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Global 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 2022According to a recent study report published by the Market Research Future, The global market of Facility Management is projected to gain prominence over the forecast period. The Market is forecasted to witness a phenomenal growth by 2022; with a striking CAGR. With a double digit CAGR of ~13% during forecast period 2016-2022; MRFR hopes the market to reach to USD ~ 60 Billion by 2022.
The major growth driver 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.
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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.
Characterized by the presence of several well-established and small players, the global Market of Facility Management appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, reputation and services. These vendors strive to offer unrivalled services at a lower cost.
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Facility Management Global Market – Segments
The Facility Management Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Services : Comprises Project Management, inventory management, maintenance management, operation management, and others.
Segmentation by Deployment : Comprises on-premise and cloud.
Segmentation by End-Users : Comprises Real Estate, Healthcare, Education, Retail, Manufacturing, BFSI, Government, IT & telecom and others.
Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Facility Management Global Market – Synopsis
The market for facility management services is highly fragmented and unorganized. Small and medium sized unorganized players with few clients and services dominated the market. The growth in the office space and the creation of more integrated facilities and campuses has created growth opportunities for more organized players. The market for facility management grew with the IT revolutions. International players are entering in the emerging markets of developing economies such as India/China market to tap the growing opportunity.
However, the larger players will also face challenges, especially in terms of increasing growth and ramping up internal processes to cater to the increased portfolio they are managing. Companies that wish to accelerate their growth will also need to look at how they attract and retain talent, while focusing on managing the impact of convergence. Globally the market for Facility Management Market is expected to grow at the rate of more than ~13% ~ 60 Billion from 2016 to 2022.
Key Players for Facility Management Market:
• 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.)
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Facility Management Global Market – 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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Name: Akash Anand
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Organization: Market Research Future
Address: Market Research Future Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/facility-management-market-2274
Release ID: 221046
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