Computer Aided Facility Management Cafm Market Forecast 2027
Computer aided facility management (CAFM) is a technology that combines business administration, behavioral science, architecture, and engineering concepts to optimize the functioning of an organization. The main function that separates it from earlier versions of facilities management is that it utilizes CAD (computer-aided design) elements and visuals in combination with alphanumeric data processing. The computer-aided facility management (CAFM) market is set to reach slightly above US $500 Mn by 2025.
Global Computer Aided Facility Management (CAFM) Market – Dynamics
Evolution of Industry 4.0 is expected to drive the Computer Aided Facility Management (CAFM) Market
Industry 4.0, popularly known as smart organization, is considered the fourth era of industry that collaborates computing and automation. It also includes cyber-physical systems, Internet of Things, cloud computing, and cognitive computing. This initiative has increased the adoption level of automation software and systems across the globe. Industry 4.0 is expected to drive the growth of the computer aided facility management (CAFM) market due to its major operational and administrative benefits.
To Garner Compelling Insights on The Forecast Analysis of Market, Request a Sample Here
Growth in Cloud based Engineering Software is expected to drive the Computer Aided Facility Management (CAFM) Market
Cloud-computing technology, combined with increased configurability and computing mobility of software and services, is creating a wide range of opportunities for end-users. This has led to a rise in the level of effectiveness of data sharing inside organizations since it ensures sharing of applications and services within the organization. It has also resulted in the sharing and accessing of a deeper level of information across various end-use sectors. Major advantages of cloud-based computer aided facility management (CAFM) which are bolstering the market include administration benefits, cost benefits, designing benefits, and data benefits. Implementation of cloud-based services and solutions is expected to give more ease and accessibility to users, which in turn would boost the growth of computer aided facility management (CAFM).
Cost Concerns Restricting Growth of the Computer Aided Facility Management (CAFM) Market
High Cost of Software Integration for On-premise Deployment
Cloud based simulations are gaining popularity due to ease of use and low cost. However, on-premise solutions could be of significant importance as compared to its counterpart, to conduct simulation on a very large scale and due to security concerns. Implementation and application of on-premise based computer aided facility management (CAFM) software attracts higher cost, making it difficult for small and medium enterprise to implement it.
North America Expected to Dominate the Global Computer Aided Facility Management (CAFM) Market
In terms of region, the global computer aided facility management (CAFM) market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global computer aided facility management (CAFM) market during the forecast period, as the adoption of enterprise workflow automation technologies within this region is very high compared to other regions.
For More Actionable Insights into The Competitive Landscape of Market, Get a Customized Report Here
Global Computer Aided Facility Management (CAFM) Market – Competition Landscape
- In August 2018, a new generation of the Computer Aided Facilities Management (CAFM) system was launched by The University of Hong Kong, specifically for space management, building operations, store management, furniture management, equipment management, and events management.
IBM Corporation
Established in 1911, IBM Corporation is headquartered in Armonk, New York, the U.S. Previously known as Computing-Tabulating-Recording Co., the company changed its name to International Business Machines Corporation, i.e. IBM Corporation in 1924. IBM Corporation operates as an integrated services and technology company across the globe. It functions through five business segments: global business services, cognitive solutions, systems, technology services & cloud platforms, and global financing. It offers a high-performance simulation framework called Qiskit Aer for the open source Qiskit software stack.
You May Also Like PRNewswire on In-flight Catering Market
