by Brianna Crandall — June 4, 2014—With more and more facilities managers using various types of FM software to enhance the management of their buildings, U.S.-based global market research and consulting company MarketsandMarkets has released a report that predicts the FM software industry will grow from $24.65 billion in 2014 to $43.69 billion by 2019. The 163-page research report defines and segments the FM software market into various segments and provides an in-depth analysis and forecasting of revenues. It also identifies factors driving this market, and various restraints, challenges and opportunities impacting it, along with expected trends.
Information technology (IT)-based FM solutions were developed to help facilities managers track and manage the information from support functions in order to streamline them with core business objectives. These support functions primarily include administration, technical (other than core business processes), and infrastructural processes. They provide a seamless integration across different functional levels, encouraging undisrupted flow of information in an organization, notes the report.
The report divides the solutions into the categories of Integrated Workplace Management Systems (IWMS), Computer-Aided Facility Management (CAFM) solutions, Computerized Maintenance Management Systems (CMMS), Building Information Modeling (BIM), Enterprise Asset Management (EAM), Facility Management Information Systems (FMIS), Computer-Integrated Facility Management (CIFM) and Integrated Project Delivery (IPD) Solutions.
One of the primary reasons behind the adoption of IT-based facilities management solutions is the requirement for optimal utilization of resources and organizational assets, which can significantly reduce operational costs and increase profitability. According to the report, a strong growth rate is currently seen in the verticals of the public sector, manufacturing, real estate and retail, among others. The adoption in these verticals is reportedly high as they are looking to integrate data from operational facilities to other business applications.
Several players in the FM technology market are now offering bundles of integrated modules. With a dynamic industry and varying demands, customized offerings are seen as preferable to standardized solutions. Various players such as IBM, Archibus and Oracle, among others, are offering standalone and customized solutions and services that provide support for design and integration, deployment, data migration, consultancy and managed services.
The solutions studied for the report cover the areas of asset management and space management, capital project management, real estate portfolio management and lease administration, energy management and environment sustainability management, maintenance management, and others. Verticals covered are: banking, financial services, and insurance (BFSI); public sector, utilities, aerospace and defense; telecommunication and ITES; manufacturing/supply chain/logistics; real estate/infrastructure; healthcare; retail; and others.
Facility Management Market by Solutions (CAFM, IWMS, CMMS, BIM, IWMS) & Services – Worldwide Market Forecasts and Analysis (2014-2019) is available on the MarketsandMarkets Web site.