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 facility management software market is defined as the collective market for solutions and services, which offer a platform to manage and optimize the core operational processes, such as infrastructure life cycle, security, emergency and incident, waste, sustainability, assets, space and floor planning, in a facility of any enterprise.

Top 10 Facility Management Software Providers

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 software 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 Best Facility Management Software. Further, enterprises realize the need for technologically advanced Facility Management Software to comply with environmental and regulatory policies. Moreover, integrated Facility Management Software is in demand, which is also contributing to the growth of the global facility management market. An important feature of Facility Management Software is that these solutions enable enterprises to streamline operational processes, enhance customer service delivery, and ensure cost savings. Another advantage is that the solution helps the facility management team to develop sustainable buildings and optimize functions at the most efficient level. Similarly, best 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.

Best 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. Best Facility Management Software 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, Best 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 software as they are instrumental in fulfilling the tailor-made requirements of clients. Best 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 best facility management software includes:

This category of facility management software includes:

This category of facility management software includes:

This category of facility management software includes:

Market Dynamics

As companies are moving toward digital transformation, there are many factors that are affecting the growth of the best 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 software

Cloud-based solutions offer a reliable means of hosting the facility management software. They also help in reducing the operating costs of organizations, as they enhance security and collaboration among teams and subsidiaries present in multiple locations. Other advantages of cloud-based facility management software include secure hosting of critical data, improved security and scalability, and quick disaster recovery. The backups are stored on a shared or private cloud host platform, which allows organizations to recover critical server data easily. The data can be easily accessed anywhere with a stable internet connection via secure logins.

Increase in demand for software-oriented best facility management software

The integration of BIM with facility management 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 software

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 inclination to use advanced technologies to maintain 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

The benefits of facilities management software are not entirely recognized by enterprises. The problem originates from a lack of understanding and adopting prerequisite technologies. Many businesses are still adopting cloud computing systems and have not adopted an IoT ecosystem yet. In addition, their transition from conventional office layouts to a modern set up is still in its infancy. Despite facility management being an important part of operations, enterprises are unaware of the evolving solutions. This has made it a complex task for organizations to give equal importance to their facility management department without hindering the core business processes. Another problem that arises, particularly in multiple building facilities, is the lack of standardization. When failures occur, prompt actions are required to maintain access and ensure security. 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

Growing trend of outsourcing facility management operations

Outsourcing of facilities management continues to increase in popularity. Organizations are evaluating their operating models to maximize value creation. However, before they outsource facility management to third parties, they review the appropriate mix of insourcing and outsourcing based on capability, cost, and coverage. Outsourcing has now contributed significantly to the growth of the facilities management software market in several regions, including Europe, the Middle East, and North America. The trend is largely driven by the increase in demand for high-quality workplace experiences and reduced operating costs. Moreover, the rise in demand for outsourcing is driven by the increased installation cost of in-house facility management teams and the complex task of managing a large suite of services. There is a high pressure on companies to offer value to their customers, compelling them to constantly innovate and expand their core services to deliver improved customer services. As a result, there is often a reduction in their non-core facility management budget, as employees and clients expect better workplace experiences. These factors are projected to make outsourcing an attractive proposition.

Increasing focus on integrating BIM with facility management solutions

The use of BIM technology with facility management software has increased significantly in recent years. Facility management software vendors can integrate BIM with their facility management software solutions to enhance the life cycle of facilities. The use of BIM enables design innovation, quality of construction, and accuracy in cost to build and operate estimates. 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 of facility management with legacy ERP systems

Legacy Enterprise Resource Planning (ERP) software continues to witness increased preference in larger businesses. Facility management software cannot be used as isolated solutions in the facility's digital architecture. They are often required to be integrated with ERP systems.

Dearth of skilled or expert workforce

Although there is an increase in the number of facility management solution 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 solutions. There is also a lack of management and executive-level technological skill sets that are required to handle complex facility management solutions in large organizations. Qualified professionals are focusing on overcoming these challenges but it will take several years to educate and train the employees who operate facility management solutions. These concerns related to the availability of technical expertise are projected to discourage the adoption and growth of the global facility management market.

Emerging Technologies

The role of technology in facility management is fundamentally transforming the offerings of facility management software and services globally. Advances in technology have made our lives easier in the field of facilities management. In this section, we will discuss the major benefits of using the facility management software.

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 facility management software, as it can inspect places, such as roofs, rooftop equipment, and building facades to check for structural integrity or other issues and assess facility 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 refers to the network of internet-accessible devices utilized by the facility. Each sensor or device picks up data related to developing to better-informed facility team of current temperature, light, vibration, or even sound levels in various areas 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 used to create a real-time model of the building, also called a digital twin. Sensors can track building conditions, and the model can also be updated with data gathered during inspections and maintenance. BIM is used by contractors and architects to develop and scale virtual models of building projects. Moreover, BIM is useful when planning maintenance since the task can be reviewed in a computer model before visiting the actual location. It gives building owners and operators a complete visual model of their facility prior to construction. BIM is not a new technology. It is gradually gaining traction for facility management. Facility operators realize the power of these tools for project delivery and data accessibility. When integrated with existing work order programs or facility maintenance software, facility teams realize an improved ability to retrieve Operations and Maintenance (O&M) manuals, floor plans and asset information. However, companies are capitalizing on the opportunity to improve collaboration and communication between building teams through visual modelling

Augmented Reality

Augmented reality (AR) is one of the powerful tools used for facility management. In the facility management market, the augmented reality technology can be used to provide images of ceilings and floors, and the location of pipes, conduits, and ducts. 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.

In a few words, AR can help complete the task at hand, while warning about the surrounding hazards. 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.

Best Facility Management Software, By Type

In-house facility management

In-house facility management software 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 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 providers. These providers deliver services to the client organization through a mixture of their own resources and series of subcontracts. Moreover, facility management 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 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.

Best Facility Management Software, By Deployment Type

Based on the deployment type, the facility management 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

The on-premises deployment type refers to the installation of software and solutions in the premises of the organization. In this deployment mode, the organization is responsible for maintaining the solution and all its related processes. These solutions are delivered on a one-time license fee and an annual service agreement, which includes a free modification or upgrade and installation of new functionalities. The on-premises deployment of facility management solutions requires dedicated infrastructure and servers. It also requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure. Organizations that can afford to manage dedicated servers usually deploy on-premises solutions.

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 providers. These solutions can be accessed through the internet using web-based tools. They can be accessed anytime from any place on demand via the pay-per-usage platform. The market for cloud-based solutions is gaining popularity due to multiple advantages offered by the cloud model. Some of these benefits are low operational costs, adaptability, simple deployment, and easy collaboration. On-premises facility management solutions are 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.

Best Facility Management Software, By Offering

The facility management market based on offering has been segmented into facility management software 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. However, legacy solutions in traditional models cannot provide rapid scalability, flexibility, manageability, and cost-effectiveness to support the exponentially evolving and complex management needs of today’s enterprises. 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 supports processes in facility management and real estate management. IWMS provides an extensive range of facility management tools under a single, unified software platform. It increases visibility, control, and automation of enterprise real estate management, capital project, space management, facility maintenance, and energy management requirements. IWMS often has to be integrated with various IT solutions, such as enterprise resource planning (ERP), human resources (HR), and building management system (BMS), because these systems contain data that is relevant for facility 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 Information Modeling - BIM is an intelligent 3D model-based process that offers facility architecture, engineering, and construction professionals the insights and tools to efficiently plan, design, and manage buildings and infrastructures. The facility management team uses BIM software during the operational phase of the buildings’ life cycle to improve the effectiveness of their facility operations. BIM solutions hold information about building equipment and help facility managers eliminate the efforts required to accurately manage maintenance systems. Moreover, the BIM solution assists in the analysis and comparison of various energy alternatives to help facility managers effectively reduce environmental 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 data, organizations can gain an improved understanding of their operational efficiencies and effectiveness. Moreover, data insights accelerate the capability of enterprises to react to changes and identify threats, thereby ensuring higher returns on investments from facilities. These solutions enhance visibility, control, and automation in the operations and security areas mentioned above. Facility operations and security management solutions help enterprises transform and manage their facilities, achieve increased efficiencies, and ensure more effective utilization of facilities and greater financial returns. These solutions have been further categorized into lighting control, HVAC control, video surveillance and access control, and emergency and response management solutions.
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. Moreover, these solutions assist facility managers in aligning real estate strategies with enterprises’ long-term growth strategies.

Services

Services play a vital role in the deployment and integration of facility management solutions in an enterprise’s facility. Services are an important part of the facility management market as they majorly focus on improving business processes 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. It broadly comprises deployment and integration, consulting, auditing and quality assessment, support and maintenance, and SLA management services. As the market for facility management solutions gains pace, the demand for services is also expected to increase, especially for quality assessment and auditing, and deployment and integration services.

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 solutions. 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.

Facility Management Software, By Vertical

This chapter discusses the current and forecast trends in the facility management 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 solutions 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 solutions during the forecast period. Enterprises in the BFSI and IT and telecom verticals are the early adopters of facility management solutions 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 solutions 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 solutions. 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. Facility managers in government and public administration organizations have to deal with a variety of infrastructure and other related properties. Enterprises in this vertical are accountable to the public. Best 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 increased the need for facility management solutions. Best Facility management software and services include tools such as hospital asset management software, real-time locating system (RTLS), work order management software, and energy management solutions. These solutions and services help facility management teams focus on best processes that are aligned with regulatory and accreditation requirements.

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 role in the development of educational institutions. The trend of facility management is growing in educational campuses for managing both short-term and long-term plans. Facility management in the education vertical involves strategic planning, decision-making, asset planning, maintenance, financial management, and project planning, among others. Educational facility managers have to handle and manage all the aforesaid facility management processes on a daily basis.

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. Retailers are installing smart thermostats that communicate wirelessly with HVAC and lighting systems. These smart thermostats can even connect to the cloud to permit retail facility managers to remotely monitor and control their energy systems.

Energy And Utilities

The energy industry is the backbone of society and plays a significant role in the development of the nation. The energy and utilities vertical has implemented advanced facility management solutions to reduce costs, maintain growth, and enhance productivity in today’s highly competitive market. Facility management and automation solutions have already started replacing manual tasks, and a similar trend is expected to impact every operational aspect of utility companies during the forecast period. This factor has led to the increased adoption of facility management solutions 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 solutions. However, low-margin utility businesses in highly competitive domains, such as energy retailing, are expected to gradually adopt facility management solutions.

Manufacturing

Manufacturing involves several processes, from factory floor operations to productivity and profitability. Manufacturing companies need to produce good-quality products while reducing operational costs, managing unwarranted incidents, and improving overall product performance. Facility management solutions assist in addressing these challenges and improving the overall business profitability. These solutions enable facility management teams to centrally develop, manage, upgrade, scale, and maintain all the control, data, and visualization systems under one integrated, powerful environment.

Construction And Real Estate

Construction and real estate is a growing vertical in the facility management market. The high costs in this vertical are due to the complex project structures. The use of different solutions, such as CAFM, IWMS, commercial property management software, and real estate asset management systems, in the real estate sector has enabled enterprises to generate significant revenues. These solutions help enterprises in the real estate and property sectors manage infrastructure changes, ensure efficient space usage, increase profitability, and reduce expenditure, among others. The construction and real estate vertical is expected to evolve in the future and show high potential in the facility management market.

Others

Other verticals in the facility management market include media and entertainment, transportation and logistics, and hospitality. These verticals are also growing and have shown a significant increase in the adoption of facility management solutions. Enterprises in the media and entertainment vertical face many challenges, such as inefficient capital expenditure, creation of continuous business value, and difficulties in contract negotiations. These challenges have encouraged enterprises in the media and entertainment vertical to adopt effective facility management solutions.

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.