LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial maintenance management software market to grow at a CAGR of over 25% during the forecast period, according to their latest market research report.
The increase in the use of cloud-based applications is one of the major trends being witnessed in the global industrial maintenance management software market 2018-2022. The cloud platform makes maintenance software more versatile, scalable, and accessible. Thus, more organizations are considering cloud platform development as a top priority. Cloud provides affordable hosting options without the need for IT specialists. In addition, cloud software is cost-effective. Monthly payable subscriptions provide access to servers. Cloud-based applications are ideal for situations when an organization wants to scale the growth and maintenance because minimum investments are required for the IT setup. They can be used on multiple devices on virtual servers. Even if one hardware fails, these applications are easily accessible on another hardware. Cloud-based applications are likely to continue gaining market share in the future.
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According to Technavio analysts, one of the key factors contributing to the growth of the global industrial maintenance management software market is the adoption of data driven management for business intelligence:
Global industrial maintenance management software market: Adoption of data driven management for business intelligence
Owing to technological advances, businesses require a more goal-oriented maintenance approach that not only monitors equipment effectively but also provides accurate data for making business decisions. Businesses are demonstrating an inclination toward the use of data-driven maintenance management, which reflects useful information for the business based on analyzed data. Industrial maintenance management software not only collects and records data but also analyzes it using analysis tools such Pareto diagrams and fishbone diagrams. These diagrams help the management team of an industry understand various issues, loopholes, and the available opportunities for their businesses. It also saves records for reuse by the organization. Therefore, it is expected that the market will register a positive outlook during the forecast period.
According to a senior analyst at Technavio for research enterprise application, “Apart from adopting data-driven management for business intelligence, the increasing demand for centralized maintenance software is also boosting the growth of the market. This software provides a centralized approach for the effective operation of a business, where business data and information are accessible within departments. By functioning as a centralized unit, the software minimizes the manual entry and re-entry of work orders. It records all the useful data and distributes it among the members of the management team in an organization. This allows the team members to access all schedules and records. The demand for such software is increasing because it automatically maintains and tracks data and helps in decision making by providing real-time information on equipment.”
Global industrial maintenance management software market: Segmentation analysis
The global industrial maintenance management software market research report provides market segmentation by application (preventive maintenance and predictive maintenance), by technology (on-premises and cloud-based), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 46% share, followed by the EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth followed by the EMEA region.
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