Facility Management Software Market - An Overview
A facility management software helps an organization manage the entire repair and maintenance operations, using a web-based platform. The software is designed in a manner to help companies save on time and expenditure and manage buildings more efficiently.
A facility management software helps improve productivity, comfort, safety, and convenience.
The software can be integrated with many building management systems and provides features such as preventive maintenance scheduling, asset management, and procurement management.
In the past, facility managers faced challenges to manage the requirements of organizations and incurred huge costs on maintenance and security. But the emergence of the facility management software ensured that facility managers overcame the roadblocks and executed the operations with greater efficiency.
The COVID-19 outbreak had a negative impact on the global facility management software market. With governments’ worldwide imposing lockdowns and curfews, facility managers needed to explore new opportunities for remote mode of working or socially distant workflows.
Adapting to remote technologies has emerged as the primary challenge for many, during the COVID-19 pandemic.
But with the subsequent decline in cases and availability of vaccines, the facility management software market is expected to grow at a steady rate, once again.
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Facility Management Software Market - Trends and Opportunities
An increasing need among facility managers to decrease the daily operational costs incurred in maintaining facilities could emerge as a key growth driver for the facility management software market. A facility management software also offers cost-effective operations, by the seamless integration of all functions.
The rise in adoption of facility management software in medium-sized companies is expected to provide profitable growth opportunities for the facility management software market, in the coming years.
Also, a rise in deployment of facility management software solutions, which can be easily integrated with existing software such as enterprise resource planning could fuel the growth in the facility management software market, in the upcoming years.
Facility Management Software Market - Competitive Landscape
The global facility management software market has several well-established players and many of them are expected to hold a large share in the overall facility management software market, in the coming years. The competition among these players is expected to be based on factors such as integration facilities and pricing models.
Key market players could look to collaborate with small players in a bid to expand their market presence and improve their revenue share.
They could also look to establish research and development centers in different parts of the world that would exclusively work in a bid to produce improved quality of products. The R&D undertakings are anticipated to be a key growth strategy for the facility management software market players, in future.
Some of the key players in the facility management software market include MPulse Software Inc., QuickBase, Hippo CMMS, SIERRA ODC Pvt. Ltd., Assetworks LLC, and CBRE ServiceInsights.
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Facility Management Software Market - Regional Assessment
The global facility management software market has been divided into North America, Asia Pacific, Europe, and the Rest of the world.
North America is anticipated to be the leader in the global facility management software market in future owing to the presence of several established players in countries such as Canada and the U.S.
Asia Pacific is expected to stand in the second position, behind North America. Countries such as India and China possess enormous potential and players are expected to explore this potential and may establish offices in these countries, to try and expand their market presence, in the upcoming years.
Europe and the rest of the world are anticipated to witness moderate growth in the facility management software market, in the coming years.
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