The global facility management market size to grow from USD 42.2 billion in 2021 to USD 76.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.6 % during the forecast period. Various factors such as a surge in demand for cloud-based facility management solutions and rise in demand for facility management solutions integrated with intelligent software are expected to drive the adoption of facility management solutions and services.
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Facility management plays an important role in dealing with COVID-19 to create a safe work environment. This starts with sanitization. Facility managers need to evaluate janitorial schedules, daily cleaning practices, spot sterilization, and workplace-specific sanitization standards. For many facilities managers, building sanitization means exploring new products and practices that address COVID-19 specific concerns. The impact of COVID-19 for facility managers also extends to facility policies. FMs face the tedious task of re-educating employees and visitors about how to interact with the workplace consisting of everyone and everything in it. To survive this pandemic, companies need to focus on customer care and concerns, stay connected to customers as per their channel choice, build agile capabilities for fluid times, and adapt to situation-based circumstances. Organizations would need to rethink their business and operating models. Consumers’ search for value for money is a fundamental change in purchase priorities and will be prevalent in the upcoming years.
The solutions segment to hold a larger market size during the forecast period
The solutions segment includes an integrated workplace management system (IWMS), building information modeling (BIM), facility operations and security management, facility environment management, and facility property management solutions. The factor supporting the growth of the facility management market is the significant requirement of enterprises to deliver a highly personalized solution and enhance customer experience, as well as redesign the traditional facility management model by leveraging advanced software, IoT, and analytics. An effective facility management solution must be multi-level, which would enable the management of all facility management processes, from lighting, HVAC, security, emergency and incident, sustainability, waste, and lease accounting to real estate management, asset maintenance, workspace and relocation, and reservation management. Companies have realized the importance of improving efficiencies and streamlining processes within real estate and facility functions to reduce operating costs, improve energy consumption, and support sustainable objectives.
According to IBM, facility management can be defined as the tools and services that support the functionality, safety, and sustainability of buildings, grounds, infrastructure, and real estate. Facility management includes lease management, including lease administration and accounting; capital project planning and management; maintenance and operations; energy management; occupancy and space management; employee and occupant experience; emergency management and business continuity; and real estate management
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Some of the key players operating in the Facility management market include. International Business Machines Corporation (US), Oracle Corporation (US), SAP SE (Germany), Trimble Inc. (US), Fortive (US), MRI Software LLC (US), Planon (US), Infor (US), Service Works Global (UK), Facilities Management eXpress (US), Causeway Technologies (UK), FM:Systems (US), Spacewell International (Belgium), iOFFICE + SpaceIQ (US), Archidata Inc. (Canada), JadeTrack Energy Management Software (US), UpKeep Maintenance Management (US), Apleona GmbH (Germany), FacilityONE Technologies LLC (US), OfficeSpace Software Inc. (US), Facilio (US), eFACiLiTY (India), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US). These facility management vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global facility management market.
IBM was founded in the year 1911 and is headquartered in Armonk, US. IBM is one of the leading providers of a broad range of hardware, software, and related services. These software and services are required for various areas, ranging from mainframe computers to nanotechnology. The company also specializes in cloud, mobile, cognitive, security, research, Watson analytics, consulting, commerce, experience design, IoT, technology support, industry solutions, system services, IT infrastructure, resiliency services, and financing. It provides services such as business consulting, technology, financing, industry expertise, and training. It is listed on the New York Stock Exchange (NYSE) under the ticker symbol IBM. IBM caters to diverse industries, such as communications, BFSI, energy and utilities, hospitality, healthcare, retail, travel and transportation, government and public sector, media and entertainment, and education. It has presence in more than 170 countries; it had approximately 345,900 employees in the fiscal year 2021. The company’s major operations consist of six business segments: Global Technology Services, Cloud and Cognitive Software, Global Business Services, Systems, Global Financing, and Other. In the facility management market, the company offers IBM TRIRIGA Facilities Manager, IBM TRIRIGA Real Estate Management Software, IBM TRIRIGA Capital Project Management Software, and IBM TRIRIGA Environmental and Energy Management Software. In addition, the company provides IBM TRIRIGA, which is an integrated facility management software that helps its clients to improve facilities operations, reduce facility costs, and lower energy consumption. Its offerings help enterprises optimize facility performance and management.
Oracle was founded in the year 1977 and is headquartered in Austin, US. The company is one of the leading providers of a wide array of technologies, including database, application, storage, and cloud. Its offerings are categorized into three business segments: Cloud and License, Hardware, and Services. The Cloud and License segment offers software-as-a-service (SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), applications, databases, and middleware software. The Hardware segment provides Oracle-engineered systems, servers, and storage, and industry-specific products. The Services segment offers cloud services to organizations of all sizes, government agencies, educational institutions, and resellers. The company delivers its products to over 400,000 customers worldwide with the help of a diverse variety of flexible IT deployment models, including on-premises, cloud, and hybrid. It caters to various verticals, including automotive, financial services, healthcare, hospitality, public sector, retail, and utilities. It had 136,000 experts that catered to its global customer base in 2019. Oracle operates in North America, Latin America, Europe, MEA, and APAC. Oracle, with its Primavera product portfolio, offers Facilities and Asset Lifecycle Management (FALM), maintenance management, and capital project and program management. Oracle IWMS delivers a comprehensive suite of operational applications to manage the complete real estate life cycle. It describes the evolving market for enterprise solutions that supports the management of facilities, real estate, physical assets, and the associated services in support of workplace management.
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