Work Order Management System Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2982
Work Order Management System Market size is anticipated to grow significantly to 2024 due to increasing demand for advanced technologies including AI and IoT along with a rise in adoption of mobile applications. Work order management system assists in maintaining timely and proper processing of work orders. It handles various processing work requests, resource availability & assignment, downtime, warranty & work order tracking, extensive data mining, inventory management, and creating scheduled & non-scheduled work orders.
The increasing requirement for having centrally-managed work orders is a major parameter driving the work order management system market growth. The rising customer requirements necessitate enterprises to have a scalable work order management system capable of managing all tasks and work orders from centralized platforms, thus saving time & cost and avoiding loss of information. The work order management system can easily configure work orders to manage fields, providing a better flow of information to the field workers. The growing use of wearable devices primarily among the field workers also showcases huge market growth capabilities.
The rising advent of cloud-based and intelligent work order management systems has created tremendous growth opportunities. By making task handling more efficient, it provides real-time data monitoring and analyzing capabilities, increasing operational visibility. The incorporation of Maintenance Repair and Operations (MRO) tools into the work order management system allows technicians to easily add missing technical information, supplier pricing, and information to supplies & asset records. This assists them in finding missing parts, getting reviews, and comparing the pricing, thereby efficiently managing the vendors and assets. A work order management system is essential to ensure that preventive maintenance gets done regularly, thereby abolishing redundant emergency breakdown service calls. Various developing countries lack required infrastructure, which acts as a market barrier. Furthermore, the lack of knowledge about the use of work order management systems among the field workers acts as a major challenger to the market growth.
The cloud deployment model is anticipated to grow at a higher rate as compared to the on-premise model. The major factors responsible for this growth include improved security, real-time data information, interactive dashboard, ease of use, affordability, and enhanced scalability & flexibility. The work order management system market is segmented into solution and service with the solution segment holding the largest market share as it assists organizations in managing and organizing field resources. It increases the performance and availability of equipment, boosting employee productivity and reducing overtime. The service segment is projected to grow at the fastest rate over the forecast period. These services include integration & deployment service, consulting service, support & maintenance service, and education & training service. The service team delivers comprehensive services using the latest technology, skills, and knowledge, thereby reducing operational costs and delivering enhanced customer satisfaction.
The work order management system market solutions are adopted in various application verticals including BFSI, IT & Telecom, healthcare, manufacturing, consumer goods & retail, transportation, and construction. The manufacturing vertical holds the highest market adoption rate as these systems assist in effectively managing all types of manufacturing and repair work activities. It offers flexibility in managing the production as per customer specifications with enhanced material capacity & availability, cost auditing, and order tracking capabilities. This assists the organizations in making their business operations more robust and error-free. Various industrial companies are entering into strategic partnerships to expand their business functioning and to gain a higher customer satisfaction. For instance, in May 2015, Metso Life-cycle, a leading industrial mining aggregates company, partnered with COGEP to launch the Metso maintenance solution. This new computerized maintenance management system software will strengthen Metso’s ability to manage various maintenance activities for mining customers by reducing costs, increasing productivity, and improving the execution time.
North America dominates the global work order management system market due to the increasing adoption of latest technologies. The companies operating in this region are increasingly adopting work order management systems to manage and track their work orders and routine, accelerating the market growth. The Asia Pacific region is projected to grow at the fastest rate due to rapid globalization, economic developments, and the increasing adoption of cloud-based technologies. The country is also investing in R&D to develop innovative automation solutions for meeting workforce optimization requirements, further leading to the market growth.
The work order management market is fragmented with the existence of a considerable number of vendors. Some of the major players present in the market are NetSuite, Microsoft, IBM, Astea, IFS, ClickSoftware, ServiceMax, ServiceNow, eMaint, Hippo CMMS, Corrigo, Coresystems, Infor, Maintenance Connection, Loc8, MEX, Fingent, and ServiceChannel. These players are entering into strategic partnerships and collaborations to expand their market presence for developing innovative solutions, thereby gaining the potential benefits of work order management systems.
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