by Brianna Crandall — July 20, 2018 — Online market research store ResearchAndMarkets.com added two new research reports in recent weeks providing insight into the global facilities management (FM) market and industry in terms of FM solutions, services, deployment type and more.
Facility Management Market by Solution, Service, Deployment Type, Organization Size, Vertical, and Region — Global Forecast to 2023
According to the 326-page Facility Management Market by Solution (IWMS, BIM, Operations & Security, Environment, Property Management), Service (Auditing & Quality Assessment, SLA Management), Deployment Type, Organization Size, Vertical, and Region — Global Forecast to 2023 report from Markets and Markets, the global facilities management (FM) market size is expected to grow from USD 34.65 billion in 2018 to $59.33 billion by 2023, at a compound annual growth rate (CAGR) of 11.4% during the forecast period.
The major growth factors for the market include growth in the development of sustainable infrastructure, and in the adoption of Internet of Things (IoT) and connected devices for building automation across industry verticals. Additional drivers include the:
- Increasing need to meet environmental and regulatory compliance
- Spur in the demand for integrated facilities management (IFM) to achieve economies of scale
- Changing focus to virtual workplace and mobility
- Increasing development of the sustainable infrastructure
- Emergence of the software-as-a-service (SaaS) deployment model
- Growing adoption of IoT and connected devices for building automation
According to the report summary, market restraints include a lack of managerial awareness and dependency on the in-house FM team. Opportunities for FM players include the integration of BIM (building information modeling) with FM solutions and the implementation of the digital twin technology for facility asset management. Challenges include the integration of FM with legacy ERP Systems, and the lack of skills and expertise. FM technology trends include cognitive computing, IoT and analytics, augmented reality (AR) and robotics and drones.
For this report, the FM market is segmented on the basis of solutions, services, organization size, deployment types, verticals, and regions.
Report highlights:
- In the solutions segment, the facility property management subsegment is expected to hold the largest market share.
- The SLA management segment is expected to grow at the highest rate, attributed to the fact that facilities management vendors enable their clients to maintain and manage all SLAs and further help FM teams to monitor the availability and performance of their critical FM SLAs.
- The large enterprises segment is expected to hold a larger market share in the FM market by organization size, mainly due to the fact that FM solutions enable enterprises to monitor and regulate complex and huge facility infrastructures. In the deployment type segment, the cloud deployment type is expected to grow at a higher CAGR during the forecast period, mainly because the cloud deployment model enables organizations to manage their costs but also helps them ensure improved business agility.
- The information technology (IT) and telecom vertical is expected to hold the largest market share in the FM market.
- North America is the largest contributor to the FM market in terms of market size, as it is a technologically advanced region with a rising population, and there is an increase in the number of public-private partnership projects.
According to the report summary, the facility environment management segment of waste management is expected to grow at the highest CAGR. The summary notes that waste management solutions enable FM teams to weigh and manage multi-stream wastes from a wide range of buildings and facilities, and help them precisely monitor different waste streams such as chemicals, food, plastics, ink, batteries and papers.
In terms of operations and security management, the video surveillance and access control segment is expected to have the largest market. The summary notes that video surveillance is a vital tool for protecting and securing people and facilities, around the clock. An increasing number of threats has resulted in the deployment of surveillance systems that provide situational awareness around critical facilities. Education institutes, hotels and government offices have to protect their entry and exit points to prevent vandalism and avoid authorization issues. Video surveillance solutions simplify the management of large numbers of hardware devices, such as cameras and sensors. They also automate the configuration of security devices. These solutions can automatically create an alert with the picture of the intruder and send it to the registered devices.
The report offers profiles on these key FM-related companies:
- Accruent
- Apleona
- Archibus
- Archidata
- Autodesk
- CA Technologies
- Emaint
- FM:Systems
- FSI
- Facilities Management Express
- Facilityone Technologies
- Hippo Cmms
- IBM
- Indus Systems
- Ioffice
- Jadetrack
- MCS Solutions
- Maintenance Connection
- Metricstream
- Nemetschek
- Officespace
- Oracle
- Planon
- SAP
- Trimble
Facility Management Market by Solution (IWMS, BIM, Operations & Security, Environment, Property Management), Service (Auditing & Quality Assessment, SLA Management), Deployment Type, Organization Size, Vertical, and Region — Global Forecast to 2023 is available on the ResearchAndMarkets.com website.
Facility Management Services — Global Market Outlook (2017-2026)
The Facility Management Services — Global Market Outlook (2017-2026) report by Stratistics Market Research Consulting says that the market accounts for $30.11 billion in 2017 and is expected to grow at a CAGR of 13.2% to reach $91.92 billion by 2026.
Factors driving the market include an increasing demand for cloud technology solutions such as SaaS, a rising need for IoT and connected devices for building automation, and a growing number of commercial and residential buildings such as shopping malls, hotels, hospitals and office, etc. However, a shortage of skilled experts, the existence of unorganized players, and a dearth of awareness regarding FM solutions are restricting the market growth.
Facilities management is a built-in environment that provides strategic and day-to-day level solutions comprising a broad range of services and management facilities to enterprise business operations by enhancing their efficiency and effectiveness, notes the report. Large organizations command the biggest market share as these services guide and control the complicated facility infrastructures for the organizations.
In the area of deployment, the cloud segment is growing at the highest CAGR owing to the cloud deployment model that helps organizations to maintain costs and ensure enhanced business agility. Cloud computing applied in FM is used to modify scheduling and reporting, and to lower costs of managing teams, safety and asset management.
Companies mentioned:
- Oracle
- Archibus
- CA Technologies
- Accruent
- Planon Corporation
- Ioffice
- Trimble, Inc.
- IBM Corporation
- FM Systems, Inc.
- SAP SE
- Facilityone Technologies
- MCS Solutions
- Metricstream
- Hippo Cmms
- Facilities Management Express
The report covers such FM solutions as facility environment management, facility property management, building information modeling, facility operations and security management, integrated workplace management systems and project management.
Services covered in the report include auditing and quality assessment, support and maintenance, service level agreement management, deployment and integration, and consulting.
Facility Management Services – Global Market Outlook (2017-2026) is available on the ResearchAndMarkets.com website.
Additional FM market reports are also available on the website.
