Facility Management Market Research Report- Forecast till 2022
Market Highlights
The global facility management market is predicted to touch USD 60 billion at a 13% CAGR between 2016- 2022, as per the recent Market Research Future (MRFR) analysis. Facility management, simply put, is the process to manage multiple disciplines & operations of a company and also ensure smooth functionality of the built environment. This helps to integrate technology, process, place, people, and also helps the company to lay emphasis on their core competencies, which include technology management, property management, project management, operation and maintenance, leadership strategy, finance and business, environmental sustainability, and communication. Inventory management, operation management, project management, maintenance management, and others are its different services. Owing to its alluring features and plentiful benefits, facility management has wide applications in government, IT and telecom, real estate, BFSI, education, manufacturing, healthcare, retail, and other sectors.
Various factors are propelling the global facility management market growth. According to the latest MRFR report, such factors include the changing work culture, booming cloud technology market, increasing trend of outsourcing facility management operations, growing emphasis by organizations on space management system and building asset, and increase in commercial real estate properties.
On the contrary, the lack of awareness and the COVID-19 pandemic impact are factors that may limit the global facility management market growth over the forecast period.
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Segmentation:
The MRFR provides an inclusive segmental analysis of the global facility management market based on services, deployment, and end users.
By services, the global facility management market is segmented into inventory management, operation management, project management, maintenance management, and others. Of these, the project management segment will lead the market over the forecast period for the increasing use of facility management for project management.
By deployment, the global facility management market is segmented into cloud and on-premise. Of these, cloud deployment will dominate the market over the forecast period for the rising preference for cloud deployment.
By end users, the global facility management market is segmented into government, IT and telecom, real estate, BFSI, education, manufacturing, healthcare, retail, and others.
Regional Analysis
Based on the region, the global facility management market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, North America will have the lions share in the market over the forecast period. Increasing use of technology advances and its use in IT and manufacturing sectors, early adoption by well-established companies, growing support by the government in the region for funding in innovations for launching new facility solutions, and the pressing need for maintenance and support in the manufacturing sector is adding to the global facility management market growth in the region.
The global facility management market in the APAC region is predicted to grow at a fast pace over the forecast period. The surging need for effective facility management services, growth in the cloud technology market, the ongoing trend towards outsourcing facility management operations, and burgeoning demand for high real estate properties are adding to the global facility management market growth in the region. Besides, the rising emphasis on building asset and space management system is also adding market growth.
The global facility management market in Europe is predicted to have steady growth over the forecast period, while the MEA is predicted to have sound growth over the forecast period.
Key Players
Key players profiled in the global facility management market report include Trimble, Inc. (U.S.), Interserve Plc. (UK), Accruent, LLC (U.S.), CA Technologies, Inc. (U.S.), FM System, Inc. (U.S.), Aramark Corporation (U.S.), EMCOR group, Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), and IBM Corporation (U.S.).
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Facility Management Market Information, by End-User (Real Estate, Education, Government, Retail, Healthcare), by Service (Project Management, Inventory Management, Operations Management), by Deployment (Cloud, On-Premise) – Forecast 2022
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