LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global preventive maintenance software market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global preventive maintenance software market for 2017-2021. The report lists on-premises preventive maintenance software and cloud-based preventive maintenance software as the two major segments based on deployment, of which the on-premises segment accounted for more than 55% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global preventive maintenance software market:
- Reduction of operation downtime
- Growing need for improved asset lifecycle visibility
- Increased demand for maintenance reports
Reduction of operation downtime
Unplanned downtime can result in idle employees, uncertainty in the production line, missed deadlines, and long-term damage to the company's reputation. An unexpected failure can lead to excess expenditure in seeking to make urgent repairs. Preventive maintenance software helps to avoid these problems through long-term maintenance tasks that are planned.
Preventive maintenance software lowers operating costs and promotes operational efficiencies that increase profitability. The downtime for unexpected breakdowns is dramatically reduced, and expensive vendor fixes are eliminated by effective preventive maintenance. Longer equipment lifecycles lower inventories. The overall plant efficiency increases labor and equipment productivity significantly, thus, raising profitability.
Growing need for improving asset lifecycle visibility
An organization needs to control its assets lifecycle to maintain its standards and improve its productivity and consistency. Therefore, organizations develop an interest in acquiring visibility of the lifecycles of their assets from the perspective of both production departments and business users. Preventive maintenance software helps organizations to achieve the control of assets by efficiently tracking and managing assets and location data throughout the asset lifecycle. It maintains data and documentation for all the assets in an organization, thus making it easy to track the status of an asset throughout its lifecycle.
“The information generated by these solutions provides management with the ability to make better decisions, run operations more efficiently, achieve their goals, and improve their organization’s financial performance,” says Ishmeet Kaur, a lead research analyst at Technavio for enterprise application research.
Increased demand for maintenance reports
Many companies are required to meet industry-specific regulations enforced by government agencies such as Occupational Safety and Health Administration (OSHA). This has driven the companies to use the preventive maintenance software and computerized maintenance management system (CMMS) to monitor and analyze their maintenance operations. The preventive maintenance software generates reports that can be used to preserve equipment reliability by tracking equipment condition and replacing worn components before they fail.
The software helps senior management staff to track maintenance costs in their financial reporting systems, incidents, monitor productivity, and ensure compliance with government regulations. The preventive maintenance report provides summary data, charts and graphs, which make it possible to pre-empt problems and create a maintenance budget ahead of time.
“The preventive software makes it easier to ensure that the company complies with national and international regulations, and to file appropriate reports. This maintenance audit trail and compliance reporting helps to reduce the risk of penalties that result from non-compliance,” says Ishmeet.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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