The growth of the facility managementmarket can be attributed to the rise in demand for integrated facility management and intelligent software. The facility management market size is projected to grow from USD 39.
New York, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Facility Management Market by Offering, Deployment Type, Organization Size, Vertical And Region - Global Forecast to 2025" - https://www.reportlinker.com/p04138213/?utm_source=GNW
5 billion in 2020 to USD 65.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. The major factors driving the growth of the facility management market include increase in demand for cloud-based facility management solutions, rise in demand for integrated facility management and intelligent software, need to comply with economic and regulatory regulations, increase in adoption of Internet of Things (IoT) along with analytics and Artificial Intelligence (AI), and shift in office environments and workplace.
• By component, services segment to grow at a higher CAGR during the forecast period
Services are considered an important component of the facility management market, as they majorly focus on improving business processes and optimizing facility operations.Additionally, management industry experts consult clients about the weak links in their facilities and suggest solutions that would suit their business needs.
Facility management services help organizations across various verticals effectively improve the performance and agility of their facilities.Sustained cost savings is a crucial aspect for the successful management of facilities.
Vendors offering facility management services assess the expense and design of solutions to streamline and improve the efficiency of facilities. The service segment broadly comprises deployment and integration, consulting, auditing and quality assessment, support and maintenance, and SLA management services.
By solution, Integrated Workplace Management System (IWMS) segment to grow at a higher CAGR during the forecast period
IWMS is an integrated solution that supports processes in facility management and real estate management.IWMS provides an extensive range of facility management tools under a single, unified software platform.
It increases visibility, control, and automation of enterprise real estate management, capital project, space management, facility maintenance, and energy management requirements.IWMS often has to be integrated with various IT solutions, such as Enterprise Resource Planning (ERP), Human Resources (HR), and Building Management System (BMS), as these systems contain data that is relevant for facility management processes.
IWMS helps facility managers connect the external providers to the facility processes, by giving them access to the authorized functions in the IWMS.
• By deployment type, On-premisessegmentto lead the market during the forecast period
The on-premises deployment type refers to the installation of software and solutions in the premises of organization.The organization is responsible for maintaining the solution and all its related processes.
The deployment of on-premises facility management solutions requires dedicated infrastructure and servers.Organizations that can afford to manage dedicated servers, usually deploy on-premises solutions.
The on-premises deployment type also offers offline data analytics and configuration and provides better control over systems and data. The on-premises deployment of facility management solutions requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure.
North America to lead the market share in 2020
North America is projected to lead the facility management market during the forecast period.The presence of economically and technologically advanced countries such as the US and Canada, the adoption of new and emerging technologies, and strong financial position are some of the major factors that help organizations in North America have a competitive edge over others.
The region consists of developed countries with well-established infrastructures, which help generate huge demand for the facility management solutions.Enterprises in the government and public administration vertical are also adopting facility management solutions, and the vertical would provide high opportunities for the growth of the facility management market during the forecast period.
Moreover, the growing penetration of cloud platforms has increased the demand for cloud facility management solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the facility management market.
The breakup of the profiles of the primary participants is given below:
• By Company Type: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%
• By Designation: C-level – 35%, Directors – 25%,and Others – 40%
• By Region: North America – 40%,Europe– 15%, APAC– 35%,MEA – 5%, Latin America– 5%.
The following key facility management vendors are profiled in the report:
• MRI Software
• Service Works Global
• Causeway Technologies
• UpKeep Maintenance Management
• FacilityONE Technologies
• OfficeSpace Software
• Axxerion USA
The market studycoversthe facility managementmarket across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as offering (solution and services), deployment mode (on-premises and cloud), organization size (small and medium-sized enterprises and large enterprises), vertical (banking, financial services, and insurance, IT and telecom, government and public administration, healthcare, education, retail, energy and utilities, manufacturing, construction and real estate, and others), and region.The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to buythe report
The report would help the market leaders/new entrants in the following ways:
• It comprehensively segments the facility management market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
• It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.
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