DUBAI, UAE, Aug. 17, 2023 /PRNewswire/ -- As per the latest report released by Kings Research, the Global Facility Management Software Market was valued at USD 1.79 billion in 2022 and is foreseen to amass a revenue of USD 3.59 billion by 2030, exhibiting a CAGR of 9.29% over 2023-2030. Several factors, including the rising acceptance of cloud-based solutions and the growing implementation of Computer Aided Facilities Management (CAFM) and Integrated Workplace Management Systems (IWMS) systems, are expected to contribute significantly to the growth of the market.
Through web-based solutions, facility management software enables businesses to efficiently manage their program for property repairs and maintenance. As the practice of outsourcing facility management services gains popularity, businesses are being prompted to reassess their operating models in order to maximize value generation before enlisting the help of third-party providers.
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Competitive Landscape
The global facility management software industry is highly competitive due to the presence of leading players dominating the market share. Market participants are actively focusing on several business strategies, including R&D activities, product launches, and mergers & acquisitions, to gain a competitive edge in the business. For instance, FM:Systems introduced FMS:Marketplace in April 2023, a solution that enables real estate, facility managers, and security professionals to achieve elevated levels of productivity and efficiency.
Key players operating in the facility management software market are:
- Frontu
- Accruent
- IBM Corporation
- SAP SE
- Oracle
- Planon
- iOFFICE, Inc.
- FM:Systems
- Trimble
- Schneider Electric
- MRI Software, LLC
- Jones Lang LaSalle IP, Inc.
- eFACiLiTY
- UpKeep Technologies, Inc.
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Trending Now: Facility Vitals Software Inc. Launches Revolutionary Facility Management Software Solution
In March 2023, Facility Vitals, a well-known provider of facility management solutions, released an innovative software solution. This solution was devised to completely change how facility managers perform their business operations. The new software from the company was intended to help facility managers manage their facilities with greater efficacy.
Unlike other facility management solutions currently available on the market, Facility Vitals' software offers a wide range of features and advantages. The software comes with asset labels that are easy to read and have QR codes, making it simple for facility managers to track and manage their assets. The platform's user-friendly interface, which is accessible on both mobile and online applications and doesn't require any additional software, allowing customers and employees to submit issues quickly and easily. Both platforms have issue-tracking features, which ensure that issues are fixed quickly and efficiently.
Market Segmentation
By Offering
- Solution
- Services
Facility Management Software Solutions to Gain Traction Across Several Industries
The facility management software market share from the solution segment is anticipated to grow at a strong CAGR of 10.09% through the study timeline due to its rising application across several industries in order to support asset management processes as well as streamline maintenance. Software solutions for facility management have been created mainly to ensure the efficient, secure, and persistent operations of infrastructure and buildings while also lowering costs and maintaining legal compliance across a wide range of industries.
These solutions provide effective facility management, which includes resource allocation, security, maintenance, and environmental sustainability, optimizing operational performance and boosting overall organizational effectiveness. To cite an instance, in order to further strengthen its ecosystem of digital solutions for managing sustainable smart buildings, Planon acquired a substantial share in Ubigreen in January 2023. This acquisition added significant capabilities to Planon's energy & sustainability management software portfolio.
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By Deployment
- Cloud-based
- On-Premises
Convenient Facility Management Offered by Cloud-based Deployment to Support Market Growth
The cloud-based segment is anticipated to experience substantial growth over the forecast period, growing at a projected CAGR of 10.38% between 2023 and 2030. It enables more convenient remote facility management, real-time tracking, and improved security. The growth of the segment is primarily attributable to factors such as a greater focus on sustainability, the use of IoT and big data analytics, and the development of mobile technologies and apps.
For instance, in April 2023, Spacewell introduced Spacewell Maintenance, a cloud-based solution that aids businesses of all sizes, from small businesses to large corporations, in streamlining their maintenance operations, reducing costs, and upholding regulatory compliance.
Rising Adoption of Facility Management Cloud-based Solution to Augment Market Revenue
The expansion of the global facility management software market is primarily being driven by the increasing uptake of cloud-based facility management solutions across varied industries. The solution offers a number of features, including remote monitoring of assets, facilities, and inhabitants, preventative maintenance planning, proposal management, data analytics, contractor sourcing & management, and repair & maintenance management.
Moreover, the rapid growth of the market is being fueled by the increased emphasis that governments in numerous nations are placing on infrastructure development, particularly at railways, ports, airports, and other facilities. In addition, prominent partnerships among private contractors and government projects with international companies are anticipated to fuel market growth.
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Presence of Leading Solution Providers in North America to Aid Market Growth
North America is anticipated to dominate the facility management software market, accruing USD 1.22 billion by 2030. The regional growth is mainly attributable to the booming healthcare and telecommunication sectors. In addition, the presence of numerous businesses in the United States and Canada is further fostering market growth. The increased focus of major IT service providers on R&D activities to develop cutting-edge software solutions is also anticipated to bolster the demand for facility management software within the region.
Government Investments in Construction Projects to Bolster Product Demand across APAC
Asia Pacific is expected to be the fastest-growing region in the facility management software market, accounting for USD 990.5 million in revenue by 2030. Governments are investing heavily in construction and infrastructure projects, including new construction, civil engineering, and revitalization of already established facilities. These infrastructural improvements are anticipated to offer considerable growth opportunities for the industry. Additionally, rapid urbanization and industrialization across APAC are likely to foster the regional market outlook.
Table of Content
1 Introduction of The Global Facility Management Software Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Facility Management Software Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact Of The Russia-Ukraine War
6 Global Facility Management Software Market, By Offering
7 Global Facility Management Software Market, By Deployment
8 Global Facility Management Software Market, By Vertical
9 Global Facility Management Software Market, By Geography
10 North America
11 Europe
12 Asia-Pacific
13 Middle East and Africa
14 Latin America
15 Global Facility Management Software Market Competitive Landscape
16 Company Profiles
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