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.
The increasing demand for efficient facility management services due to the changing work culture in the organizations is one of the major factors driving the global facility management market. Inclination towards the adoption of cloud-based services and the growing trend of outsourcing facility management services is fuelling the growth of global facility management market. Increasing collaboration of local facility management service providers with international players is creating new opportunities for facility management market on a global level. The growing focus on building assets and space management systems by organizations, increasing number of commercial real estate properties, rising demand for reduced operational cost in order to pin more focus and investment in the core services of the companies are some of the major factors that are causing the global facility management market to bolster in the forecast period.
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The innovative initiatives taken by the leading players in the global facility management market is increasing the competition among these players in the global market. In May 2018, the introduction of a complete, integrated and customizable cloud platform with the combined power of Oracle cloud’s IaaS and PaaS offerings has led the companies and organizations around the globe to adapt Oracle cloud solutions to fuel their modernization efforts. On 6th June 2018, SAP SE (Germany) has introduced a conversational AI that can be configured with SAP as well as non-SAP system to provide easily accessible insight of the data by combining machine learning and natural language query (NLQ) leading to faster and more accurate results. These are some of the innovations that are fuelling the competition between the players.
Some of the prominent players in the facility management market are 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.) and others.
Market Research Future (MRFR) has published a report asserting the global facility management market is anticipated to expand at a CAGR of over 13 % during the forecast period of 2016-2022.
Global Facility Management Market can be segmented as follows:
Segmentation by Services: Project Management, inventory management, maintenance management, operation management, and others.
Segmentation by Deployment: on-premise and cloud.
Segmentation by End-Users: Healthcare, Education, Retail, Manufacturing, Real estate, BFSI, Government, IT & telecom and others.
Detailed Regional Analysis:
North America is expected to dominate the facility management market during the forecast period 2016-2022 due to high adoption of technology advancement by manufacturing & IT sectors thereby lead to early adoption of facility Management services by companies in the region. Europe is also considered to support North America in generating high revenue for facility management market. The growing demand for support & maintenance services by manufacturing industry for services namely plant maintenance, and fabrication is expected to drive the market in the region. Furthermore, Asia-Pacific is expected to be the fastest growing market for facility management during the forecast period 2016-2022 due to changing work environment in the region. Also, increasing cloud based deployment among organizations and rising demand for soft services by education and residential sector is projected to increase the market of facility management in the region.
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- Facility management providers
- Managed service providers
- Cloud and network service providers
- Training and consultancy
- Application developers
- Integrated service providers
- Database vendors
- Small & large enterprises
- End users
- Technology investors
- IT vendors
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