May 29, 2024

Space Planning Software Is Expected To Be Flourished By Growing Need For Efficient Space Utilization

Space planning software enables architects, facility managers and HR personnel to virtually design office spaces, analyze space utilization, and plan office relocations with precision. These solutions automate floorplan designs, generate 3D models, take employee headcounts and other metrics into account to optimize space allocation. They help evaluate optimal desk allocation, conference room booking and other resources. Key capabilities include space analysis, space management, space booking and resource allocation. The software integrates with other facility management tools to streamline operations. Rising need among organizations to optimize real estate portfolio and enhance worker experience is a key driver for adoption.

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 13.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing need for efficient space utilization is expected to drive the market growth over the forecast period. With rising real estate costs and focus on enhancing productivity, companies are under increasing pressure to optimize existing floor space. Space planning solutions help analyze current space allocation and identify underutilized areas through floorplan design and simulation tools. This enables better space redesigning and reallocation. Moreover, the ability of these solutions to integrate with workplace management and HR systems facilitates automated space booking, accurate headcount data collection and resource planning. The opportunities for cost reduction through space optimization is a key driver for the adoption of space planning software.

 

Segment Analysis

The space planning software market is segmented by type into space management, architectural/ floor planning, and real estate management. The space management segment is dominating the market as these software help organizations monitor space usage, track lease expirations and reductions to maximize space utilization. These software help optimize space allocation and analyze utilization of spaces like offices, conference rooms, etc.

PEST Analysis

 

Political: Regulations around building codes and zoning are influencing the adoption of space planning software as they help comply with these regulations.

Economic: Organizations are investing in these software to optimize real estate footprint and reduce costs of unused/underutilized spaces. The growth of co-working industry is also driving adoption.

Social: Growing popularity of remote and hybrid working models is increasing demand for digital tools to manage staff presence in offices and book shared workspaces.

Technological: Advances in IoT, Cloud, and AI are augmenting software capabilities around real-time space monitoring, automated reports, predictive analytics. Integrations with other facilities management solutions are also enhancing.

Key Takeaways

The Global Space Planning Software Market Demand is expected to witness high growth over the forecast period.

North America region dominates currently due to high real estate costs and focus on productivity. The Asia Pacific region is projected to grow at fastest pace led by growing real estate industry and small & medium enterprises adoption in India and China.

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. Key players are focusing on new product launches and partnerships to gain more share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it