The global Space Planning Software Market is estimated to be valued at US$ 967.43 Mn in 2023 and is expected to exhibit a CAGR of 8.11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Space planning software helps organizations efficiently plan and manage workspace allocation. It allows tracking asset and occupancy data to optimize space utilization.
Market key trends:
One of the major trend in the space planning software market is the growing adoption of cloud-based space planning software. Cloud deployment allows accessing software from anywhere using an internet connection. It reduces IT infrastructure and maintenance cost. Cloud space planning solutions provide flexibility, mobility and scalability. Many players are offering SaaS based space planning tools to gain larger customer base.
SWOT Analysis
Strength: Space planning software helps facility managers to plan the optimal use of available space in the most efficient way which maximizes space utilization and minimizes costs. It allows tracking of facility assets, space allocation and reservations, and moves/additions/changes.
Weakness: Higher upfront costs associated with implementation and training require significant investment. Data integration issues may arise while bringing different data sources together in a single platform.
Opportunity: Growing demand for space optimization solutions due to increasing construction of new commercial buildings provides huge opportunity for market growth. Adoption of cloud-based space planning tools is increasing due to benefits of web-based access and lower upfront costs.
Threats: Availability of open-source and low-cost alternatives poses pricing pressure on established vendors. Macroeconomic uncertainty during recession may lowering capital expenditures on space planning solutions.
Key Takeaways
The Global Space Planning Software Market Size is expected to witness high growth, exhibiting CAGR of 8.11% over the forecast period, due to increasing demand for optimal space utilization from commercial real estate owners and facility managers.
The North American region dominates the global space planning software market currently due to rapid growth in construction activities and early adoption of new technologies among facility managers in the region. The Asia Pacific region is expected to register fastest growth over the forecast period led by infrastructure development and smart city projects in major economies like China and India.
Key players operating in the space planning software market are Accruent, Archibus, FM:Systems Group, LLC, IBM TRIRIGA, iOFFICE, OfficeSpace Software, Planon, QuickFMS, and SPACEWELL INTERNATIONAL. Most vendors are focusing on enhancement of existing solutions by incorporation of augmented and virtual reality, IoT, and AI-powered tools to provide more advanced space optimization capabilities. Partnerships with architectural and engineering firms are also on the rise to promote integrated workplace management system offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
