Growing at an outstanding 11.7% CAGR, the work order management systems global market is set to reach record value

Economics
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Ross Glover, CEO of Research and Markets | LinkedIn

Research And Markets released a report detailing the intense growth of the work order management systems global market, noting its $634.5 Million in the year 2022 and impressive predicted increase to $1.5 BIllion by 2030. According to Cision's PR Newswire, "The global market for Work Order Management Systems estimated at US$634.5 Million in the year 2022, is projected to reach a revised size of US$1.5 Billion by 2030".

The report also provides insights into specific markets within the work order management systems industry. In the United States, the market is set at $172.9 Million in 2022. China, holding the world's second-largest economy, is predicted to reach a market size of $351.9 Million by the end of the analysis period, or 2022-2030. This market specifically is expected to increase with an impressive CAGR of 16.1%. Other notable work order management systems markets include Japan, which is set to grow at 7.3% CAGR, Germany at 8.7%, and Canada at 9.8% CAGR.

According to their online About Us page, Research and Markets is the world’s largest market research store, helping provide data and insight for over 450 clients and 800 different industries and markets. Research and Markets was founded in 2002, now headquartered next to the Guinness Brewery in Dublin, Ireland. They offer an extremely diverse range of data and information, covering multitudes of industries from "Automotive to Telecommunications to Zoology and (almost) everything in between!"

As the website MaintainX explains, a work order management software system is a "centralized platform used by facility managers to efficiently track, assign, and monitor preventive maintenance tasks; respond to facilities requests; and strategize action plans." These types of systems are commonly referred to as Computerized Maintenance Management Systems, of CMMS. Around 53% of organizations and companies use some type of work order management system, whether that be a software, spreadsheet, paper records, or simply a whiteboard.

With the increasing demand for efficient maintenance and facility management, the work order management systems global market is expected to continue its remarkable growth trajectory.