Facility Management Software Market to Hit USD 3.59 Billion by 2030: Proptech Technology Fuels Growth
Aug 2023
ICT-IOT
As per the report published by Kings Research, the global Facility Management Software Market was valued at USD 1.79 billion in 2022. The market is projected to reach USD 3.59 billion by 2030, growing at a CAGR of 9.29% from 2023 to 2030.
The adoption of 3D printing technology is exerting a significant influence on the market due to its ability to generate precise building components with minimal material wastage. When integrated with Building Information Modeling (BIM) methodologies, this groundbreaking innovation facilitates the rapid development of prototypes, which can be readily shared with diverse stakeholders involved in construction projects. 3D printing is a significant extension of the 3D modeling process in BIM, which involves producing the 3D model from the digital file by laying down thin layers of materials in succession.
The innovative technology allows customers to collaborate better on digital projects by visualizing an element in its physical form. Additionally, integrations with building systems and other software applications are becoming more prevalent, allowing for streamlined data sharing and management. Overall, the industry is anticipated to witness a trajectory of growth and evolve with the increasing demand for efficient, cost-effective, and sustainable facility management practices.
Key Insights
- Based on the offering, the solutions segment is anticipated to hold the fastest CAGR of 10.09% during the forecast period
- Based on deployment, the cloud-based segment generated the highest revenue of USD 1.01 billion in 2022
- Based on vertical, the healthcare segment is anticipated to hold the fastest CAGR of 10.33% during the forecast period
- On the basis of region, Asia-Pacific holds the fastest CAGR of 11.38% during the forecast period
Accruent has Launched an Offline Mobile CMMS Application to Drive the Market
February 2023: Accruent recently launched MC Kinetic, an offline mobile CMMS application designed to strengthen the functionalities of preventive maintenance. This innovation incorporates features such as geo-location mapping, simplified inventory and parts management, and cached workbenches among others.
Autodesk has Upgraded Construction Cloud Solution to Strengthen their Portfolio
October 2021: Autodesk has implemented and upgraded technologies in the Autodesk Construction Cloud solution to streamline communication in a unified.
Rising Demand for Integrated Facility Management to be a Vital Trend
The increasing use of integrated facility management software facilitates streamlined processes, enhances operational efficiency, reduces complexity, and improves service delivery. Additionally, data-driven sustainability processes are becoming more prevalent, with companies using analytics to make business decisions and investing in IoT technologies to improve asset performance.
Additional trends encompass the utilization of digital twins, the integration of drones for facility condition assessments, and the emergence of the office-as-a-service model. These trends are expected to continue driving growth and innovation in the facility management software market during the forecasted period.
Surging Proptech Technology to Drive the Market Growth
Proptech is becoming increasingly popular due to the benefits it provides, such as enhancing transparency, accelerating customer demand, enabling smart contracts, and improving customer knowledge. These advantages are made possible through the use of technology that is driving the growth of the market, which is further fueled by the need for innovation and efficiency. Proptech companies are transforming the operations of real estate professionals by offering a diverse range of products and services that bring about transformative changes in the industry.
The rise of Virtual Reality (VR) and Augmented Reality (AR) has further increased the engagement between brokers and developers resulting in expedited decision-making processes. This development is predicted to fuel market growth during the forecast period. Moreover, the integration of these technologies facilitates improved data management, simplifying complex property management operations.
Asia Pacific is the Fastest-Growing Region in the Facility Management Software Market Acquiring a CAGR of 11.38%
Governments in the Asia Pacific region are making substantial investments in construction and infrastructure projects, encompassing various sectors such as civil engineering, new construction, and the revitalization of existing facilities. The ongoing global infrastructure improvements present considerable lucrative growth opportunities for the industry, as they stimulate the demand for services, solutions, and market expansion focused on upgrading existing structures.
The market for facility management software is witnessing robust growth across the region, primarily propelled by the forces of industrialization and urbanization. The surge in commercial activities and the increasing demand for enhanced productivity and reduced maintenance costs in corporate offices are key drivers behind this growth trend.
Market Players Concentrating on Innovative Product Launches to Drive Market Development
The global facility management software market is fragmented with key players such as 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. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.