Moreover, predictive analytics is used to peer into the future and see potential issues. This massive amount of data generated through IoT devices is fed into a CMMS, and analysis is done to make sure everything is running the way it should. IoT devices are deployed everywhere in a factory, not just on large machinery devices, but also to do things such as temperature, humidity monitoring, and collecting data on other environmental factors. The technology is playing a larger role in CMMS. Artificial intelligence (AI) and IoT has changed the way machines collect and interpret data. Industry 4.0 encompasses the latest industrial revolution. Internet of Things (IoT) and Industry 4.0 remain much popular subjects. What is the Impact of Industry 4.0 on CMMS Market? Thus, energy and utility organizations are turning to CMMS to meet all the required maintenance regulations and achieve targeted levels of efficiency, power output, compliance, and safety performance, which is expected to drive the market in coming years. When these systems are fully utilized, it can guide departments toward greater energy efficiency and sustainability.
COMPUTERIZED MAINTENANCE MANAGEMENT SYSTEM EXAMPLES SOFTWARE
To keep assets and plants productive, energy and power plants need a strong, robust maintenance management plan to face unique challenges.ĬMMS software helps power plants address these challenges. Maintenance management in the power and energy industry are taken very seriously to minimize the chances of power outages and maximize electrical output. The average cost of unplanned downtime in energy, manufacturing, transportation, and other industries runs at US $250,000 per hour or US $2 million per working day.įrequent monitoring of equipment health is vital for the power and energy industry. An unexpected malfunction in energy, power and utility plants has the potential to leave thousands of people in total darkness for hours and cause a multimillion dollar loss. Organizations along with individuals are highly dependent on electricity and natural gas in their daily work processes. The energy and utility industry is essential to our everyday lives. Rise in demand for asset monitoring across various industries, including food & beverage, manufacturing, energy and utility, education, transportation, and in retail is expected to propel the growth of CMMS market. How Historical & Future Projections for CMMS Market Compare?īetween 20, global CMMS market has registered the CAGR of 8.7%. The report tracks the global adoption of CMMS products in 20+ high-growth markets, along with analyzing the impact of COVID-19 on the global adoption of CMMS solutions, along with the pre-COVID and post-COVID market growth analysis. In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for CMMS solutions. Thus, several large and start-up manufacturing firms are focusing on implementing CMMS software to manage maintenance activities, prevent machine breakdowns, and prepare for future repairs. The software prevents machines & equipment from failure and breakdown. CMMS software provides great assistance in manufacturing plants. If any of these machines or equipment remain idle for a certain period of time, it can impact business operation and profit. Within manufacturing plants, every equipment is of a very high cost. The software captures small repairs that would otherwise go unnoticed and enables maintenance tasks to be properly scheduled, assigned, and prioritized before any major failure occurs. The increasing demand for CMMS software among small and mid-sized businesses and rising adoption of asset monitoring solution in energy and utilities sector are fuelling the demand for CMMS solutions.Ī CMMS software enables balancing the resources and maintaining the maintenance costs so that maintenance backlog doesn’t get out of hand. The global computerized maintenance management system (CMMS) market is expected to reach a valuation of US$ 2.75 Mn by 2031.
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