Facility Management Market – Overview:
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.
The major growth drive 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.
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.
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Regional Analysis of Facility Management Market:
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.
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.
Segments for Facility Management Market:
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.
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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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