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Work Order Management System Global Market Report 2022: Increasing Importance of Data-Driven Planning & Budgeting Fuels Growth

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Dublin, March 16, 2023 (GLOBE NEWSWIRE) — The “Work Order Management System Market Size, Share, Trends, By Deployment Type, By Application, By End-User, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

The market size of the global work order management system is projected to reach USD 1949.6 Million by 2030, with a revenue CAGR of 7.1% during the forecast period.

One of the key drivers for the growth of the market is the increasing importance of data-driven planning and budgeting. The demand for easier allocation of work orders for better project execution is another significant factor contributing to market revenue growth. Work order management systems are capable of collecting and analyzing data, as well as tracking the performance of previous work orders. This data can be used by management teams to make informed decisions, plan resources, and budget for the future.

These systems can also be used for preventive maintenance to avoid unexpected breakdowns and replacements, while scheduling is automated based on previously recorded work orders. Work order management is also a useful tool for organizing and formulating work orders and service requirements, and for improving the operation and functionality of various businesses.

The rapid adoption of Internet of Things (IoT) and Artificial Intelligence (AI), as well as increased implementation of wearable devices, are other significant factors driving revenue growth in the market.

Furthermore, there are numerous advantages to implementing work order management systems, such as improving service order processing efficiency, reducing turnaround time, and allowing organizations to respond to customer inquiries immediately. In addition, as the world becomes increasingly digitalized, there is a rising demand for online management systems. Companies need to make their processes more efficient, hence the availability of a variety of systems in the market that automate portions of the process.

Market Dynamics

Driver: Efficiency in management and productivity for maintenance workers

One of the drivers for the work order management system market is the need for increased efficiency in management and productivity for maintenance workers. By reducing manual labor and eliminating surveillance, these systems increase efficiency, enabling facility managers to track all work and equipment statuses in real-time, prioritize work orders effectively, and take a preventive approach to maintenance. Managers are notified automatically of service requests, status changes, and emergencies, allowing them to respond quickly in these situations. Additionally, this system promotes effective communication among facility managers, maintenance personnel, and end users. Online work order systems provide maintenance workers with real-time visibility of work orders and status updates, allowing them to view them on any device at the job site, begin work immediately, and report work details efficiently on a mobile device when they are finished.

Restraint: Lack of real-time visibility and outdated processes coincide with higher maintenance and management costs

However, there is a restraint to this market – the lack of real-time visibility and outdated processes, which can coincide with higher maintenance and management costs. Real-time asset visibility and energy insights are critical to the success of work order management. Reactive maintenance may be required even for preventive maintenance if requirements exceed the capabilities of in-house staff. Failing to recognize such activities as a part of preventive maintenance can lead to future assumptions about reactive maintenance reductions and problems.

Obsolete processes, including those that use legacy terminal-based systems, pose additional risks to maintenance and management. In today’s world, any data stored on a device could be used to launch a cyber-attack. Cloud-based systems mitigate this risk by using cutting-edge cybersecurity software and being frequently billed via Software-as-a-Service (SaaS) payment models. This allows managers to reap the benefits of work order management without incurring the high costs of implementing a system in-house.

Insights into Deployment Type:

The global work order management system market is divided into two segments based on deployment type, on-premise and cloud. The cloud segment is leading with the highest revenue share in 2021. The growth of the e-commerce industry and the increasing demand for logistics industry applications that simplify end-operations are the main drivers of revenue growth in this segment. A cloud-based work order management system helps industry professionals in various ways, such as simplifying packaging, tracking packages after shipment, integrating payment accounts for online payments, and generating insightful reports through Artificial Intelligence (AI) and other advanced capabilities. Market companies are heavily investing in Research & Development (R&D) activities to make work order management systems more secure and efficient.

Insights into Application:

The global work order management system market is segmented into preventive maintenance, inspection, and others based on application. The preventive maintenance segment has the highest revenue share in 2021.

The growth of industrial operation activities and increasing demand for software that aids in asset maintenance are the key drivers of revenue growth in this segment. Work order management systems are in high demand due to activities such as task assignments and others. They also offer manual features that allow a work order manager to complete backend fulfillment work required to complete the work order. Sharing work order data on a centralized platform with other business analytics provides access to advanced and accurate metrics, making it easier to visualize data and see how the business is performing against Key Performance Indicators (KPIs).

Insights into End-User:

The global work order management system market is segmented into manufacturing, healthcare and life sciences, transportation and logistics, consumer goods and retail, and others based on end-user. The manufacturing segment has a significant revenue share in 2021.

Significant investments in product research & development activities and continuous improvements in product capabilities are the main drivers of revenue growth in this segment. The manufacturing industry prefers cloud-based software due to scalability, affordability, and routine updates, which help in improving manufacturing processes, linking production processes to financial reports, inventory, and outstanding orders, allowing real-time monitoring of the effects of manufacturing processes across the organization. Inventory management, asset cataloging, and other factors also play a significant role in driving demand for work order management systems.

Regional Insights

Regional analysis shows that in 2021, the North America market had the largest revenue share due to the availability of skilled professionals and significant infrastructure investments, with increasing end-user awareness of the benefits of work order management systems also driving revenue growth. The U.S. market accounted for the largest share due to rapid IoT adoption and a focus on CRM.

The Asia Pacific market had the second-largest revenue share, with rising demand for mobile work order management systems and the ability to identify trends and implement proactive maintenance driving revenue growth. The India market accounted for the largest share due to the growing e-commerce industry and adoption of smart procurement tools.

The Europe market had the third-largest revenue share, with rising demand for scalable work order management system software and heavy investments in research and development driving revenue growth. The Germany market accounted for the largest share due to the rising demand for efficient work order management system software in the manufacturing industry and cloud-based rental management software.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Work Order Management System Market Segmentation & Impact Analysis
4.1. Work Order Management System Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Rising demand for wearable devices and applications that aid in improving efficiency of workforce
4.2.2.2. Rapid adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies in end-use industries
4.2.3. Market restraints analysis
4.2.3.1. Limited infrastructure in emerging economies
4.2.3.2. Lack of technical expertise and availability of skilled workforce

Chapter 5. Work Order Management System Market By Deployment Type Insights & Trends

Chapter 6. Work Order Management System Market By Application Insights & Trends

Chapter 7. Work Order Management System Market By End-User Insights & Trends

Chapter 8. Work Order Management System Market Regional Outlook

Chapter 9. Competitive Landscape

Chapter 10. Company Profiles

Companies Mentioned

  • IBM
  • IFS
  • Microsoft
  • ServiceMax
  • Innovapptive
  • Oracle
  • Coresystems
  • MEX
  • Loc8
  • Fingent.

For more information about this report visit https://www.researchandmarkets.com/r/jqpe12

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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