The work order management system market size is projected to reach US$ 1662.66 million by 2031 from US$ 745 million in 2023. The work order management system market is expected to register a CAGR of 10.6% during 2023–2031. Enterprises are progressively moving toward digital transformation and implementing various technologies to manage equipment maintenance and industrial operations.
The growing demand for managed work orders and improved project execution are a few factors driving the market. The rising need for businesses to manage and centrally track orders and the growing adoption of cloud-based work order management systems are also propelling the work order management market growth. However, the complexity of integrating work order management systems into existing management systems, issues associated with data security, and limited availability of experienced workers are a few factors hampering the growth of the market for work order management systems. Further, the integration of new technologies with work order management systems can help overcome these issues and drive the market.
Work order management is essential in materials management, inbound logistics, inventory control, equipment care and maintenance, manufacturing production lines, quality control, and shipping and staging. In various industries, traditional techniques of record management are ineffective. In the past years, the overall manufacturing process, from obtaining raw materials to selling finished goods, was heavily reliant on manual work that led to numerous errors—resulting in less efficient operations. Thus, manufacturing companies are incorporating automated procedures to optimize their operations. Manufacturing firms must have competitive logistics and operations to meet customer deadlines and remain in the market, which can be achieved with the work order management system.
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Work Order Management System Market: Strategic Insights
Work order management systems are being quickly adopted by businesses in major industry verticals such as manufacturing, energy & utilities, consumer goods & retail, healthcare & life sciences, BFSI, transportation & logistics, retail & construction, telecom & IT, and others (government, media, and entertainment) to increase the utilization of their field workforce. In addition, an efficient work order management system fulfills the growing need for managed work orders and smooth project execution in enterprises. The adoption of work order management solutions, including cloud-based solutions, allows organizations to manage and track orders centrally. Thus, the growing reliance on work order management solutions among enterprises drives the market.
End users are increasingly adopting cloud-based work order management systems, such as web-hosted solutions and mobile applications, for asset management and smooth supply chain operations. Furthermore, the increasing integration of IoT and AI with work order management systems, as well as a growing emphasis on improving information flow to field workers, will generate several potential prospects for the work order management systems market during the forecast period.
Key segments that contributed to the derivation of the work order management system market analysis are deployment type, component, and end-user industry.
The geographic scope of the work order management system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. IoT technologies are a useful resource in overcoming workforce shortages in the manufacturing industry, particularly in developed countries such as the US. The federal government and private sector organizations in the US are investing in Industry 4.0 IoT technology to help develop the country's industrial base. AI, IoT, 3D printing, and other smart technologies are already improving the performance indicators of large manufacturers in the country. Also, governments of various countries in North America are encouraging robotics adoption by launching various programs to promote the development of new technologies in the robotics market. Thus, the implementation of advanced technologies in various operations supports the growth of the work order management system market.
The regional trends and factors influencing the Work Order Management System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Work Order Management System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 745 Million |
| Market Size by 2031 | US$ 1662.66 Million |
| Global CAGR (2023 - 2031) | 10.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Work Order Management System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Work Order Management System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The work order management system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the work order management system market are listed below:
The "Work Order Management System Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global work order management system market is expected to reach US$ 1,662.66 million by 2031.
The key players holding majority shares in the global work order management system market are Astea International Inc., Infor Inc., Microsoft Corporation, IBM Corporation, and Oracle.
Integration of AI-based work management solutions is anticipated to play a significant role in the global work order management system market in the coming years.
Growing reliance on work order management solutions among enterprises is the major factor that propels the global work order management system market.
The global work order management system market was estimated to be US$ 745 million in 2023 and is expected to record a CAGR of 10.6% from 2023 to 2031.