Press release
Facility Management Software Market is Expected to Reach ~US$ 64,277.8 Mn by 2032 | FMI
The report also forecasts that the market will surpass a valuation of ~US$ 20,985.1 Mn by the end of 2022 and reach ~US$ 64,277.8 Mn by 2032. As per FMI, technological advancements and the introduction of automation systems for facility management have positively impacted market growth. These technologies have become significant in improving economic competitiveness, thereby driving the solution demand. The facility management software uses automated tools to capture and secure the data. Additionally, the rise of robots and automated machinery in various verticals are also responsible for driving market growth.
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Healthcare, travel & hospitality, education, and manufacturing are the major sectors using facility management solution to handle business processes easily. Due to advancements in cloud-based software, the facility management software is transforming the market gradually. With the help of this facility management software, the expenditure as well as the time required in managing the documents for industries such as healthcare and real estate have reduced.
Key Takeaways: Facility Management Software Market
By deployment mode, on-premises FMS segment is anticipated to account for the leading share of 56.4% in the global demand for facility management software in 2032.
By type, integrated software segment is anticipated to account for the leading share of 54.4% in the global demand for facility management software in 2032.
By enterprise size, the adoption of facility management software in small & mid-sized enterprises is anticipated to grow at a CAGR of 12.7% between 2022 & 2032.
By industry, the adoption of facility management software in travel & hospitality is anticipated to grow at a CAGR of 9.7% between 2022 & 2032, while healthcare segment is currently dominating the market share.
North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
The market in Japan is expected to progress at a CAGR of 17.7% through 2032.
In GCC Countries, sales are expected to grow at a CAGR of 15.8% over the forecast period.
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Demand for Facility Management from Modern Workspaces
Facility management software evolution has completely transformed the way how businesses operate. For the modern workspaces it became a necessity to have the facility management software to run the operations in an efficient manner. All the businesses involve several operations to be performed, with the growing technological advancement these business procedures can be handled efficiently with usage of facility management software.
The software helps the facility managers to optimally utilize the assets, reduce the space which results to the decrease in the maintenance cost, by saving the money and also time. Furthermore, the software also helps in managing the multiple facilities simultaneously. Therefore, the use of the facility management software increases the overall productivity of the businesses, which in turn is boosting the market growth.
Changing Organization Culture and Workstyle
The culture of most of the organizations is evolving in a fast pace with the globalization. Major companies are diversifying the operations and work culture. Technical innovation and advancement positively influence the work culture. Smart workplaces equals to the smart insights. The benefits of Internet-enabled management systems are compelling. A common reporting platform can generate an easily accessible information and also helps in identifying the faults, and guide regarding the performance issues among others.
Furthermore, facility management software also helps in managing the space and help in forecasting the future needs. Therefore, most of the organizations are inclined towards adopting technically advanced solutions which motivates the facility management software providers to come up with product innovation, in turn boosting the market growth.
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Facility Management Software Outlook by Category
By Deployment Mode:
On-premise FMS
Cloud-based FMS
By Type:
Integrated Software
Standalone Software
By Enterprise Size:
Small and Mid-Sized Enterprises (SMEs)
Large Enterprises
By Industry:
Healthcare
Travel & Hospitality
Manufacturing
Education
Transportation & Logistics
Government
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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