Facility Management Software Market: Trends and Opportunity
Posted by kishor on February 12th, 2019
Facility management software helps an organization manage the complete repair and maintenance work through a web-based panel. The software is designed to help enterprises save time and cost and manage the building premises efficiently and effectively. The solution helps ensure productivity, safety, comfort & convenience, and cost-effective operations through seamless integration of all functionalities in real-time. Earlier, facility managers struggled to manage the needs of the organization and incurred high cost for energy, maintenance, and security. Facility managers therefore sought ways to streamline their facility management operations due to these challenges. Today, facility managers can smoothly manage various facilities using facility management software that are available in the market.
Growing need among facility managers to reduce day-to-day operational costs of managing and maintaining facilities drives the facility management software market. Facility management software are scalable and flexible, which helps the managers to manage extended facilities without changing the software design. The facility management software market is projected to be highly lucrative due to the increase in adoption of the software among mid-size enterprises in the next few years.
Rise in demand for software solution which easily integrate with other existing software, such as enterprise resource planning (ERP), is projected to create opportunities in the market. A number of facility management software offer features such as asset management, preventive maintenance scheduling, work order management, procurement management, contract management, and property management. These software can be integrated with most building management/automation systems (BMS/BAS). Most facility management software solutions support various operating system such as Windows, Mac, and Linux; therefore, diverse organizations can easily use the software without the requirement for any additional IT infrastructure.
The global facility management software market can be categorized based on region, end-user, enterprise size, deployment, and services. In terms of region, the facility management software market can be divided into North America, Asia Pacific, Middle East & Africa, and South America. Based on end-user, the facility management software market can be segregated into airports, manufacturing plants, government buildings, hospitals & pharmacies retail stores / hotels, residential complexes, IT parks, and other commercial buildings. In terms of enterprise size, the facility management software market can be segmented into small & medium enterprises (SMEs) and large enterprises. Based on deployment, the facility management software market can be bifurcated into on premise and cloud/software-as-a-service (SaaS)-based model. In terms of services, the facility management software market can be categorized into implementation services, maintenance, and integration services.
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Players operating in the global facility management software market are strategically engaging in mergers and acquisitions. This is likely to consolidate the market in the next few years. Investment firms have also shown interest in this facility management software market. These companies are funding start-ups, thereby promoting new companies to enter the market. This, in turn, is increasing competition in the global facility management software market.
The competition is largely on the basis of pricing models, integration facilities, and features that the software platform offers to the target customer/end-user. Vendors are engaged in developing innovative software solutions by making it more user-friendly and scalable to get an edge over the competitors. Easy to use mobile apps are being developed by various facility management software companies for enterprises. Flexible subscription models are also being offered by players to attract and retain customers.
Key players operating in the global facility management software market include SIERRA ODC Private Limited, Hippo CMMS, Fluke Corporation, MPulse Software, Inc. Maintenance Connection, Quick Base, CBRE ServiceInsight, and AssetWorks, LLC.
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