According to a recent study report published by the Market Research Future, The global market of Facility Management is projected to gain prominence over the forecast period. The Market is forecasted to witness a phenomenal growth by 2022; with a striking CAGR. With a double digit CAGR of ~13% during forecast period 2016-2022; MRFR hopes the market to reach to USD ~ 60 Billion by 2022.
The major growth driver of facility management market is changing work culture in the organization which is demanding for efficient facility management services. Other factors such as increasing cloud technology market, growing trend of outsourcing facility management operations, increasing commercial real estate properties and growing focus on building asset & space management system by an organization is expected to drive the facility management market in the upcoming future. However, lack of awareness and highly adopted & comfortable traditional approach is projected to hamper the growth of facility management market during 2016-2022.
The facility management is the process of managing multiple disciplines and operations of an organization and ensures smooth functionality of the built environment. It integrate people, place, process, and technology and assist the company to focus on its core competencies. Its core competencies include communication, environment sustainability, finance & business, leadership strategy, operation & maintenance, project management, property management, and technology management. Facility management provides various benefits over traditional approach namely it enables cost effective working processes within the business, motivates smart working by implementing smart IT systems, integrate business related information on one platform, and maintains complete compliancy of an organization. With these benefits, the business owners are able to analyze insights for their provided facilities and can make more informed decisions.
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IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), EMCOR group, Inc. (U.S.), Aramark Corporation (U.S.), FM System, Inc. (U.S.), CA Technologies, Inc. (U.S.), Accruent, LLC (U.S.), Interserve Plc. (UK), Trimble, Inc. (U.S.) are some of the prominent players at the forefront of competition in the Global Facility Management Market and are profiled in MRFR Analysis.
According to Market Research Future Analysis, The Global Facility Management market is estimated to reach around USD 60 billion by 2022 growing with approximately 13% CAGR during forecast period 2016-2022.
Characterized by the presence of several well-established and small players, the global Market of Facility Management appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, reputation and services. These vendors strive to offer unrivalled services at a lower cost.
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Facility Management Global Market – Segments
The Facility Management Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Services : Comprises Project Management, inventory management, maintenance management, operation management, and others.
Segmentation by Deployment : Comprises on-premise and cloud.
Segmentation by End-Users : Comprises Real Estate, Healthcare, Education, Retail, Manufacturing, BFSI, Government, IT & telecom and others
Segmentation by Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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