According to Future Market Insights, (FMI) computer-aided facility management (CAFM) market analysis, demand in the market will grow at a CAGR of 7.1% between 2022 and 2032.
The report also predicts that the market will be worth US$ 1,047.5 million by 2022 and US$ 2,081.4 million by 2032. CAFM software is growing as a result of technologies such as the Internet of Things (IoT), cloud computing, automation, and others being deployed by facilities management vendors to assist enterprises in working in a data-driven environment.
Big data is transforming the facilities management industry’s maintenance and operation regimes. The technology enables facilities management to gain meaningful insights from a large amount of heterogeneous data collected from various sources. Integration of sensors and IoT provides insights for lowering real estate costs and improving employee experience.
Furthermore, IoT sensors play an important role in identifying spaces that are used on a regular basis in order to adjust cleaning schedules while saving time and money. This allows for cleaner, safer workplaces, as well as smarter, more responsive maintenance. As a result, the adoption of technologies such as big data and IoT is fueling growth.
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Key Takeaways: Market for Computer Aided Facility Management (CAFM)
- The computer-aided facility management software segment is expected to account for 71.2% of the global demand for computer-aided facility management by 2032.
- The adoption of computer-aided facility management systems in small and medium-sized businesses is expected to grow at an 8.6% CAGR between 2022 and 2032.
- The adoption of computer-aided facility management in IT & Telecom is expected to grow at a CAGR of 9.9% between 2022 and 2032, with the manufacturing segment dominating the market share in 2022.
- In 2022, North America is expected to lead the market, followed by East Asia. South Asia and the Pacific are expected to be the fastest-growing regions between 2022 and 2032.
Key Companies Profiled
- IBM Corporation
- AssetWorks LLC
- Idox plc
- Elecosoft
- FMX
- ScienceSoft Inc
- Ultimo Software Solutions Ltd.
- FSI (FM Solutions) Limited