Computer-Aided Facility Management (CAFM) Market to Reach $1.83 Bn by 2031, Driven by 7.5% CAGR

(IT-NEWSWIRE.COM, August 09, 2024 ) According to the latest research by InsightAce Analytic, the Global Computer Aided Facility Management (CAFM) Market is valued at US$ 1.04 Bn in 2023, and it is expected to reach US$ 1.83 Bn by 2031, with a CAGR of 7.5% during the forecast period of 2024-2031.

Computer-aided facility management (CAFM) is the support of facility management by information technology. The tools of the CAFM are called CAFM software, CAFM applications, or CAFM systems. The computer-aided facility management (CAFM) market is witnessing growth owing to the increasing adoption of smart technologies in facilities management. CAFM solutions offer efficient management of facility operations, space utilization, and maintenance activities. Cloud-based solutions are gaining traction for their scalability and accessibility. Integration of IoT and AI technologies further enhances CAFM capabilities, driving market expansion. North America dominates the market, followed by Europe and Asia-Pacific. The CAFM market is expected to continue its growth trajectory in the coming yea s.

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List of Prominent Players in the Computer-Aided Facility Management CAFM) Market:
• IBM Corporation
• AssetWorks LLC
• Sales Footprint
• Idox plc
• Elecosoft
• FMX
• ScienceSoftInc
• Ultimo Software Solutions Ltd.
• FSI (FM Solutions) Limited
• Hippo CMMS
• ServiceChannel
• Maintenance Management
• ManageEngine (Zoho Corp)
• MRI Software
• Planon Corporation
• SIERRA ODC Private Limited

Market Dynamics:
Drivers-
The computer-aided facility management (CAFM) market is experiencing substantial growth across various sectors. CAFM helps in managing complex industrial assets, reducing downtime, and ensuring compliance with safety regulations. CAFM systems assist in tracking and managing equipment, optimizing asset utilization, and scheduling maintenance tasks. By streamlining processes and ensuring operational efficiency, CAFM solutions contribute to cost savings in manufacturing operations. Logistics and retail sectors benefit from CAFM's inventory management and space utilization tools. In education and government, CAFM aids in facility planning, security, and resource allocation. Healthcare relies on CAFM for patient flow optimization, regulatory compliance, and asset maintenance. Other sectors like hospitality and finance also prefer CAFM for facility management needs. Overall, CAFM adoption continues to expand across diverse industries.

Challenges:
Significant challenges include more funds for facility upkeep, leading to deferred maintenance and increased risk of equipment failure. Limited workforce and expertise hinder the effective implementation and utilization of CAFM solutions. Regulatory requirements or mandates without obtaining any funding strain resources and may hinder CAFM adoption. CAFM solutions must provide compliance tools that minimize the burden of meeting regulatory requirements. Integration capabilities and data standardization are crucial to ensure CAFM solutions can access and consolidate data from disparate sources. These challenges require CAFM vendors to provide flexible, scalable solutions that adapt to varying budgetary constraints, resource availability, and organizational structures. Additionally, they must emphasize the value proposition of CAFM in optimizing resources, improving efficiency, and ensuring compliance despite these challenges.

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Regional Trends:
The North America computer aided facility management (CAFM) market is estimated to register a major market share and is seen to grow at a high CAGR in the near future. Growing population, rapid urbanization, and increasing industrialization are factors expected to proliferate the growth of green in the region. Europe had a significant substantial share in the market due to the developed economy and growing adoption of the product in the computer aided facility management (CAFM) market.

Recent Developments:
• In April 2024, Eptura announced its latest line of worktech innovations designed to assist businesses in resolving their most urgent issues with personnel, workspaces, and assets.
• In March 2024, Elecosoft, a leading global software provider for the built environment, announced its beta release of AstaGPT, an AI tool for its Asta suite of scheduling and project planning solutions.
Segmentation of Computer-Aided Facility Management (CAFM) Market
Computer-Aided Facility Management (CAFM) Market - By Solution
• Software
o Cloud-based
o Web-based
o On-premises
• Services
o Cloud-based
o Web-based
o On-premises

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Computer-Aided Facility Management (CAFM) Market - By Enterprise Size
• Small and Mid-size Enterprises (SMEs)
• Large Enterprises
Computer-Aided Facility Management (CAFM) Market - By Industry
• IT & Telecom
• BFSI
• Manufacturing
• Energy & Utilities
• Government & Defense
• Healthcare & Life Sciences
• Retail & CPG
• Transportation & Logistics
• Others
Computer-Aided Facility Management (CAFM) Market - By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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Computer-Aided Facility Management (CAFM) Market to Reach $1.83 Bn by 2031, Driven by 7.5% CAGR