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- Facility Management Statistics Market 2021-2022
An average of more than 1000+ global companies use facility management software for streamlining their regular building management operations. Software like Workforce Automation System (WAS), Computerized Maintenance Management Software (CMMS), Building Automation System (BAS), and others play a dominant role in the overall running of a facility, whether it is old or new.
Nevertheless, facility management statistics have fluctuated greatly over the years.
Facility Management Statistics Market 2021-2022
- A CAGR of 11% is expected to be achieved in the global market for enterprise asset management software, which is valued at $4 billion.
- Between 2019 and 2020, the value of North America’s market grew by 7.78%.
- Among all large US markets in 2018, Salt Lake City and San Antonio had the worst resident retention rates at 46.3%.
- Between 2017 and 2022, the Australian Facilities Management and Other Office Administrative Services market shrank by 0.3% annually.
- According to the page source, the Australian facilities management, and other office administrative services market will grow by 0.3% per year between 2017 and 2022.
- The facility management market will grow at a 5.0% CAGR in the forecast period instead of the predicted 11% in 2022.
- A CMMS has about 80% of its functionality not utilized by its users.
- Historically, total productive maintenance increased plant capacity and productivity by over 10% and 50%, respectively, but over half of all attempts to implement TPM or emergency preventive maintenance fail.
Facility Management Latest Statistics
- 38% of all-American bridges need repair work, and over 47,000 bridges are considered urgently in need of repair.
- It is estimated that about 53% of facilities use a CMMS to monitor maintenance, whereas the remaining 44% use paper because CMMS are difficult to use.
- A $50 billion annual cost is estimated to be incurred due to unplanned downtimes in facility management.
- Downtime approximately costs most factories between 5% and 20% of their productivity.
- The U.S. manufacturing industry uses outdated equipment and facility management software worth about $40 billion.
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- While preventive maintenance is still preferred by 80% of maintenance personnel, predictive maintenance usage increased from 47% in 2017 to 51% in 2018.
- Each dollar spent on preventive maintenance saves the company on average $5 later on, and companies can save between 12 and 18% when they use it over reactive maintenance.
- With predictive analytics, you can save 30% to 40% and yield a tenfold return on investment.
On that note, now that you have seen the statistics related to facility management, do you notice the discrepancy in growth over the years?
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In short, Facility management software like CMMS and others solve problems in the long run. However, it is so technically intricate that most field workers do not understand its workings of it.
FM software has a few gaps that make them slower when it comes to dealing with facility emergencies.
Facility Management Software: Issues with Emergency Planning
You might be using the best facilities management software in your city, and yet, do you see hidden costs adding up in your accounts?
Has there ever been a situation, where you have not been in your facility, and a storm hits? You couldn’t answer your phone when the tenants called, and the next day you found your facility flooded.
How much money does it take to get rid of the flood water? What about the equipment’s health? God forbid, you belong to an IT sector because a flood in such a situation would mean the loss of billions in case equipment is compromised.
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Additionally, imagine if water got into your data repository room, you would lose countless asset data, compliance data, building plans, as-builts, and whatnot. So, instantly, the security of your facility will fall.
So, that would explain your hidden charges, despite having the best building management software in hand.
Now, hypothetically imagine this, you are present in the building when an emergency occurs. For example, an active shooter comes into a facility like a school. Will you then rush to use the complex CMMS to find evacuation routes for the students in a state of panic?
Well, not the best option, right?
This is where the best facility management tools are still falling short.
Yet, do not worry! There is a solution
How to Counter Facility Emergencies?
Modern facility management solutions aim to fix the gaps in the facility management software via the use of mobile-based technologies like apps.
These apps and APIs combine interactive mapping software to capture all facility data and store it in secure cloud storage. This app aims to take all the data out of the repository rooms and store it over the cloud.
This way, whenever something goes off in a facility or an emergency strikes, anyone can access the right data and take the necessary steps to prevent further damage to a building.
This way, a lot of money and time is saved. Additionally, instant access to basic facility data also enhances productivity and improves the mindset of facility field workers.
Well, this sums up the drawbacks of facility management software when it comes to emergency prevention. Therefore, make sure to invest in a web or mobile facility app for improved facility functions and emergency mitigation.