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Research details developments in the Facility management market forecast to 2023

Research details developments in the Facility management market forecast to 2023

Facility management solutions enable property and facility managers to achieve better workflows and reduce costs through increased efficiencies, better communications, scheduling, project management, and reporting.

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About Facility Management Market

Facility management encompasses various professional disciplines, which are focused on effective and efficient delivery of numerous support services for an organization that it serves. It ensures functionality of the built environment by integrating place, people, process, and technology.

Facility management solutions include business analytics, extensive reporting, workflow management, and others.

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These kinds of software are integrated with other IT systems such as building technology, ERP software, GIS solution, and BIM models or CAD software. It is designed to perform various functionalities, including asset management & tracking of important equipment information, management of maintenance costs, management of recurring tasks, to increase asset efficiency, reduce space & maintenance cost, and others.

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The growth of the global facility management market is driven by increase in adoption of cloud-based solutions, change in dynamics of organization work style, and rise in adoption of innovative strategies & frequent product launches by the key vendors. Furthermore, high internet penetration and development of the construction industry in Asia-Pacific, South America, and Africa drive the market growth.

In addition, increase in demand for service outsourcing and high adoption of IoT among end users are expected to offer considerable growth opportunities for the facility management market. However, lack of awareness about facility management solutions and their benefits hamper the market growth in the near future.

Facility management market is segmented based on component, deployment model, organization size, industry vertical, and geography. On the basis of component, the market is bifurcated into solution and services.

By solution, it is categorized into asset management, workplace & relocation management, strategic planning management, real estate & lease management, maintenance management, and others. As per services, it is classified into integrated services and managed services.

Based on deployment model, it is divided into on-premise and cloud based. According to organization size, it is fragmented into large, and small & midsize.

Based on industry vertical, the global market is studied across BFSI, IT & telecom, public sector, healthcare, manufacturing, retail, real estate, and others (energy & utilities and media & entertainment). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players profiled in the facility management market report include IBM Corporation, Oracle Corporation, SAP SE, Ioffice Corporation, Archibus, Inc., FM System, Inc., CA Technologies, Inc., Accruent, LLC, Planon Corporation, and Trimble, Inc.

 

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