Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- The "Work Order Management System Market Size, Share, Trends, By Deployment Type, By Application, By End-User, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The market size of the global work order management system is projected to reach USD 1949.6 Million by 2030, with a revenue CAGR of 7.1% during the forecast period.
One of the key drivers for the growth of the market is the increasing importance of data-driven planning and budgeting. The demand for easier allocation of work orders for better project execution is another significant factor contributing to market revenue growth. Work order management systems are capable of collecting and analyzing data, as well as tracking the performance of previous work orders. This data can be used by management teams to make informed decisions, plan resources, and budget for the future.
These systems can also be used for preventive maintenance to avoid unexpected breakdowns and replacements, while scheduling is automated based on previously recorded work orders. Work order management is also a useful tool for organizing and formulating work orders and service requirements, and for improving the operation and functionality of various businesses.
The rapid adoption of Internet of Things (IoT) and Artificial Intelligence (AI), as well as increased implementation of wearable devices, are other significant factors driving revenue growth in the market.
Furthermore, there are numerous advantages to implementing work order management systems, such as improving service order processing efficiency, reducing turnaround time, and allowing organizations to respond to customer inquiries immediately. In addition, as the world becomes increasingly digitalized, there is a rising demand for online management systems. Companies need to make their processes more efficient, hence the availability of a variety of systems in the market that automate portions of the process.
Market Dynamics
Driver: Efficiency in management and productivity for maintenance workers
One of the drivers for the work order management system market is the need for increased efficiency in management and productivity for maintenance workers. By reducing manual labor and eliminating surveillance, these systems increase efficiency, enabling facility managers to track all work and equipment statuses in real-time, prioritize work orders effectively, and take a preventive approach to maintenance. Managers are notified automatically of service requests, status changes, and emergencies, allowing them to respond quickly in these situations. Additionally, this system promotes effective communication among facility managers, maintenance personnel, and end users. Online work order systems provide maintenance workers with real-time visibility of work orders and status updates, allowing them to view them on any device at the job site, begin work immediately, and report work details efficiently on a mobile device when they are finished.
Restraint: Lack of real-time visibility and outdated processes coincide with higher maintenance and management costs
However, there is a restraint to this market - the lack of real-time visibility and outdated processes, which can coincide with higher maintenance and management costs. Real-time asset visibility and energy insights are critical to the success of work order management. Reactive maintenance may be required even for preventive maintenance if requirements exceed the capabilities of in-house staff. Failing to recognize such activities as a part of preventive maintenance can lead to future assumptions about reactive maintenance reductions and problems.
Obsolete processes, including those that use legacy terminal-based systems, pose additional risks to maintenance and management. In today's world, any data stored on a device could be used to launch a cyber-attack. Cloud-based systems mitigate this risk by using cutting-edge cybersecurity software and being frequently billed via Software-as-a-Service (SaaS) payment models. This allows managers to reap the benefits of work order management without incurring the high costs of implementing a system in-house.
Insights into Deployment Type:
The global work order management system market is divided into two segments based on deployment type, on-premise and cloud. The cloud segment is leading with the highest revenue share in 2021. The growth of the e-commerce industry and the increasing demand for logistics industry applications that simplify end-operations are the main drivers of revenue growth in this segment. A cloud-based work order management system helps industry professionals in various ways, such as simplifying packaging, tracking packages after shipment, integrating payment accounts for online payments, and generating insightful reports through Artificial Intelligence (AI) and other advanced capabilities. Market companies are heavily investing in Research & Development (R&D) activities to make work order management systems more secure and efficient.
Insights into Application:
The global work order management system market is segmented into preventive maintenance, inspection, and others based on application. The preventive maintenance segment has the highest revenue share in 2021.
The growth of industrial operation activities and increasing demand for software that aids in asset maintenance are the key drivers of revenue growth in this segment. Work order management systems are in high demand due to activities such as task assignments and others. They also offer manual features that allow a work order manager to complete backend fulfillment work required to complete the work order. Sharing work order data on a centralized platform with other business analytics provides access to advanced and accurate metrics, making it easier to visualize data and see how the business is performing against Key Performance Indicators (KPIs).
Insights into End-User:
The global work order management system market is segmented into manufacturing, healthcare and life sciences, transportation and logistics, consumer goods and retail, and others based on end-user. The manufacturing segment has a significant revenue share in 2021.
Significant investments in product research & development activities and continuous improvements in product capabilities are the main drivers of revenue growth in this segment. The manufacturing industry prefers cloud-based software due to scalability, affordability, and routine updates, which help in improving manufacturing processes, linking production processes to financial reports, inventory, and outstanding orders, allowing real-time monitoring of the effects of manufacturing processes across the organization. Inventory management, asset cataloging, and other factors also play a significant role in driving demand for work order management systems.
Regional Insights
Regional analysis shows that in 2021, the North America market had the largest revenue share due to the availability of skilled professionals and significant infrastructure investments, with increasing end-user awareness of the benefits of work order management systems also driving revenue growth. The U.S. market accounted for the largest share due to rapid IoT adoption and a focus on CRM.
The Asia Pacific market had the second-largest revenue share, with rising demand for mobile work order management systems and the ability to identify trends and implement proactive maintenance driving revenue growth. The India market accounted for the largest share due to the growing e-commerce industry and adoption of smart procurement tools.
The Europe market had the third-largest revenue share, with rising demand for scalable work order management system software and heavy investments in research and development driving revenue growth. The Germany market accounted for the largest share due to the rising demand for efficient work order management system software in the manufacturing industry and cloud-based rental management software.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Work Order Management System Market Segmentation & Impact Analysis
4.1. Work Order Management System Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Rising demand for wearable devices and applications that aid in improving efficiency of workforce
4.2.2.2. Rapid adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies in end-use industries
4.2.3. Market restraints analysis
4.2.3.1. Limited infrastructure in emerging economies
4.2.3.2. Lack of technical expertise and availability of skilled workforce
Chapter 5. Work Order Management System Market By Deployment Type Insights & Trends
Chapter 6. Work Order Management System Market By Application Insights & Trends
Chapter 7. Work Order Management System Market By End-User Insights & Trends
Chapter 8. Work Order Management System Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- IBM
- IFS
- Microsoft
- ServiceMax
- Innovapptive
- Oracle
- Coresystems
- MEX
- Loc8
- Fingent.
For more information about this report visit https://www.researchandmarkets.com/r/jqpe12
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