Work Order Management System Market 2021-2031: Market Share and Forecast
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.
Work Order Management System Market Analysis
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 System Market Overview
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
Market Size Value in US$ 0.7 Billion in 2018 Market Size Value by US$ 1.6 Billion by 2027 Growth rate CAGR of 9.2% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Work Order Management System Market: Strategic Insights
| Market Size Value in | US$ 0.7 Billion in 2018 |
| Market Size Value by | US$ 1.6 Billion by 2027 |
| Growth rate | CAGR of 9.2% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Work Order Management System Market Drivers and Opportunities
Growing Reliance on Work Order Management Solutions Among Enterprises
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.
Growing Adoption of Cloud-Based Work Order Management Solutions
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.
Work Order Management System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the work order management system market analysis are deployment type, component, and end-user industry.
- Based on deployment type, the work order management system market is divided into on-premise and cloud.
- By component, the market is bifurcated into solution and service.
- Based on the end-user industry, the work order management system market is segmented into IT & telecom, manufacturing, BFSI, healthcare, retail, and transportation.
Work Order Management System Market Share Analysis by Geography
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.
Work Order Management System Market Report Scope
Work Order Management System Market News and Recent Developments
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:
- Gooten introduced OrderMeshTM, an order management platform specifically intended for on-demand production. This platform is intended to help retailers, manufacturers, e-commerce brands, and marketplaces expand their product options, streamline order processing, and significantly minimize the operational complexities and expenses of a made-to-order supply chain. (Source: Gooten, Press Release, February 2024)
- Everfield, a UK-based software company, purchased Depotnet, a work order management software supplier that focused on the telecom, utilities, and infrastructure sectors. With the acquisition, Depotnet will be able to engage in expansion and innovation while benefiting from Everfield's support and resources. (Source: Everfield, Press Release, September 2023)
Work Order Management System Market Report Coverage and Deliverables
The "Work Order Management System Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Work order management system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Work order management system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Work order management system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the work order management system market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment Type , Component ; and End-user Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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