Takeaways
The Global Computerized Maintenance Management System Market Demand is expected to witness high growth. The market size is projected to reach US$ 1.18 billion by 2023 from US$ 870 million in 2018, growing at a CAGR of 8%.
Regional Analysis: North America is expected to continue dominating the market due to high technology adoption across industries. Growing penetration in manufacturing and transportation sectors provides opportunities for growth.
Key players operating in the Computerized Maintenance Management System market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, Covance Inc. (acquired by LabCorp), PPD, LLC. These players are focusing on enhancing capabilities through continual technological upgrades and strategic acquisitions.
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