Global Material Management Information System Market Size, Trends & Analysis - Forecasts to 2026 By Component (Software, Services), By Enterprise-Size (Small and Medium enterprise, Large enterprise), By Deployment (On-Premise, Cloud), By Vertical (Manufacturing, Government, Healthcare, Educational, Transportation and Logistics, and Others), Competitive Landscape, Company Market Share Analysis, and Competitor Analysis
Material Management Information System Market Insights
Material Management is a systematic approach for planning, organizing, and controlling the activities that are linked to the flow of material in the organization. Due to continuous up-gradation in information technologies and a need for coordination of such activities related to material and its information, the Material Management Information System (MMIS) has been used for supporting these actions. MMIS is an application software solution which is used to integrate and automate the function likes procurement, transportation, receipts and also fulfill the needs of back-office function and human resources.
Manufacturing, hospitals, and other organizations are considered to work with higher revenue expenditure and working capitals and a major contributor of this expense is the inventory of material maintained at these places and other indirect costs associated with it. To ensure maximum return, these organizations are in the need of suitable utilization, procurement, and storage of material, that is produced by them.
The main focus of the material management information system is to help in material requirement planning, inventory management, and patient cost accounting and controlling. It also benefits in the reduction of waste in terms of material and time and this led to a reduction of cost which was associated with this waste. MMIS ensures rapid access of information, detections of irregularities, and helps to make informed decisions.
The MMIS helps organizations to take effective decisions according to changing business environment. It also helps the organizations to become cost-effective and provide the company with valuable insights from the information it has been collected.
The major market drivers are the expansion of various industries and technological development across different verticals which has helped to integrate the traditional management system with the MMIS. Various Industries handle a large sum of products and materials. The traditional method of storing the information is ineffective and takes more time to provide informed decisions. Growing demand for automation of material management and related functions has given rise to the growth in the MMIS market.
An increase in the number of capacities and production expansion will drive the growth of the material management information system market. The other key market driver is the vivid application of material management information systems across different verticals such as manufacturing, healthcare, government, education, transportation, and logistics.
The majority of the population is now focused on living a healthy life and this will contribute to the growth of the healthcare industry which will use material management information systems and will lead to the growth of the material management information system market. Material management information systems cover up all the areas within the organization which will include patient information, accounting, pharmacy, and medical records. Maintaining patient accounts and charging bills to patients on time is implemented comfortably with a material management information system. The adoption of a material management information system by the railway sector will also contribute to the growth of the market.
Material Management Information System Market: By Component
Based on the component of the material management information system, the market can be segregated into software and services. Services include different operations such as deployment, consulting services, support maintenance, and implementation among others. Due to introduction of Software as a Service (SaaS) model, more business is transforming from traditional software model adoption to SaaS model adoption thereby making services market growing at a faster rate.
Material Management Information System Market: By Enterprise Size
Based on Enterprise Size, the material management information system market can be segregated into small and medium enterprises and large enterprises. The larger Enterprise segment holds the highest market share due to the larger application of systems across different verticals.
Material Management Information System Market: By Deployment
Based on the deployment analysis, the market can be segmented into On-premise and cloud-based. The rising demand for cloud-based systems among different sectors has made this segment the fastest-growing segment. Software as a Service (SaaS) and cloud-based systems have led to the transition from an on-premise system to a cloud-based system.
Material Management Information System Market: By Vertical
Based on the Vertical analysis, the material management information system market can be segmented into manufacturing, transportation & logistics, government, educational, and healthcare, among others. The manufacturing segment accounts for the largest market share for this market. The new technological advancement of planning and monitoring patient’s health and integrating the medical information of patients led to an increase in market share in the healthcare segment and is expected to have the fastest growth.
Material Management Information System Market: By Region
The market for North America will hold a dominant position between 2021-2026, as the country has advanced technological development and vivid use of material management information systems across all verticals. Also, the increasing number of Service and software launches and the development of new software will help the market sustain its dominant position. The presence of a large number of manufacturing companies and healthcare facilities also a factor for the dominance of North America having a larger market share. APAC is the fastest-growing market for material management information systems due to the increase in the number of manufacturing and healthcare facilities in India and China. The APAC countries provide an attractive opportunity for the material management information systems market.
Material Management Information System Market Share and Competitor Analysis
Caduceus Systems, Oracle, Netcom Data systems, Synergy Logistics, Raytheon Eagle, SAP SE, Laudon & Laudon, Tecsys, Inc., and jda software group among others are the top players.
Please note: This is not an exhaustive list of companies profiled in the report.
In June 2019, SAP has partnered with IT service and consulting giant Tata consulting service (TCS), to launch an Intelligent Filed Inventory management solution (iFIM). This will help medical product manufacturers to streamline their transportations and logistics and material management of surgical kits.
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The Global Material Management Information System Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Material Management Information System Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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