Facility Management Market Set for Rapid Growth by 2024

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Global Facility Management Market: Overview

Professionally, management discipline focuses on the effective and efficient delivery of support services for the proper operation of the organizations; this is known as facility management. It consists of multiple disciplines and ensures the efficient functioning of built environment through integrating process, technology, place, and people. It is an essential service for the effective operating and smooth functioning of any company and it also helps in focusing on the core business competency.

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Global Facility Management Market: Growth Factors

The technological advancements that are made in the cloud computing in the developing countries also give rise to the facility management market growth. Upgradation of the cloud computing technology enhanced storage capacity, and outsourcing of the facility management from new geographic regions are factors that anticipate to open up new growth avenues. Rapid growth in the commercial sector, the advent of the smart cities, growth in the hospitality industry, and an increase in the tourist arrivals are the major factors that are fuelling the market growth. However, lack of proper awareness among the consumers and lack of effective promotion is posing challenges to the facility management market to some extent.

Global Facility Management Market: Segmentation

The facility management market is segregated on the basis of business size, service, deployment type, and industry vertical. The business size segment is classified into large enterprises and small and medium-sized businesses. Based on service, the market is segmented into integration and deployment, consulting, and managed services. The deployment type segment is divided into on-premises and cloud. On the basis of industry vertical, the facility management market is fragmented into education, IT and telecom, energy, government and public administration, retail, healthcare, banking, financial services, and insurance, real estate and property, manufacturing, and others.

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Global Facility Management Market: Regional Analysis

North America is the leading region that is focusing on reducing the dependency on crude oil based exports, implementing plans to invest in non-oil based sectors such as real estate & construction, and diversify its economy are factors that anticipate driving the facility management market growth. Rising number of residential projects and development of the commercial sector in the country is expected to show healthy growth of the market in the coming years. The U.S. is the major consumer of the facility management market. The emergence of cloud-based solutions in Europe is also adding benefits to the facility management market growth. Denmark, Netherlands, and the U.K. contributed for the largest market share across the world in Europe. Growth and development of the manufacturing industries in the emerging economies such as Brazil, India, Japan, and China are expected to offer a wide range of opportunities to the market. The growth in the Asia Pacific regional market is higher in the associated industries of facility management.

Global Facility Management Market: Competitive Players

Major companies that are operating in the global facility management market include Planon Corporation, SAP SE, iOffice Corporation, International Business Machines Corporation, Accruent LLC., and CA Technologies. Other influencing market players include FM Systems, Inc., Oracle Corporation, Trimble Navigation, Ltd., Archibus, Inc.

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