by Brianna Crandall — September 16, 2016 — A new market research report from MarketsandMarkets shows the facilities management (FM) market is estimated to grow from USD 28.9 billion in 2016 to $56.67 billion by 2021, at a compound annual growth rate (CAGR) of 14.42%. The major force driving the FM solutions market is the emergence of cloud-based solutions.
Cloud-based platforms allows easy process integration, effective energy utilization, and real-time tracking with inherent safety and security features. The facilities management market is growing rapidly because of the increasing number of end users opting for high business performance and efficient business decisions, according to the report.
Maintenance management solutions to grow at highest CAGR
For the report, the market was segmented by solution into asset and inventory management, workplace and relocation management, sustainability management, strategic planning and project management, real estate and lease management, maintenance management and others (space reservation and incident management). Maintenance management is expected to witness the highest CAGR during the period 2016 to 2021.
Maintenance management solutions provide standardized tools that are powerful and consistent across the business and can be used for planning, forecasting, and evaluating maintenance work related to assets, equipment, properties, and any other related facilities, notes the report.
Managed service segment to grow at highest rate
The report also segmented the market by service: consulting, integration and deployment, and managed service. The managed service segment is expected to grow at the highest CAGR over the forecast period owing to the rapid adoption of FM solutions in both small and medium businesses and large enterprises, which require third-party assistance for integration, maintenance, and management of solutions.
APAC expected to dominate FM solutions market
By geographical region, North America is expected to hold the largest share of the facilities management market in 2016 due to technological advancements and the early adoption of FM solutions across a large number of verticals in this region.
The market in Asia-Pacific (APAC) is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are changing work culture in organizations and rapidly deployable cloud-based solutions in various industries in the APAC countries, especially India, China and Japan.
Major players
The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product developments, adopted by major players to increase their share in the market.
Some of the major technology vendors include IBM Corporation (USA); Oracle Corporation (USA); SAP SE (Germany); Archibus, Inc. (USA); Trimble Navigation Ltd. (USA); CA Technologies (USA); Accruent, LLC (USA); Planon Corporation (Netherlands); FM Systems, Inc. (USA); and iOffice Corporation (USA).
The 137-page report, Facility Management Market by Solution (Asset & Inventory, Workplace & Relocation, Strategic Planning & Project, Sustainability, Real Estate & Lease, Maintenance), Service, Deployment Type, Business Size, Vertical, and Region — Global Forecast to 2021, is available for purchase from MarketsandMarkets. Early buyers will receive 10% customization on reports.
