Spare Parts Management Software - Introduction
- Spare parts management is an inventory management platform, which helps keep track of spare parts and manage spare part suppliers.
- The spare parts management software helps assure data entry of spare parts and eliminates the duplication of data about spare parts in an organization.
- Spare parts management software reduces the carrying and storage costs of spare parts when needed.
- Rise in penetration of internet services and smart devices in various industrial sectors by integrating data management systems helps to improve the efficiency of data of spare parts management software.
Global Spare Parts Management Software Market: Dynamics
Global Spare Parts Management Software Market: Key Drivers
- Increase in demand for RFID technology to manage inventory in various industry sectors is projected to drive the demand for spare parts management software during the forecast period
- Adoption of spare parts management software in various industry verticals is increasing consistently to maintain inventory, repair and operations, and manufacturing lines of an organization. This is a key factor projected to drive the spare parts management software market during the forecast period.
- Adoption of spare parts management software by various industry verticals helps access all parts information, which includes cost of each part and item number, and also reduces time required for locating the parts. This, in turn, is expected to boost the demand for spare parts management software during the forecast period.
- High initial cost of investment and maintenance is expected to restrain the spare part management software market
Impact of COVID-19 on the Global Spare Parts Management Software Market
- Most countries across the globe are facing lockdowns due to the COVID-19 pandemic, which has resulted in economic slowdown. The pandemic has created disruptions in supply chain management in numerous industry verticals and has had a negative impact on the automation and manufacturing industry.
- Temporary and permanent closure of several manufacturing companies during the pandemic situation hindered the adoption of spare parts management software. This is a key factor that had a negative impact on the spare parts management software market during the COVID-19 pandemic situation.
- Thus, demand for spare parts management software is expected to decline during the COVID-19 situation
North America to Hold Major Share of Global Spare Parts Management Software Market
- In terms of region, the global spare parts management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is anticipated to dominate the global spare parts management software market during the forecast period due to the presence of large enterprises and manufacturing industries in the region.
- Rise in awareness about cloud-based spare parts management software in China is expected to boost the market in Asia Pacific during the forecast period
- High rate of penetration of technology in the automation sector and increasing awareness about inventory management in Europe is projected to boost the rate of adoption of spare parts management software in the region
- Adoption of digitization in e-commerce and manufacturing industries in Middle East & Africa is expected to drive the spare parts management software market in the region
Global Spare Parts Management Software Market: Competition Landscape
- Several key players operating in the spare parts management software market are focused on the launch of new services to have a strong presence in the market. They are witnessing rapid technological development.
- Major players such as, Alterity, Cryotos, Fiix, and eMaint Enterprises are launching new software and services to provide spare parts management software to companies operating in various industry verticals
Key Players Operating in the Global Spare Parts Management Software Market Include:
- Alterity, Inc.
- BreezeERP, Inc.
- Cryotos, Inc.
- eMaint Enterprises, LLC
- Erpag.com, Inc.
- eLabNext, Inc.
- Fiix Inc.
- Megaventory Inc.
- Singular Labs, Inc.
- ServiceMax, Inc.
- Slashdot Media LLC (Countly)
- UpKeep Technologies, Inc.
- Xero Software
Global Spare Parts Management Software Market: Research Scope
Global Spare Parts Management Software Market, by Component
Global Spare Parts Management Software Market, by Deployment
Global Spare Parts Management Software Market, by Organization Size
- Small and Medium Enterprise
- Large Enterprise
Global Spare Parts Management Software Market, by End-user
- Information and Technology
Global Spare Parts Management Software Market, by Enterprise Size
- Small and Medium Size Enterprise
- Large Enterprise
Global Spare Parts Management Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.