Facility management services provide various benefits over the traditional approach. It enables cost-effective working processes within the business, motivates smart working by implementing smart IT systems, and integrate business-related information on one platform, all while maintaining complete compliance of an organization.
With these benefits, the business owners can analyse insights for their business growth and can make more informed decisions. As a result, outsourcing facility management services operations has become a growing trend among businesses.
The global facility management services market is growing rapidly, mainly due to the changing work culture in the growing number of organizations which demands efficient services to manage the gamut of day to day operational task.
Facility management services market is growing by leaps and bounds and expected to witness a commendable growth at 12% CAGR during the assessment period (2017-2023). The facility management service providers operate by offering services in the likes of maintenance and care to commercial and institutional buildings and work places such as arenas, offices, convection centers, educational centers, hotels, malls and hospitals. Despite facilities management being an umbrella term there has not been much changes except with regards to use of technologies. Facility management comprises of multiple competencies such as leadership and strategy, property management and real estate, quality, project management, communication, human factors, environmental sustainability, business continuity and emergency preparedness.
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Facility management services manage multiple disciplines and operations of an organization and ensure smooth functionalities of the built environment. It integrates people, place, process, and technology and assists the company to focus on its core competencies.
There are a couple of factors that is propelling the growth of the facility management services market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include wide use of disruptive technologies such as robots and drones, loT and analytics, augmented reality and cognitive computing within the facility management area. The additional factors that is contributing to the growth of facility management services market include the increasing need to maintain regulatory and environmental compliance coupled with the increasing demand for single integrated facility management to balance the companies’ financial regulations and economies while adopting automation. However, on the flip side, there are some factors that are likely to hinder the growth of the market such as lack of accessibility of skilled manpower, lack of awareness amid medium and small enterprises about facility management software services.
Key players leading the global facility management services market include Oracle Corporation (US), International Business Machines Corp. (US), SAP AC (Germany), ARCHIBUS, Inc. (US), MCS Solutions Pvt Ltd (India), Trimble Inc. (US), Accruent (US), CA Technologies (US), Planon Ltd. (Netherlands), FM: Systems Group, LLC. (US), iOFFICE Corp. (US), JadeTrack Inc. (US), Maintenance Connection Inc. (US), MetricStream Inc. (US), eMaint (US), Facility Management eXpress LLC. (US), Hippo CMMS. (Canada), Autodesk, Inc. (US), FSi Limited (England), Indus Systems, Inc. (US), Nemetschek SE (Germany), OfficeSpace Software Inc. (US), Archidata Inc. (Canada), Apleona GmbH (Germany), and FacilityONE Technologies LLC (US) among others.
In MFRF’s report, the global facility management services market is segmented on the basis of services, deployment, organization size and industrial vertical.
Based on services, it is segmented into operations management, maintenance management, inventory management and project management.
Based on deployment, the facility management services market is segmented into on-premise and cloud deployment. Of these, cloud deployment has the maximum market share as it helps companies in maintaining costs and ensuring improved business agility. In fact, cloud computing applied in facility management is used for modifying scheduling and reporting, asset and safety management and lowering costs managing teams.
Based on organization size, the facility management services market is segmented into large enterprise and SME. Of these, large enterprise has the largest market share owing to the fact that these services help in guiding and controlling the complicated massive facility infrastructures for the organizations.
Based on industry vertical, it is segmented into energy and utilities, government, healthcare, IT & telecom, retail and BFSI.
North America, heading with the early adoption of advanced technologies, would retain its dominance over the global facility management services market throughout the forecast period. Additionally, factors such as the high adoption of technologically advanced software to manage facility related task, especially in the manufacturing & IT sectors in the region. The US accounts for the major contributor to the facility management market in North America.
The facility management services market in the European region generating high revenues, accounting for the second-largest market, globally. The growing demand for support & maintenance services, namely plant maintenance in the manufacturing and fabrication industry, is likely to drive the market in the region. Furthermore, the growing adoption of software in enterprises, and government and public sectors helps the market to experience high growth and larger market share.
The Asia Pacific facility management services market is emerging as a profitable market, globally. Owing to the factors such as the changing work environment and increasing cloud-based deployment among organizations and rising demand for soft services from education and residential sector, the region is expected to account for the fastest growing market during the forecast period (2017-2023).
Highly competitive, the facility management services market appears to be fragmented and unorganized. Small and medium-sized players with few clients and services dominate the market. The growth in the office spaces and more integrated facilities & campuses is creating more growth opportunities for the players. The market has been growing with the IT revolutions. Major players are entering in the emerging markets of developing economies such as India and China to tap the opportunities.
However, these players also face challenges, especially in terms of increasing growth and ramping up internal processes to cater to the expanded portfolio they are managing. Key companies that are looking to accelerate their growth, also need to look at the way they attract and retain talent while remaining focused on the impact of convergence.
Table of Content:
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
Continued. . .
List of Tables:
Table1 World Population By Major Regions (2017–2023)
Table2 Global Facility Management Services Market: By Country, 2017–2023
Table3 North America Facility Management Services Market: By Country, 2017–2023
Table4 Europe Facility Management Services Market: By Country, 2017–2023
Table5 Asia Pacific Facility Management Services Market: By Country, 2017–2023
Continued. . .
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