Best Facility Management Software

Facility management software is an organizational function that integrates people, places, and processes within the built environment to improve the quality of life of people and the productivity of the core business. The market for facility management software is characterized as a collaborative demand for products and solutions that provide a forum for the control and implementation of core production activities, including the lifespan of facilities, protection, emergencies and accidents, waste, efficiency, inventory, space and floor planning, in any organizational facilities.

Best Facility Management Software in 2020

1. ServiceChannel
2. Angus AnyWhere
3. IBM TRIRIGA
4. Corrigo
5. 360Facility
6. NetFacilities
7. Oracle's Primavera Unifier
8. Cobot
9. Bixby
10. ARC Facilities

Market Overview

Facility management software has been evolved as a thriving business that continues to grow across verticals. Enterprises have started shifting from the notion of facilities being a set of back-office activities and started realizing the importance of facility management as a set of functions that can enhance the value of specific organizational processes. Enterprises can only achieve success and growth through the efficient and effective management of complex operational business processes in their facilities. Various business functions and processes covered within the scope of facility management have become more complex as facility management has moved into operational functions of enterprises. Therefore, it has become important for facility management Software firms and their clients to acknowledge the role of technologies and software solutions in managing their facilities.

Before 2000, the facility management market was seen in terms of “soft” and “hard” services. These basic services were outsourced to third-party service providers. Due to the absence of computerized tools, facility managers had to take care of these services manually. However, with the advent of computer-aided facility management (CAFM), facility managers were able to incorporate maintenance, asset, and workplace management more efficiently. After 2010, due to the increasing environmental and regulatory compliance needs, vendors started providing complex, standalone integrated Facility Management software to meet the ever-changing requirements of clients.

The growth of the facility management software market can be attributed to the growing focus on integrating several disruptive technologies, such as cognitive computing, augmented reality, IoT and analytics, and robots and drones, into. Facility Management Software. Further, enterprises realize the need for technologically advanced Facility Management solution to comply with environmental and regulatory policies. Moreover, integrated Facility Management is in demand, which is also contributing to the growth of the global facility management market. An important feature of Facility Management Solution is that these solutions enable enterprises to streamline operational processes, enhance customer service delivery, and ensure cost savings. The other benefit is that the approach aims to create safe buildings and refine operations at some of the most effective levels for the facilities management team. Similarly, Facility Management Software adds value to enterprises’ core businesses. However, the dearth of the skilled or expert workforce may restrain the facility management market growth.

Facility Management Software enables enterprises to create a highly personalized customer experience and redesign the facility operational model by leveraging advanced software, IoT, and analytics. Facility Management facilitates the management of multiple business functions, such as lighting; heating, ventilation, and air conditioning (HVAC); security; emergency and incident management; sustainability management; waste management; lease accounting and real estate management; asset maintenance, workspace and relocation management; and reservation management. Moreover, Facility Management software allows facility managers to identify underutilized and poorly performing facilities, assets, processes, and resources, as well as help, improve facility assets. These solutions leverage real-time information to identify operational demands and opportunities for achieving new efficiencies.

Services play an integral role in the growth of the market for Facility Management software across verticals. These solutions are considered a crucial part of enterprises as they majorly focus on improving enterprises’ business processes and optimizing their operational efficiency. Services are considered the backbone of facility management as they are instrumental in fulfilling the tailor-made requirements of clients. Facility Management software is deployed through deployment and integration services.

Professionals develop system implementation plans that define the best-practice approach to system implementation, including key performance indicators (KPIs) and timeframes. Professionals also manage and prepare strategies on the basis of variables such as data collection, data migration, solution development, installation, workflow/system configuration, test environment, data verification, system training, module/system rollout, and user rollout. Moreover, enterprises look forward to obtaining external advisory support from skilled professionals to deploy Facility Management software. Therefore, services play an important role in creating the foundation for the successful deployment of Facility Management software.

Facility management software includes multiple disciplines and services to ensure functionality, comfort, safety, and efficiency of the built environment such as buildings, sports grounds, recreational areas, and real estate by integrating people, place, process, and technology. Facility Management software help enterprises manage various operational processes and achieve operational efficiency. These solutions ensure a more cost-effective working process within the enterprises and improve their efficiency. The market is highly fragmented and in the growth phase.

The competitive leadership mapping showcased provides information for the best facility management software. The vendors are evaluated on two different parameters: Product Offerings and Business Strategy.

This category of facility management software includes: ServiceChannel, Net Facilities and Oracle

This category of facility management software includes: Angus Anywhere and Cobot

This category of facility management software includes: IBM and 360 Facility

This category of facility management software includes: Corrigo Enterprise CMMS, Bixby Facility Management and CAFM Explorer

Features of Facility Management Software

Asset Management

Asset management highlights are devoted to making beyond any doubt you’re getting the most excellent ROI out of each physical resource at the company. They degree things like resource working costs and efficiency. They may track assets’ areas inside a facility, report on how and when each resource is utilized, and recommend plans for support and updates. They may too permit directors to set needs for resource upkeep so property supervisors get it what’s important. Data from resource administration highlights can offer assistance supervisors make key choices, such as how to expend the facility cost and plan the facility design.

Maintenance Management

Maintenance administration is closely related to asset administration but centers particularly on planning the assets and staff required to keep resources in top condition.  Maintenance administration program ordinarily handles the following:

1. Creating and following maintenance schedules
2. Suggesting preventative maintenance
3. Creating and following work orders, with records of what work was done
4. Managing and following office stock (such as save parts for gear) and merchant relationships
5. Tracking property managers’ plans and prioritizing tasks

Creating workflows and checklists for office managers Although a few maintenance administration highlights come bundled with a more comprehensive facility administration program, there are bounty of programs that specialize in support administration alone.

Space Usage and Planning

Without a great control on how your office space is utilized, your company dangers overpaying for space and falling flat to optimize employees’ productivity. The space administration highlights that regularly come with office administration program can report in detail on how much square film different workers, offices, resources, and room sorts are taking up within the facility. These programs can analyze opportunities, appear when spaces are as well swarmed, and indeed keep track of saved space by permitting clients to create room reservations through the system. Some office administration program permits clients to “draw” floor plans for a visual sense of how the space is utilized.

Energy Usage

Sparing energy frequently interprets to saving cost, particularly over the long-term. Decreasing energy utilization can moreover be a great way to illustrate your company’s commitment to making the world distant better. facility management software may come prepared with a vitality administration framework that can degree how assets like power, warm, and water are utilized all through the office. With that information, the computer program can also forecast future utilize and deliver supervisors the experiences they have to be make essential changes. Some frameworks can indeed track squander creation and nursery gas discharges.

With Internet of Things, directors can utilize real-time information to create real-time alterations from any internet-connected gadget. Building management frameworks permit directors to create alterations to vitality utilization by altering things like indoor regulators and lights in reaction to plan changes, crises, or security dangers.

Move Management

Facility management software specializes in overseeing how resources, gear, and representatives fit into an office, it now and then moreover has highlights that offer assistance representatives arrange moves effectively. Move administration computer program can distinguish the most excellent moving plans and courses, and track things like costs, reports, and resources through the move.

Visitors Management

Some facility management programs come with guest administration features. Visitor administration software digitizes and streamlines the check-in handle within the campaign, and handles issuing ID identifications for guests. A few of these programs can take guests through a customized check-in prepare that incorporates lawful marks (such as guest assentions and security waivers) and even videos. These programs may permit guests to store individual points of interest within the framework for a speedier, less demanding check-in involvement for return visits. A few may too send robotized cautions to have when guests arrive, taking weight off front-desk staff.

Interactive Database

In facilities administration, information is everything. FMS programs are fueled by completely created social databases that are planned to handle different necessities of supervisors.

Information Managing Tools

Facility administration systems reuse existing information and can analyze and yield outside information into valuable data. The program applications have natural interfacing that make it simple for clients to input, alter or analyze information.

Benefits of Facility Management Software

Versatility and Collaboration

Cloud-based office administration computer program can assist you oversee your trade activities from farther areas. You'll viably communicate and collaborate along with your group or indeed control your commerce after you are out of your office. Be it a computer, tablet, smartphone, with an association to the web; you'll get to the assets and resources through cloud-based office administration program.

Enhanced Effectiveness and Proficiency

Ineffective hardware and forms can essentially affect trade hours and efficiency. Office administration program brings in general productivity by sparing time, lessening costs, and including more esteem through appropriate upkeep and utilizations of the resources. When the workers can control their working climate through different office administration apparatuses, they can give more time to the welfare of the organization they work in.

Space Optimization

Space optimization is the key to progressed efficiency and an locks in work environment. Office administration computer program has space optimization devices that assist you making the foremost out of your office space. With the assistance of a space administration include, you'll recognize the genuine space in your organization and the space it needs. This may assist you viably arrange your office space utilization from the dashboard of your computer program.

Effectively Customizable

Facility administration program can be effectively customized concurring to your commerce prerequisites. You'll be able select the particular highlights that are required by diverse offices of your company. Our office administration computer program offers you the choice to design and customize your dashboard for information visualization and mechanized report planning. With all the information in your hand, you'll be able make a report right away, and analyze them basically.

Resource Tracking and Management

Facility administration program permits you to proficiently track and oversee your trade resources and gives real-time information for appropriate examination. For case, you know the area of your resource in real-time. The resource following highlight of your office administration program will permit you to hold vital resource data like a guarantee of your item, support history, and understanding into hardware execution.

Who uses Facility Management Software?

The foremost successful device for organizing and analyzing information is facility administration software. Separated from facility managers, the individuals who as often as possible utilize office administration devices for different purposes, comprise:

Management Team

Facility administration software offers your administrators real-time perceivability into how your company employments its space, resource, and innovation. Get to real-time data makes a difference your administrators remain up to date and make data-driven choices approximately both short-term and long-term commerce goals such as when to contribute to unused genuine bequest and office hardware.

CRE Managers

With the facility administration program, corporate genuine domain pioneers can get on-demand get to areas, estimate, and sort of property being rented. They can get critical precise information such as add up to capacity by building and by floor, add up to capacity vs. add up to inhabitance, and cost per square foot, etc. This information makes a difference in them estimate future space needs and distinguish openings to diminish genuine domain fetched significantly.

Operations and Facility Administration Team

Like CRE pioneers, operations and office administration groups can utilize the different coordinates apparatuses of the facility administration software to superior get it how workers possess and utilize the working environment and apportion the space. They can too arrange hassle-free move administration and asset following through this computer program.

IT Manager

Facility administration software is a awesome device for IT supervisors. They can total working environment utilization and execution information into the analytics dashboard to distinguish patterns and distinguish designs, such as which room is continuously possessed, and which one is frequently empty. For case, an IT supervisor might find that a conference corridor is underutilized since the WIFI flag in that region of the office is frail or the video conference gear is unreliable.

Workers

Facility management software coordinates with mobile-based apps, which permits the whole workforce of an organization to appreciate the benefits. For case, they can yield benefit demands, report support issue, discover a empty stopping spot, save workstations, and assembly spaces.

Facility Management Software, By Type

In-house facility management

In-house facility management is defined as a service that is provided by dedicated resources who are directly employed by enterprises. Every enterprise has its own dedicated management team and in-house employees to deliver all facility management services. However, some specialist services, such as lift and escalator maintenance, could be outsourced on a contractual basis. In-house facility management software is often deployed in enterprises in the government and public administration, and education verticals.

Outsourced facility management

Outsourced facility management software is defined as the involvement of an external enterprise for the management of an organization’s facilities. In outsourced facility management, enterprises outsource most of their services through different contracts to specialized facility management software providers. These providers deliver services to the client organization through a mixture of their own resources and series of subcontracts. Moreover, facility management software providers develop their own supply chain and manage the risk of service delivery across all facility management services.

Integrated facility management

Integrated facility management is defined as the method of consolidating different facility services under one contract and management team. Integrated facility management software streamlines communications and enhances the management of facility operations. Moreover, with integrated contract outsourcing, enterprises can avoid the direct or indirect cost of performing services in-house, which reduces the costs associated with staffing, materials, and quality control.

Facility Management Software, By Deployment Type

Based on the deployment type, the facility management software market has been segmented into on-premises and cloud. Deployment refers to the setting up of a computer system, along with the hardware systems, operating systems, and applications required to run the software. Vendors in the facility management market offer on-premises and cloud facility management software. Any organization chooses the deployment type depending on its financial stability and IT infrastructure.

On-Premises

This type of on-site implementation refers to the development of applications and services on the organisation's premises. The company is accountable for managing the system and all its associated operations in this implementation model. These services are offered at a one-off licencing charge and with an annual support plan that includes the free adjustment or update and implementation of new features. Devoted resources and servers are needed for the on-site operation of facilities management software. On-site systems are typically implemented by organisations who can afford to maintain dedicated servers.

Cloud

The cloud deployment type is not only enabling organizations to manage their costs but also help them ensure improved business agility. Cloud-based deployments involve on-demand requirements that are provided as software-as-a-service (SaaS) solutions offered by facility management software providers. Utilizing internet-based instruments, such solutions can be obtained through the website. They can be used at any time through the use of the pay-per-use portal from any location on-demand. Owing to many benefits provided by the cloud model, the demand for cloud-based applications is growing rapidly. Low operating costs, resilience, quick implementation, and fast teamwork are some of these advantages. On-premises facility management software is expensive and may earn a low return on investment, whereas on-demand cloud-based solutions help enterprises reduce the total cost of ownership (TCO) and increase operational efficiency. Also, cloud-based facility management software is regularly updated with the latest security updates.

Facility Management Software, By Offering

The facility management software market based on offering has been segmented into facility management and services. Technological developments have enabled enterprises to create new solutions and services for themselves and their clients. The solutions segment includes an integrated workplace management system (IWMS), building information modeling (BIM), facility operations and security management, facility environment management, and facility property management solutions. Services offered by the vendors are professional services (includes deployment and integration, consulting and training, auditing and quality assessment, support and maintenance, and service-level agreement (SLA) management and managed services.

Solutions

Technological developments have created a new edge of automation in which smarter and flexible facility management software are being deployed at a large scale across all verticals. Traditional facility management solutions have fulfilled enterprises’ needs for a long time. The factor supporting the growth of the facility management market is the significant requirement of enterprises to deliver a highly personalized solution and enhance the customer experience.

1. Integrated Workplace Management System - IWMS is a solution that promotes facility operations and real estate systems. Under a common, centralised development interface, IWMS offers a complete variety of facilities management solutions. It improves the visibility, monitoring and optimization of criteria for corporate real estate management, capital investment, building maintenance, renovation of facilities and power management. Different IT technologies, such as Enterprise Resource Planning (ERP), Human Resources (HR), and Building Management System (BMS), also need to be combined with IWMS, since these programs provide information that is applicable to facilities management processes. Moreover, in many business scenarios, operational services are outsourced to one or more external service providers. In such scenarios, for facility managers, it becomes important to monitor the suppliers’ performance and validate them according to the agreed contracts and SLAs. IWMS helps facility managers to connect with the external service providers by giving them access to the authorized functions in the IWMS. This chain integration ensures maximized process efficiency, enables facility managers to monitor the suppliers’ performance in real-time, and supports full flexibility for facility sourcing strategies.
2. Building Data Modeling - BIM is an brilliantly 3D model-based prepare that gives office design, designing, and development experts the experiences and apparatuses to productively arrange, plan, and oversee frameworks. The office administration group employments BIM program amid the operational stage of the buildings’ life cycle to make strides the viability of their office operations. BIM solutions hold information about building equipment and help facility managers eliminate the efforts required to accurately manage maintenance systems. In addition, the BIM arrangement helps within the investigation and comparison of various vitality choices to assist office directors successfully diminish natural impacts and operational costs. By analyzing the costs and savings of various facility improvements and building infrastructure, facility managers can gain access to key performance indicators (KPIs) that optimize the performance of facilities in buildings.
3. Facility Operations And Security Management - Facility operations and security management functions have become the topmost priority for facility management professionals. The main focus of these professionals is to create smarter facilities by integrating data with analytics and operations. By capturing and analyzing information, organizations can pick up an progressed understanding of their operational efficiencies and adequacy. Moreover, data insights accelerate the capability of enterprises to react to changes and identify threats, thereby ensuring higher returns on investments from facilities. These arrangements upgrade perceivability, control, and robotization within the operations and security regions said over. Office operations and security administration arrangements offer assistance undertakings change and oversee their offices, accomplish expanded efficiencies, and guarantee more successful utilization of offices and more noteworthy monetary returns. These arrangements have been assist categorized into lighting control, HVAC control, video observation and get to control, and crisis and reaction administration arrangements.
4. Facility Environment Management - Facility environment management systems consist of different kinds of software solutions that simplify and optimize the sustainability of facilities. Facility environment management solutions are further categorized into sustainability management solutions and waste management solutions. These solutions help facility management teams to identify significant environmental effects, such as carbon footprint and waste generation, related to their business. Moreover, these solutions assist facility managers in establishing goals and procedures that can reduce environmental hazards, such as carbon emission, water pollution, and waste generation. These solutions also ensure facilities maintain compliance with federal regulations, such as the Clean Water Act, the Clean Air Act, and the Toxic Substances Control Act.
5. Facility Property Management - Facility property management solutions help enterprises derive tangible value from their business operations by enhancing their efficiency and effectiveness. These solutions are further segmented into lease accounting and real estate management, asset maintenance management, workspace and relocation management, and reservation management solutions. These solutions offer data-driven insights that help facility managers make strategic decisions about enterprises’ long-term real estate strategies. Additionally, these arrangements help office directors in adjusting genuine domain methodologies with enterprises’ long-term development procedures.

Services

Services play a vital role in the deployment and integration of facility management software in an enterprise’s facility. Services are an important part of the facility management market as they primarily lay importance on enhancing workflows and optimizing facility operations. Services are considered as the backbone of facility management as they are instrumental in fulfilling clients’ custom requirements. The services segment plays a vital role in the efficient and effective management of the facility infrastructure. Broadly, it covers implementation and integration, consultancy, auditing and efficiency evaluation, assistance and servicing, and resources for SLA management. As the need for facilities management software accelerates, demand for services, in particular for quality evaluation and auditing, and implementation and integration services, is also expected to grow.

1. Professional Services - Professional services are services offered through professionals, specialists, or experts to support the business. These services include deployment and integration, consulting and training, auditing and quality assessment, support and maintenance, and SLA management services. The latest techniques, strategies, and skills adopted by professionals encourage organizations to adopt facility management software. They also offer customized implementation and risk assessment and assist in deployment via industry-defined best practices. As far as implementation services are concerned, vendors cover all phases of solution implementation, right from auditing, deployment, support, to ongoing optimization.
2. Managed Services - Facility management systems need to be upgraded regularly to counter newly introduced cyber threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies are rapidly handing over their facility and enterprise asset security concerns to specialized service providers, such as managed security service providers (MSSPs). Managed services secure data generated from the assets and provide data confidentiality, integrity, and availability. Regulatory compliances are achieved, and reduction in data breaches and protection of intellectual property is guaranteed. Managed security services (MSS) help in network assessment, targeted scanning and reporting, unlimited report generation, security controls and remediation, vulnerability analysis, and live monitoring. MSS offerings exist in many forms, right from pure system management to sophisticated log analysis, as well as from on-premises device monitoring and management services to SaaS and cloud services. Enterprises are helping customers in controlling and accessing sensitive data and achieving regulatory compliances by providing strong encryption managed services and offering network operation centers as a service to customers. All pre- and post-deployment queries and customer needs are addressed under managed services. Managed services provide access to industry-best practices and deep-rooted transformation expertise without impairing the internal operations of organizations.

Best Facility Management Software, By Vertical

This chapter discusses the current and forecast trends in the facility management software market based on vertical. Based on vertical, the facility management market has been segmented into BFSI, IT and telecom, government and public administration, healthcare, education, retail, energy and utilities, manufacturing, construction and real estate, and others. Facility management software have helped enterprises in different verticals to improve their revenue by enhancing their overall operational efficiencies. Verticals such as government and public administration, healthcare, education, energy and utilities, retail, manufacturing, and others are expected to experience high demand for facility management software during the forecast period. Enterprises in the BFSI and IT and telecom verticals are the early adopters of facility management software as these enterprises have a high dependency on human resources, they are expected to be the top contributors to this market. Increasing adoption and implementation of facility management software is expected to be observed across all verticals during the forecast period.

Banking, Financial Services, And Insurance

In the highly regulated BFSI vertical, enterprises can benefit immensely from the adoption of facility management software. Facility managers face difficulties in operating facilities at minor, rarely accessed remote sites beyond the main city centres due to the fragmented array of destinations. BFSI vertical businesses tend to deal with the operation and management of diverse real estate portfolios. Facility management tools, such as IWMS and CMMS, help facilities management departments efficiently handle multiple operations, such as inventory control, equipment control, room management, and task order monitoring.

Telecom and Information Technology

With rising sensitivity to technical developments, IT and telecom companies have been continuously demanding facilities management strategies to achieve their vital ventures. Via the efficient use of data and IoT, these technologies play a key role in handling, running and preserving IT and Telecom infrastructure. Moreover, these solutions enable IT and telecom companies to meet international industry benchmarks. The IT sector is labour-intensive; it requires mobile applications to track employees and support organizations in managing their work costs. To address the changing demands of customers and manage the IT infrastructure globally, IT spending has increased considerably in the last 5 years. The future demand in the IT and telecom vertical would be due to demographic and economic factors.

Government And Public Administration

Facility management has become one of the most important tasks for enterprises in the government and public administration vertical. Office directors in government and open organization organizations have to be bargain with a assortment of framework and other related properties. Enterprises in this vertical are accountable to the public. Facility management software provide facility managers with the necessary tools to effectively manage and maintain their facilities.

Healthcare

The healthcare vertical has to deal with diverse clinical, administrative, and financial data on a daily basis. This data includes patient and employee information, medical histories, social security numbers, historical data of financial transactions, and other confidential data. Healthcare providers have to deal with growing competition, increased cost pressures, patient management challenges, and evolving quality and regulatory requirements. This has expanded the requirement for facility management solutions. Facility management software and administrations incorporate instruments such as healing center resource administration program, real-time finding framework (RTLS), work arrange administration software, and vitality administration solutions. These arrangements and administrations offer assistance office administration groups center on best forms that are adjusted with administrative and accreditation prerequisites.

Education

Enterprises in the education vertical have to manage several critical assets, such as confidential data related to applications, critical projects, research, and patents. Facility management plays a key part within the advancement of instructive education. Facility management plays a key role in the development of educational institutions. The trend of facility management software is growing in educational campuses for managing both short-term and long-term plans. Facility management within the instruction vertical includes vital arranging, decision-making, resource arranging, upkeep, monetary administration, and venture arranging, among others. Educational facility supervisors have to handle and oversee all the aforementioned office administration forms on a everyday premise.

Retail

Enterprises in the retail vertical are rapidly expanding their presence by crossing global borders and catering to consumers with the help of technological advancements. The deployment of facility management software across the world has played a vital role in enhancing the efficiency of retail business operations. Using multiple retail vertical strategies has helped companies to acquire and maintain more buyers. Facility management software helps navigate the entire retail cycle time, from the venue, financial preparation, organizational planning, and product development to inventory management, contract management, and agreements. In addition, new innovations have revolutionized modernization of the retail facilities.

Energy And Utilities

The energy industry is the backbone of society and plays a significant role in the development of the nation. The vitality and utilities vertical has executed progressed office administration arrangements to decrease costs, keep up development, and improve efficiency in today’s profoundly competitive market. Facility administration and computerization arrangements have as of now begun supplanting manual assignments, and a comparative slant is anticipated to affect each operational perspective of utility companies amid the estimate period This factor has led to the increased adoption of facility management software in the energy and utilities vertical for planning sustainable management. Large utility companies with a high degree of linear processes would benefit more from the mass, unconstrained adoption of facility management software. In any case, low-margin utility businesses in profoundly competitive spaces, such as vitality retailing, are anticipated to steadily embrace office administration solutions.

Manufacturing

Manufacturing includes a few forms, from plant floor operations to efficiency and benefit. Manufacturing companies need to produce good-quality products while reducing operational costs, managing unwarranted incidents, and improving overall product performance. Facility management software assist in addressing these challenges and improving the overall business profitability. These arrangements empower office administration groups to centrally create, oversee, update, scale, and keep up all the control, information, and visualization frameworks beneath one coordinates, effective environment.

Facility management software vendors offer various systems for companies in the transportation and logistics vertical. A few of these systems are warehouse management system (WMS), electronic data interchange (EDI), radio frequency identification (RFID), sensor technologies, and global positioning system (GPS) tracking. These systems help transportation and logistics enterprises manage the increasing costs and reduce the time spent on manual tasks.

Market Dynamics

As companies are moving toward digital transformation, there are many factors that are affecting the growth of the facility management software market. This section includes major factors (drivers, restraints, opportunities, and challenges), which are impacting the growth of the overall market.

Drivers

Surging demand for cloud-based facility management 

Cloud-based solutions offer a reliable means of hosting the facility management software. They often help to minimise organisations' operational costs by enhancing protection and coordination between departments and branches that are present in different positions. Effective processing of sensitive data, increased flexibility and scalability, and fast business continuity are other benefits of cloud-based facilities management applications. The archives are maintained on a public or private server cloud network, allowing enterprises to quickly restore sensitive server records. The records can be quickly obtained via protected login credentials anywhere with a reliable internet connexion.

Increase in demand for software-oriented facility management software

The integration of BIM with software enables organizations to streamline the transition construction and building operations, and derive cost savings. A number of facility managers are investing in integrated services for improved security and workplace environment. Moreover, Integrated Facility Management (IFM) is becoming a strategic management solution that is crucial for improving an organization’s productivity and ensuring the well-being of its people. In addition, facility management solution vendors provide Integrated Workplace Management System (IWMS), an integrated solution that supports facility business processes for real estate management, asset, and maintenance management, space the administration of facilities, utilities, program management and development.

Increasing focus to abide through regulatory requirements

The increase in regulatory requirements has led companies to undertake strategic partnerships with facility management (FM) service providers that can deliver and manage facility services while catering to the associated risks. In addition, regulatory compliances are encouraging companies to maintain industry standards and mandates for all business processes. Moreover, computerized best facility management software helps with cost-efficient energy planning, reduce compliance costs, enhance security, and provides efficient workplace management solutions. These benefits of best facility management software have played a major role in attracting large numbers of customers from various verticals, which is projected to further drive the market growth.

Increasing adoption of IoT and AI in facility management 

In the facility operations environment, an upward trend has been witnessed in the growth of smart connected devices, smartphone penetration, and data sharing. The IoT has led to high demand for modern facilities management. It quantifies unknown variables and provides a constant and real-time stream of data. The insights derived from the IoT solutions provide better decision-making and emphasize optimization. This mode of technological improvement has encouraged companies to rethink their workplaces and their role in supporting the business. Vast amounts of data, known as IoT data, are generated by built environments through sensors, meters, gauges, and smart devices. Key players are enabling facility management departments to take advantage of this data by infusing analytics and AI for delivering cognitive capabilities that analyze and learn from data generated.

Growing demand for using advanced technologies for sustainability at work places

The downfall of the traditional office layout has led to an increase in the need for space planning and workplace logistics. Due to the increase in technological advancements and a rise in the number of technologically skilled employees, the traditional workstyle is on the verge of becoming obsolete. In the current scenario, organizations are increasingly employing a workforce that is either working from home, in the local head office, or in any global branch of the organization. Other factors, such as Space-as-a-Service, economic growth, and sustainable business practices, also impact the growth of the facilities management software market. They have encouraged organizations to focus extensively on the way they are using and managing facilities. Organizations are increasingly using various technological devices at their workplace and employing individuals that are equipped with technical skills. In order to keep track of such a dynamic workforce, organizations are continuously updating their software solutions such as workplace management, project management, and other integrated facility management solutions. This increase in demand in organizations for facility management software is projected to drive the growth of the global facility management market.

Restraints

Lack of managerial awareness and standardization

Businesses do not completely understand the advantages of facility control applications. The concern arises from a lack of awareness and the introduction of prerequisite technology. Most organisations want to implement cloud infrastructure technologies and have not yet implemented an IoT ecosystem. Furthermore, their transition from traditional office configurations to a new configuration is still in its inception. With an essential aspect of operations being facilities maintenance, businesses remain ignorant of the emerging solutions. This has rendered it a complex challenge for organisations without hindering the key business processes to assign equal priority to their facility management.  The lack of standardisation is another problem that occurs, particularly in numerous building systems. In order to preserve access and ensure protection, prompt steps are needed when errors occur. For instance, in facilities that do not have standardized hardware selection could witness increased downtimes, and due to low stock companies either purchase components from local suppliers or are ordered, both of which cause delays and increase costs. Standardization can reduce costs, response time, and the need for the maintenance of personnel to learn how to maintain and replace a wide range of components. Therefore, both these factors are projected to inhibit the growth of the facility management software market.

Opportunities

Increasing demand for outsourcing facility operations

To optimise value generation, companies are reviewing their production systems. Nevertheless, they evaluate the optimal mix of outsourcing and contracting depending on efficiency, expense, and exposure until they outsource facility management to private entities. In many countries, including Europe, the Middle East and North America, outsourcing has now added immensely to the improvement of the facility management software industry. The phenomenon is primarily influenced by the growth in demand for high-quality workforce relationships and decreased running costs. In addition, the growth in outsourcing market is motivated by the higher installation costs of in-house facilities managers and the dynamic challenge of operating a wide package of solutions. There is a strong demand on enterprises to supply their clients with value, pushing them to continuously innovate and extend their core offerings to provide enhanced consumer offerings. As a result, there is often a reduction in their non-core facility management software budget, as employees and clients expect better workplace experiences.

Growing attention on incorporating BIM with facility management solutions

Facility management software vendors can integrate BIM with their facility management solutions to enhance the life cycle of facilities. The usage of BIM facilitates design modernization, value of structure, and precision in expense to develop and manage estimations. With the added pressure on building owners and operators to reduce energy usage and environmental impact, BIM allows simulated testing and analysis of building systems before construction to ensure that adequate measures have been taken to guarantee expected performance and change underperforming systems before they are installed.

Challenges

Integration with traditional ERP solutions

Traditional ERP software continues to witness increased preference in larger businesses. facility management software cannot be utilized as unique emulsions in the facility's numeral design. They are often required to be integrated with ERP systems.

Lack of knowledgeable or professional workers

Although there is an increase in the number of facility management software users, the lack of technical expertise required to operate and maintain these solutions discourages its adoption. This has led to a lack of professionals who have expertise in handling facility management software. There is also a lack of management and executive-level technological skill sets that are required to handle complex facility management software in large organizations.

Emerging Technologies

The position of technology in service management is essentially converting the contributions of facility management software and services worldwide. Advances in technology have made our lives easier in the field of facilities management.

Drones

Drone technology is witnessing rapid advancements. This technology is not costly and is very efficient. Drones can carry cameras to areas that are difficult to reach, which is beneficial for best facility management software, as it can inspect places, such as roofs, rooftop equipment, and building facades to regularly have an inspection of structural integrity or any another issue and assess building conditions. With the usage of drones, manual surveying, inspection, mapping, and modeling that are extremely time-consuming and costly, it can be completed quickly. Although the adoption of drones is still gaining traction, however, when it comes to building management, they have proven increasingly useful in many building and construction processes.

Machine Learning and IoT

IoT alludes to the arrange of internet-accessible gadgets utilized by the facility. Each sensor or gadget picks up information related to creating to better-informed office group of current temperature, light, vibration, or indeed sound levels in different ranges of a building. Facility optimization has been revolutionized by innovative technology and software platforms that also focus on enhanced asset performance, connected buildings, and preventive maintenance management. Further, internet-connected devices generate datasets for buildings and can now be leveraged through machine learning. Building owners, managers, and engineers are now trying to use machine learning to examine data and offer insights on market trends, building performance optimization, and other big-data applications.

Building Information Modeling

Building Information Modeling (BIM) can be utilized to form a real-time demonstration of the building, moreover called a computerized twin. Sensors can track building conditions, and the show can too be upgraded with information assembled amid reviews and support. BIM is utilized by temporary workers and modelers to create and scale virtual models of building ventures. In addition, BIM is valuable when arranging support since the assignment can be surveyed in a computer show sometime recently visiting the genuine area. BIM isn't a modern innovation. It is slowly picking up footing for office administration. Facility operators realize the power of these tools for project delivery and data accessibility.

Augmented Reality

Augmented reality (AR) is one of the effective devices utilized for facility administration. Within the facility administration market, the increased reality technology can be utilized to supply pictures of ceilings and floors, and the area of channels, conduits, and channels. The use of AR simplifies maintenance tasks and building system modifications while making work safer. The application of AR is adding visual cues to mechanical equipment, electrical installations, and other systems. Since AR headgear enhances the information gathered by human senses, it also improves awareness of the surrounding risks.

However, augmented reality has already started witnessing adoption for use in the development of facility management software and its use is projected to increase during the forecast period.