DUBLIN--(BUSINESS WIRE)--The "Work Order Management Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Work Order Management Market is expected to register a CAGR of approximately 10% during the forecast period.
Enterprises worldwide are increasingly moving towards digital transformation, adopting various solutions to oversee maintenance and management. The customer propensity toward smart factories is increasing. According to Capgemini, in 2019, about 68% of the organizations had ongoing smart factory initiatives.
Reducing costs, equipment downtime, and optimizing operations are augmenting the digitalization of facilities across the globe. With the adoption of a work order management system, enterprises can opt for preventive maintenance making it easy to place service requests and gain real-time updates. According to a customer service satisfaction study of more than 550 companies that use maintenance management software, enterprises using the software experienced approximately a 20% reduction in equipment downtime and material costs.
Owing to the growing inclination of SMEs towards adopting cloud-based management solutions, smaller vendors are expected to increase their focus on catering to such enterprises, regionally. Smaller vendors are expected to command dominance in several clients, and large vendors are increasingly engaging in M&A activities to gain regional market share.
For example, in August 2019, Salesforce acquired ClickSoftware, a leader in field service management solutions, to enhance its Salesforce Service Cloud's leadership as the preferred service platform. Also, in December 2019, IFS completed the acquisition of global field service management software provider Astea International; this strengthened the company's ability to help customer's innovate in field service. Such developments are expected to increase over the coming years, and reshape the market.
With the outbreak of COVID-19, the global industrial spending is significantly influenced, and enterprise is refraining from investing in technologies and concentrated on core business; due to the non-operational status of various industries deemed non-essential by governments across the world are facing huge losses that are expected to influence their tech spending till the end of 2021.
Key Market Trends
Manufacturing Expected to Exhibit Significant Adoption
- Industry 4.0 is transforming industries, from having legacy systems to smart components and smart machines, to facilitate digital factories and development of an ecosystem of connected plants and enterprises. Industry 4.0 has persuaded OEMs to adopt IoT across their operations.
- A survey by Industrial IoT (IIoT) provider Microsoft, states that approximately 85% of companies have at least one IIoT use case project. This number is expected to increase, as 94% of respondents claimed that they would implement IIoT strategies by 2021.
- The benefits offered by IoT in the manufacturing industry are driving the adoption rates, benefits such as increased machine utilization, predictive maintenance and production, data analytics, monitoring, automation, and cost benefits.
- With the growing demand for IoT in manufacturing, companies are entering into strategic partnerships to leverage the growing demand. In 2019, the BMW Group collaborated with Microsoft to develop an open manufacturing platform to develop and encourage more collaborative IoT development in the manufacturing sector. The collaboration majorly focuses on smart factory solutions and building standards to develop them in areas like machine connectivity and on-premises systems integration.
North America Expected to Dominate the World Market
- North America is expected to dominate the Work Order Management Market owing to the presence of several solution providers in the region, such as IBM, Microsoft, Oracle, and Salesforce, amongst others, coupled with the dominance of the region in technology adoption.
- Several technologies like AI, IoT, smart devices, and 3D printing are already growing the performance metrics of major US-based factories, covering routine management issues and enhancing their productivity by 40-60%, according to BBVA Group. Work order management decreases supply-chain risk and ensures the quality and authenticity of in-transit products with a full survey of inbound and outbound logistics.
- In November 2019, Stratasys launched a new work order management software solution, GrabCAD Shop, for shops providing centralized 3D printing services. It is designed to streamline work order management processes by substantially improving the way engineers, designers, and shop operators collaborate on 3D printing orders.
The competitive landscape of the Work Order Management Market is moderately fragmented owing to the presence of several solution providers, such as Salesforce, IBM, Microsoft, SAP SE, Oracle, amongst others, across the world. The market players are making significant product developments and innovations in the market to enhance their market presence.
- September 2019 - Arora expanded their services to include managing the full, technological integration of infrastructure systems through the Arora ATLAS platform, which will significantly enhance the customer experience as well as vastly improve a facility's overall operational efficiency. The platform also includes ATLAS Work Management (AWM). ATLAS Work Management (AWM) introduces mobility and Geospatial integration into the Enterprise Asset Management (EAM) landscape.
Key Topics Covered
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Adoption of Mobile and Wearable Devices Among Field Workers
4.2.2 Enterprise Propensity Towards Optimizing Work for Better Execution of Projects
4.3 Market Restraints
4.3.1 Lack of Expertise Among Field Workers
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Component
5.2 By Deployment Mode
5.3 By End-user Industry
5.3.2 Transportation and Logistics
5.3.3 Energy & Utilities
5.3.6 Telecom and IT
5.3.7 Other End-user Industries
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Salesforce.com, Inc.
6.1.2 IBM Corporation
6.1.3 Microsoft Corporation
6.1.4 Oracle Corporation
6.1.5 SAP SE
6.1.6 IFS AB
6.1.7 Infor Inc.
6.1.8 Hippo CMMS
6.1.9 ServiceMax, Inc.
6.1.10 Innovapptive Inc.
6.1.11 eMaint Enterprises, LLC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/w99w12