July 24, 2024
Space Planning Software Market
Ict

Automated Space Planning Tools Driving Growth of Global Space Planning Software Market

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 is used to design and optimize the utilization of available floor space in commercial and institutional buildings. The software allows users to digitally plan and manage spaces using interactive floor plans and diagrams. Some key features of space planning software include visualization of floorplans, space optimization, asset and furniture management, booking and scheduling capabilities. The software helps organizations efficiently allocate available areas, analyze space usage and utilization, share floor plans digitally, and monitor booking of facilities. Space planning software is primarily used by commercial real estate companies, hospitality businesses, healthcare facilities, educational institutions, manufacturing plants, and more to maximize space productivity. The automated tools help streamline operations, boost efficiency, facilitate collaboration and decision making related to facility and space management.

Market key trends:

The growing demand for optimization of operational costs is a key factor driving adoption of space planning software. Optimizing available space reduces rental expenses, lowers asset costs, and improves productivity for organizations. The software enables optimization of current floorspace through efficient layouts and designs. The rising focus on analytics-driven decision making is another major trend in the space planning software market. Software tools equipped with analytics dashboards and metrics help analyze utilization patterns, asset performance, space requests and more to make data-backed real estate portfolio decisions. The rising popularity of mobile and cloud-based solutions is also fostering market growth. Cloud deployment enhances collaboration and mobility while reducing IT infrastructure costs. Growing construction of new commercial buildings and expansion of existing facilities will further accelerate demand for space planning software over the forecast period.

Porter’s Analysis

Threat of new entrants: The space planning software market requires heavy investments in R&D to develop advanced algorithms and design tools. This poses high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute solutions. However, specialized requirements keep their options limited.
Bargaining power of suppliers: A few large vendors dominate the market. This gives them significant influence over prices and innovation.
Threat of new substitutes: Emerging technologies around IoT, AR, VR pose potential threats by enhancing space utilization. However, wide adoption will take time given current costs.
Competitive rivalry: Being a growing market, vendors compete intensely on parameters like features, pricing and support. This puts pressure on prices and accelerates innovation.

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 need for optimized space utilization across industries. The market size for 2023 is estimated to be US$ 967.43 Mn.

Regional analysis: North America dominates the market currently due to rapid technology adoption. Asia Pacific is expected to be the fastest growing market owing to growing construction activities and urbanization. Countries like China and India are expected to majorly contribute to the regional market growth.

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. Key players are focusing on partnerships and product innovations by incorporating new technologies to strengthen their market position.

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