Facility Management Market to Bolster at a CAGR of over 13% during the Forecast Period 2016-2022

Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Facility Management Market Research Report.

Facility Management is a practice of integrating people, place, process and technology to create coordination between the physical workplace and the human factors of a company or an organization. It includes various activities such as communication, environmental sustainability, project management, leadership and strategy, preparedness and business continuity, real estate and property management and others. Rapid advancement in technology and inclination towards cloud-based services has led to the integration of all these activities on a single platform. The augmentation of industrialization and emergence of the cloud-based facility for management purpose is fuelling the expansion of global facility management market.

Market Research Future (MRFR) has published a report asserting the global facility management market is anticipated to expand at a CAGR of over 13 % during the forecast period of 2016-2022.

Market Drivers:

The increasing demand for efficient facility management services due to the changing work culture in the organizations is one of the major factors driving the global facility management market. Inclination towards the adoption of cloud-based services and the growing trend of outsourcing facility management services is fuelling the growth of global facility management market. Increasing collaboration of local facility management service providers with international players is creating new opportunities for facility management market on a global level. The growing focus on building assets and space management systems by organizations, increasing number of commercial real estate properties, rising demand for reduced operational cost in order to pin more focus and investment in the core services of the companies are some of the major factors that are causing the global facility management market to bolster in the forecast period. The brisk development of various sectors such as healthcare, manufacturing, IT and telecom, educational, government, manufacturing, real estate and others, is fuelling the expansion of the global facility management market.

Market Restraints:

Highly enacted traditional practices and lack of awareness are likely to hamper the growth of global facility management market. The growing number of unorganized players in the global facility management market, high labor cost, increasing price competition and lack of skilled workforce are some of the major factors hindering the growth of the global facility management market.

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Market Segmentation:

The global facility management market is segmented on the basis of services, deployment and end-users. On the basis of services, the facility management market is segmented into project management, inventory management, maintenance management, operation management and others. On the basis of deployment, the facility management market is segmented into cloud and on-premise. On the basis of end-users, the market is segmented into healthcare, education, retail, manufacturing, real estate, BFSI, Government, IT & telecom and others.

Detailed

Regional Analysis

Geographically, the global facility management market is segmented into North America, Europe, Asia-Pacific (APAC) and Middle East and Africa. The global facility management market is anticipated to be dominated by North America due to the high adoption of advanced technology by manufacturing and IT sector in this region. The growing demand for support and maintenance services for plant maintenance and fabrication by manufacturing industries is driving the facility management market in the European region. The changing work environment and rising number of outsourcing companies are causing the expansion of facility management market in the Asia-Pacific region. Increasing demand for cloud-based services by education and other sectors is projected to augment the market of facility management in this region.

Competitive Analysis:

The innovative initiatives taken by the leading players in the global facility management market is increasing the competition among these players in the global market. In May 2018, the introduction of a complete, integrated and customizable cloud platform with the combined power of Oracle cloud’s IaaS and PaaS offerings has led the companies and organizations around the globe to adapt Oracle cloud solutions to fuel their modernization efforts. On 6th June 2018, SAP SE (Germany) has introduced a conversational AI that can be configured with SAP as well as non-SAP system to provide easily accessible insight of the data by combining machine learning and natural language query (NLQ) leading to faster and more accurate results. These are some of the innovations that are fuelling the competition between the players. 

Some of the prominent players in the facility management market are 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.) and others.