Press release
Cloud MRO Software Market Is Booming Worldwide | HCL Technologies Limited, Flatirons Solution Inc., Boeing, Oracle Corporation
Cloud MRO Software Market
The global cloud MRO (maintenance, repair, and overhaul) software market is experiencing a significant growth due to demand for efficient business operations tracking. Cloud MRO software is a tool accessed through internet to oversee the maintenance, repair, and operation for a business. MRO software is also used to make purchases, oversee parts inventory, track the maintenance operations, and oversee MRO workforce. It provides features such as order management, inventory control, shipping, and scheduling for all maintenance activities. In addition, MRO software has workforce maintenance capabilities, from training and onboarding staff to tracking of hours worked. Repair history as well as status of ongoing repairs can also be tracked using MRO software.
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COVID-19 scenario analysis:
MRO software developers are facing short-term operational issues due to supply chain constraints and lack of site access due to COVID-19 outbreak.
MRO software market is a utility-owned segment which is driven by financial incentives and regulatory support from governments globally, hence it is being primarily affected by the COVID-19 pandemic.
Asia-Pacific is anticipated to be vastly affected by the spread of COVID-19 due to fact that China is the epic center of this lethal disease.
Closing of business operations has disrupted the demand side of the market dynamics of aviation and manufacturing segment thereby delaying ongoing projects.
Grounding of airlines as per government initiatives to slow the COVID-19 outbreak, has adversely affected the revenue stream of aviation industry.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Surge in digitalization in the aviation industry, increase in demand for reduction in turnaround time for maintenance operations, and rise in adoption of software as a service are the factors that drive the global cloud MRO software market. However, limited budget restrains for adoption of integrated MRO software suite, lack of common data standards in different IT systems, and stringent aviation regulations products hinder the market growth. On the contrary, increasing adoption of Internet of Things (IoT), AI, augmented reality (AR), and big data analytics that utilizes large shared network of computer to process large chunks of data present new pathways in the industry.
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The global cloud MRO software market trends are as follows:
Rise in adoption of software as a service
Users of MRO software widely adopt the cloud-based model due to advantages of its low cost and flexibility of use. The upfront cost of cloud-based software is typically lower than that of on-premises model. In addition, licenses are generally renewed monthly or annually, which encourages the software provider to demonstrate the ongoing value of the software and build a relationship with the customers. For instance, in 2020, EmpowerMX (cloud-based MRO software provider based in Texas, US) launched touch free electronic task card (ETC), a contact-less MRO software service for MRO service providers to continue post COVID-19 pandemic operations. ETC is an elegant, mobile-ready solution that can works seamlessly with any existing MRO solution to enable operators on the floor to digitally complete tasks without coming into contact with paper. Such adoption of software as a service is expected to drive the global cloud MRO software market.
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