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In today’s technological era, information technology broadened its application area to digitalize all essential business tasks. Computer-aided facility management (CAFM) software tools streamline management and control of facility management and maintenance operations. It comprises of a variety of tools including CAFM applications, software, and systems. CAFM solution is widely adopted by large organizations to design, observe, and execute their facility management tasks precisely. It combines administration, architecture, engineering concepts, and behavioral science to optimize business functions. The capability of facility management software to put and manage all processes together including human resource (HR), finance, logistical physical concerns, and management gaining traction across the industry.
Almost all-sized businesses including start-up companies to large organizations are widely adopting CAFM tools for space management, seat assignment, and space allocation. The growing demand for modern workplace operations owing to ongoing digitization is likely to drive the CAFM adoption. Similarly, the increasing popularity of the virtual workplace is witnessing the significant growth in the CAFM market. Further, the global COVID-19 pandemic has imposed almost all organizations of the world to adopt business mobility that again anticipating to strengthening the demand for the cloud CAFM market.
Key Market Driver -
• Growing demand for integrated facility management • Growing popularity of virtual workplace and enterprise mobility
Key Market Restraint -
Lack of awareness ad skilled expertise
Some of the players are investing their efforts to develop industry specific computer-aided facility management solutions. Players are focusing on enhancing their CAFM solution by using advanced technologies such as cloud computing. Therefore, players are primarily spending their attention on research and development activities to launch new product offerings integrated with advanced technology. For instance, in February 2018, SAP SE has introduced a performance management solution and SAP asset strategy to augment asset intelligence across the digital supply chain. This advanced solution is projected to help customers to outline, plan, and observe real-time, performance data across a network of connected assets. Strategic partnerships and collaboration will help market players to expand their business portfolio. For instance, in March 2019, Planon Group has collaborated with Schneider Electric to build a smart building management solution. The solution will be deployed across the building value chain of Schneider Electric.
Major players in the market are summarised include IBM Corporation., Dude Solutions, Inc., Fortive Corporation, eMaint Enterprises, LLC., Vetasi Ltd, ServiceChannel, Inc. Hippo CMMS, CMMS Data Group., MPulse Software, Inc., MicroMain Corporation, FMX among others.
COVID-19 global pandemic enforced organizations across the world to issue shelter-in-place and work from home orders to stop further spread of the virus. The working from home led organizations and businesses to develop a flexible mobile work environment which in turn expected to drive the CAFM market growth.
North America CAFM market is anticipated to hold a large market share. This is owing to the presence of the prominent market players across the North America. Technological development led North America to become a dominant region in the adoption of enterprise workflow automation solutions. Similarly, with the development of automated business processes, Europe is also anticipating to drive the moderate adoption of CAFM solution.
The growing presence of global facility management (FM) companies in the Asia Pacific is encouraging the adoption of CAFM solutions. Moreover, increasing demand for outsourcing in the region supports the optimization of business operations. The trend of digitization encourages organizations across the region to integrate advanced technology. For instance, in August 2018, The University of Hong Kong has deployed computer-aided facilities management (CAFM) solution specifically for store management, building operations, equipment management, furniture management, events management, and space management. With such developments, Asia Pacific is projected to drive remarkable growth in the near future.
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