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Computer Aided Facility Management (CAFM) Market Size was valued at USD 1.04 Bn in 2023 and is predicted to reach USD 1.83 Bn by 2031 at a 7.5% CAGR during the forecast period for 2024-2031.
Computer-aided facility management (CAFM) is a software system that automates and streamlines facility management processes. It also helps facility managers better understand the assets and data, such as health and safety compliance, space utilization, occupant satisfaction, and more. CAFM comes in a variety of forms, including software, web-based applications, and cloud-based systems. The Global Computer-Aided Facility Management (CAFM) Market is gaining attraction in the market due to the increasing demand for automation in operations, processes, and asset management.
Increasing office infrastructure, the growing importance of data-driven decisions, the need for streamlined operations, and increasing investments in the facility management market are all factors contributing to the growth of the world CAFM market. CAFM) is a software system used to manage the operations of a facility and is becoming increasingly popular among facility managers due to its ability to reduce operational costs while improving quality of service. CAFM software provides solutions for various activities like scheduling, resource management, asset tracking, occupancy management, budgeting, and financial reporting. It also offers visualization tools and analytics to optimize the facility's performance and ensure compliance.
The COVID-19 pandemic has significantly impacted the computer aided facility management (CAFM) market. With remote work becoming prevalent, there's a heightened focus on workplace safety, cleanliness, and space utilization. CAFM solutions have adapted to include features such as contact tracing, occupancy monitoring, and social distancing planning to ensure compliance with health guidelines. However, economic uncertainty has led to budget constraints, slowing down CAFM adoption in some sectors. Overall, COVID-19 has reshaped priorities, driving innovation and adaptation within the CAFM market.
Competitive Landscape
Some of the Major Key Players in the Computer Aided Facility Management (CAFM) Market are
- IBM Corporation
- AssetWorks LLC
- Sales Footprint
- Idox plc
- Elecosoft
- FMX
- ScienceSoftInc
- Ultimo Software Solutions Ltd.
- FSI (FM Solutions) Limited
- Hippo CMMS
- ServiceChannel
- Maintenance Management
- ManageEngine (Zoho Corp)
- MRI Software
- Planon Corporation
- SIERRA ODC Private Limited
Market Segmentation:
The computer-aided facility management (CAFM) market is divided based on solution, enterprise size, and by industry. By solution, the computer aided facility management (CAFM) market is segmented into software and services. On the basis of enterprise size, the market is divided into small and mid-size enterprises (SMEs) and large enterprises. Based on Industry, the market is segmented into IT & telecom, BFSI, manufacturing, energy & utilities, government & defense, healthcare & life sciences, retail & CPG, transportation & logistics, and others.
IT and Telecom Segment is a Significant Contributor to the Computer-Aided Facility Management (CAFM) Market
In the computer-aided facility management (CAFM) market, IT and telecom solutions play a crucial role in managing data centers, office spaces, and telecommunications infrastructure. CAFM systems optimize space utilization, track equipment, and ensure efficient maintenance to minimize downtime. Given the complexity of IT environments, CAFM helps maintain regulatory compliance, improve security, and enhance operational efficiency. Cloud-based CAFM solutions are gaining traction in this segment for their scalability and remote management capabilities.
Small and Medium Enterprises (SMEs) Segment Witness Growth at a Rapid Rate
The segment is seen to grow at a rapid rate in the global computer aided facility management (CAFM) market. In this segment, computer aided facility management (CAFM) solutions offer cost-effective tools for managing facilities and resources. SMEs utilize CAFM systems to streamline maintenance, space planning, and asset tracking, enabling efficient use of limited resources. Cloud-based CAFM solutions are particularly popular among SMEs for their affordability and scalability. These solutions provide SMEs with access to advanced facility management capabilities without the need for significant upfront investments in hardware or infrastructure.
In the Region, North America Holds a Significant Revenue Share in the Computer-aided Facility Management (CAFM) Market
The North American computer aided facility management (CAFM) market is seen to have the largest market share in terms of revenue in the near future. It can be attributed to the need for integrated workplace management systems (IWMS), the growing acceptance of cloud-based CAF solutions, regulatory compliance requirements, and the focus on sustainability efforts are some of these causes. Technical developments like AI-driven analytics and mobile applications, which make facility management procedures more effective and improve user experiences, are further driving market expansion. Asia Pacific region is seen to grow at a rapid rate in the global computer aided facility management (CAFM) market due to growing concerns about the environment, rapid industrialization, government initiatives, and increasing funding in various industries.
Recent Developments:
- In April 2024, Eptura announced its latest line of worktech innovations designed to assist businesses in resolving their most urgent issues with personnel, workspaces, and assets.
- In March 2024, Elecosoft, a leading global software provider for the built environment, announced its beta release of AstaGPT, an AI tool for its Asta suite of scheduling and project planning solutions.
Computer-Aided Facility Management (CAFM) Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.04 Bn |
|
Revenue Forecast In 2031 |
USD 1.83 Bn |
|
Growth Rate CAGR |
CAGR of 7.5% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Solution, By Enterprise Size, By Industry and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
IBM Corporation, AssetWorks LLC, Sales Footprint, Idox plc, Elecosoft, FMX, ScienceSoft Inc, Ultimo Software Solutions Ltd., FSI (FM Solutions) Limited, Hippo CMMS, ServiceChannel, Maintenance Management, ManageEngine (Zoho Corp), MRI Software, Planon Corporation, and SIERRA ODC Private Limited. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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