Global Computer Aided Facility Management (CAFM) Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Overview Of The Global Computer Aided Facility Management (CAFM) Market?
Computer-Aided Facility Management (CAFM) refers to the use of computer software and technology to manage and optimize the various aspects of facility operations and maintenance. CAFM systems are designed to streamline facility management processes, improve efficiency, and enhance the overall performance of facilities. The purpose of CAFM is to centralize and automate the management of facilities, including buildings, infrastructure, and assets, to ensure their effective operation and maintenance.
Computer Aided Facility Management (CAFM) Global Market Report 2024 provides data on the global computer aided facility management (cafm) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Computer Aided Facility Management (CAFM) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Computer Aided Facility Management (CAFM)?
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.
What Factors Are Driving Growth In The Computer Aided Facility Management (CAFM) Market?
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.
Get Your Free Sample of the Global Computer Aided Facility Management (CAFM) Market ReportWhat Are The Main Segments Of The Global Computer Aided Facility Management (CAFM) Market?
The computer aided facility management (CAFM) market covered in this report is 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
What Emerging Trends Are Influencing The Growth Of The Computer Aided Facility Management (CAFM) Market?
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.
What Is The Largest Region In The Computer Aided Facility Management (CAFM) Market?
North America was the largest region in the computer aided facility management (CAFM) market in 2023. The regions covered in the computer aided facility management (CAFM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.