July 25, 2024
Space Planning Software Market
Ict

Space Planning Software’s Spatial Mapping Functions Are Anticipated To Openup The New Avenue For Space Planning Software Market

The Space Planning Software Market is estimated to be valued at US$ 967.43 Mn in 2023 and is expected to exhibit a CAGR of 8.1% 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 optimize the use of existing space by facilitating digital floor plan mapping, tracking space utilization over time, and simulating “what-if” scenarios to improve space allocation. They offer functions like measurement tool, drag-and-drop furniture placement, collision detection, occupancy tracking, heat mapping, and 3D rendering. These solutions are widely used by facilities managers, architects, and workplace strategists.

Market Dynamics:
Growing need for space optimization is a key driver fueling adoption of space planning software. With rising real estate costs, organizations are under pressure to utilize existing space efficiently. Space planning solutions help identify underutilized areas and reallocate them productively. They also enable work from home/hybrid work modeling post pandemic. Furthermore, advancing technologies such as AI, IoT, and augmented/virtual reality are allowing spatial mapping at finer levels of detail and accuracy. Space planning software vendors are leveraging these technologies to introduce novel features around predictive analytics, occupant behavior simulation, and interactive 3D renderings. This is in turn augmenting the market growth.

Segment Analysis

The space planning software market is dominated by the cloud segment owing to its scalability and cost-effectiveness. Cloud-based space planning software allows any number of users to access tools and collaborate on projects from anywhere in the world through internet. This provides flexibility to organizations and remote workforce.

PEST Analysis

Political: Governments across the world are focusing on efficient utilization of space which drives demand for space planning software. Some nations have also implemented policies supporting digital transformation of businesses.

Economic: Growing need to optimize space utilization amid high real estate costs is a key factor driving demand. Space planning helps organizations reduce rental expenses and facility management costs.

Social: Rising focus on employee well-being and experience is propelling organizations to adopt efficient space planning solutions. Proper workplace planning ensures smooth collaboration and productivity.

Technological: Advancements in AI, IoT, and BIM are allowing real-time data integration and improving simulation capabilities of space planning software. VR/AR integration improves planning accuracy.

Key Takeaways

The Global Space Planning Software Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing digital transformation of workplaces. The market size for 2023 is estimated at US$ 967.43 Mn.

The North America region dominates the market owing to significant technological advancements and rising focus on workplace optimization from organizations in the region. Countries like the US and Canada are major revenue generators.

The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rapid industrialization and growing construction activities in major economies of the region like China and India.

Key players operating in the space planning software market include Accruent, Archibus, FM:Systems Group, LLC, IBM TRIRIGA, iOFFICE, OfficeSpace Software, Planon, QuickFMS, and SPACEWELL INTERNATIONAL. Archibus and iOFFICE are gaining popularity due to their comprehensive suite of tools and collaborative features.

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