“Growing demand for easier allocation of work orders for better execution of projectsis to boost the growth of work order management systems market.”
The global work order management systems market size is expected to grow from USD 414.1 million in 2018 to USD 694.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period. The indispensable requirement to have centrally managed work orders is expected to be a major growth driver for the market. Due to the ever-changing customer requirements, enterprises need a robust work order management system that can help them manage all work orders and tasks from a central platform to save time, avoid loss of information, and delegate tasks. The increasing need to promote collaboration among teams for improving workforce utilization is another driving factor for the growth of the work order management systems market. However, lack of supporting infrastructure in developing countries may restrain the market growth.
Solution segment to hold a larger market size during the forecast period
The solution segment is estimated to hold a larger market size in 2018. Work order mangement systems help enterprises save time and cost with respect to organizing and managing field tasks and resources. An increasing need for easier allocation of work orders for better execution of projects would drive the adoption of work order management systems across industry verticals. The services segment is expected to grow at a higher CAGR during the forecast period, as organizations are focusing on reducing operational costs while providing a superior customer experience.
The cloud deployment type to grow at a higher CAGR during the forecast period
In the work order management systems market, the cloud deployment type is expected to grow at a higher CAGR during the forecast period. Major driving factors of the cloud segment include enhanced security features, interactive dashboards, ease of flexibility, and better scalability. The cloud-based solution offers higher agility than that of the on-premises solution.
Asia Pacific (APAC) to record the highest CAGR during the forecast period
APAC is expected to be the fastest growing region in the global work order management systems market during the forecast period. Rapid economic development, globalization, digitalization, and the increasing adoption of cloud-based technologies are expected to drive the work order management systems market in APAC. The growing need for cost and workforce optimization is expected to spur the demand for work order management solution and associated services.
In the process of determining and verifying the total market size, several segments and subsegments were gathered through secondary research, and extensive primary interviews were conducted with key people.
The breakup of the profiles of the primary participants is as follows:
- By Company: Tier I – 35%, Tier II – 45%, and Tier III – 20%
- By Designation: C-Level – 35%, Director Level – 25%, and Others – 40%
- By Region: North America – 40%, Europe – 28%, APAC – 25%, MEA – 4%, Latin America – 3%
The work order management systems ecosystem comprises several service and software providers, such as NetSuite (US), IBM (US), Microsoft (US), IFS (Sweden), ClickSoftware (US), Astea (US), Infor (US), ServiceMax (US), Coresystems (Switzerland), FieldAware (US), ServiceNow (US), ServicePower (US), Corrigo (US), eMaint (US), Innovapptive (US), Fingent (US), ServiceChannel (US), FieldEZ (India), 3Floorsup (Australia), Hippo CMMS (Canada), Fieldpoint Service Applications (Canada), Sockeye Technologies (Canada), Maintenance Connection (US), MEX (Australia), and Loc8 (Australia).
The report includes an in-depth competitive analysis of the key players in the work order management systems market, along with their company profiles, recent developments, and key market strategies. The research report segments the work order management systems market by component, deployment type, organization size, industry vertical, and region.
Reasons To Buy the Report
The work order management systems market report segments the market by component, deployment type, organization size, industry vertical, and region.
The report would help market leaders/new entrants in this market in the following ways:
- The report segments the work order management systems market comprehensively and provides the closest approximations of the revenue numbers for the overall market segments and subsegments. The market numbers are further split across industry verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides information on the key market drivers, restraints, challenges, and opportunities.
- The report helps stakeholders understand their competitors better and gain more insights to improve the position of their businesses.
- There is a separate section on the competitive landscape, including the competitor ecosystem, and mergers and acquisitions. Moreover, the report comprises the company profiles of the major vendors offering work order management solution and services.