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.
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Work Order Management System Market 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 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.
Work order management system market in 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.
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.
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