Global Computer Aided Facility Management (CAFM) Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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The computer aided facility management market size has grown strongly in recent years. It will grow from $1.05 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to integration of building information modeling (BIM), increasing emphasis on sustainability and energy efficiency, demand for centralized facility management solutions, technological advancements in sensors and IoT devices, and growing need for compliance and regulatory adherence. The computer aided facility management market size is expected to see strong growth in the next few years. It will grow to $1.66 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to adoption of artificial intelligence and machine learning technologies, expansion of smart building initiatives, rise in demand for cloud-based facility management solutions, increasing focus on remote monitoring and management capabilities, and integration of augmented reality and virtual reality tools for facility management. Major trends in the forecast period include emergence of predictive maintenance solutions, implementation of blockchain for secure facility data management, growth of mobile-first and user-friendly CAFM applications, integration of Internet of Things (IoT) for real-time asset tracking, and emphasis on data analytics for informed decision-making in facility management.
The growing popularity of virtual workplaces is expected to propel the computer-aided facility management market going forward. Virtual workplaces are digital environments where employees can collaborate, communicate, and perform work tasks remotely, often facilitated by technology and online tools. Virtual workplaces’ growing popularity is driven by the desire for flexible work arrangements and the need for remote collaboration capabilities. CAFM systems are accessed remotely from any location with an internet connection, allowing facility managers, administrators, and other stakeholders to collaborate and coordinate facility management tasks virtually. For instance, in April 2023, according to the US Bureau of Labor Statistics, a US-based governmental organization, the percentage of establishments with employees who teleworked all the time grew from 37.4% in 2021 to 42.2% in 2022. Therefore, the growing popularity of virtual workplaces is driving the computer-aided facility management market’s growth.
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What Are The Key Trends That Influence Computer Aided Facility Management (CAFM) Share Analysis?
Companies in the computer-aided facility management market are developing AI-driven solutions to gain a competitive edge. Artificial intelligence (AI) involves simulating human intelligence processes such as learning and problem-solving. For example, in March 2024, Auberon Technologies Private Limited, an India-based tech company, launched Optima, a third-generation computer-aided facility management (CAFM) solution. Optima uses AI to improve operational efficiency and decision-making, offering advanced features for asset, facility, and maintenance management. It optimizes service delivery and enhances customer satisfaction through precise service level agreement (SLA) tracking and management.
Which Market Players Are Driving Growth In The Computer Aided Facility Management (CAFM) Market?
Major companies operating in the computer aided facility management (CAFM) market are International Business Machines Corporation, Schneider Electric SE, Fortive Corporation, Bentley Systems, Eptura, Brightly Inc., Planon Corporation, Focus Softnet Pvt. Ltd., Idox plc, ServiceChannel Inc., Ramco Systems Ltd., SelectHub, AssetWorks Inc., Verve Systems Private Limited, Facilities Management eXpress (FMX), eMaint Enterprises LLC., Fracttal Tech S.L, Updater Services Limited, CMMS Data Group Inc., VLogic Systems Inc., MicroMain Corporation, Velosi Asset Integrity Ltd., Cryotos Solutions Private Limited, eFacility Inc., MPulse Software Inc.
How Is The Global Computer Aided Facility Management (CAFM) Market Segmented?
1) By Component: Solution; Services
2) By Deployment: On-Premises; Cloud
3) By Industry: IT And Telecom; Banking, Financial Services, and Insurance(BFSI); Manufacturing; Energy And Utilities; Government And Defense; Healthcare And Life Sciences; Retail And CPG; Transportation And Logistics; Other Industries
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The Computer Aided Facility Management (CAFM) Global Market Report 2024 provides an overview of the computer aided facility management (CAFM)market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The computer aided facility management (CAFM) market forecast analyzes computer aided facility management (CAFM) market size, computer aided facility management (CAFM) market share, leading competitor and their market positions.
The Table Of Content For The Computer Aided Facility Management (CAFM) Market Include
1. Computer Aided Facility Management (CAFM) Market Executive Summary
2. Computer Aided Facility Management (CAFM) Market Segments
3. Computer Aided Facility Management (CAFM) Market Size And Template Market Growth Rate
4. Key Computer Aided Facility Management (CAFM) Market Trends
5. Major Computer Aided Facility Management (CAFM) Market Drivers
……
25. Key Mergers And Acquisitions In The Computer Aided Facility Management (CAFM) Market
26. Top Computer Aided Facility Management (CAFM) Companies
27. Computer Aided Facility Management (CAFM) Market Opportunities And Strategies
28. Computer Aided Facility Management (CAFM) Market, Conclusions And Recommendations
29. Appendix
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