Market Trends of Facility Management Software Industry
Commercial Sector to Witness Significant Growth
- The commercial entities include office buildings constructed or occupied by businesses or enterprises, such as manufacturers' offices, IT and telecommunication, and other service providers. Owing to the increasing establishment of commercial buildings across the globe, facility management has gained significant importance, driving the growth of the FM software market.
- Commercial spaces require property accounting, renting, contract management, procurement management, and other services, so effective facility management software becomes necessary. Therefore, the commercial category is witnessing exponential growth opportunities in the market, and the trend is likely to continue throughout the forecast period.
- By type, Computer-Aided Facility Management (CAFM) is anticipated to grow significantly. Computer-Aided Facility Management (CAFM) software enables facility managers to plan, execute, and monitor preventative maintenance, space management, asset management, operational facility services, and other customer services. Growing demands for space planning and management, leasing and real estate management, capital project management, asset management, energy performance analysis, maintenance management, physical building administration, and space reservations will likely increase the adoption of CAFM software in the commercial segment.
- In March 2024, MDS Critical Facilities Services, a service provider for critical infrastructure, partnered with property operations software firm Facilio to implement their cloud-based Connected CaFM solution to optimize and streamline its data center operations. Facilio's Connected CaFM solution enhances efficiency, responsiveness, and overall performance, offering a scalable architecture that aligns with CFS's growing needs. The company's AI-driven platform allows commercial sector end users to aggregate data, optimize performance, and control portfolio operations from a single place.
- The Middle East and African region is witnessing a significant adoption of FM software. Integrated FM service providers such as CIT Group in Saudi Arabia, Quality Facility Management (QFM) in Dubai, and others have adopted Connected CaFM as their FM platform for centralized management of in-house and contracted operations, providing complete visibility, control, and increased value.
- The rise in the global IT and telecom industry will enable commercial facility management software expansion. For instance, the telecom players focus on 5G deployments, creating significant opportunities for the region's facilities management sector. Moreover, according to Ericsson, the global 5G population is expected to be 85% by 2029. For example, increased partnerships and collaborations enable building inspection, maintenance, and repair of ventilation, air conditioning, electrical, heating, sanitary systems, instrumentation, and control technology. This will allow the market players to establish a strong position in the market and expand the customer base.
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Asia-Pacific Expected to Register Significant Growth
- Numerous trends may propel the facility management software market in Asia-Pacific. For example, the Internet of Things (IoT) refers to physical equipment and sensors that use the Internet to connect with FM teams. They produce performance data that alerts facility managers to potential problems. FM software can monitor and control the processes from any location. It uses IoT to deliver real-time insights into its operations.
- IoT paired with FM software, such as a computerized maintenance management system (CMMS), identifies problems (e.g., uncomfortable office temperatures), inevitably prepares and dispenses work orders without human intervention, and tracks their execution.
- The advent of smart cities and smart buildings in the developing countries in the region is fueling the overall demand for facility management software, which has encouraged the market players in the region to launch new products and services.
- For instance, Telit Cinterion, a global IoT enabler company with critical operations in India, also provides IoT modules, edge-to-cloud services, IoT embedded software, and analytics for facility management software applications. Moreover, the company's services deliver functions like energy usage management and sanitation, which are manual operations in traditional building management. Smart facility solutions automate these processes by combining sensor input and machine learning with connectivity and analytics. With IoT-based facilities management, these functions can be prescheduled and adjusted for maximum efficiency.
- The increase in construction activities and the expansion of residential buildings would contribute to the growth of the Indian facility management software market.
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