The global market size to grow from USD 34.65 Billion in 2018 to USD 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 IoT and connected devices for building automation across industry verticals. Moreover, an increasing need to meet environmental and regulatory compliance, and spur in the demand for integrated facility management to achieve economies of scale are also driving the market. The facility management market is segmented on the basis of solutions, services, organization size, deployment types, verticals, and regions.
In the solutions segment, the facility property management subsegment is expected to hold the largest market share. Facility property management solutions help enterprises derive tangible value from their business operations, by enhancing their efficiency and effectiveness. These solutions are further segmented into lease accounting and real estate management, asset maintenance management, workspace and relocation management, and reservation management.
Moreover, in the solutions segment, the IWMS subsegment is expected to grow at the highest rate; IWMS is an integrated solution that supports processes in facility management and real estate management. IWMS provides an extensive range of facility management tools under a single, unified software platform. It increases visibility, control, and automation of enterprise real estate management, capital project, space management, facility maintenance, and energy management requirements.
The service segment is divided into deployment and integration, consulting, auditing and quality assessment, support and maintenance, and SLA management. The SLA management segment is expected to grow at the highest rate attributed to the fact that facility management vendors enable their clients to maintain and manage all SLAs and further help facility management teams to monitor the availability and performance of their critical facility management SLAs.
The deployment and integration service is expected to hold the largest market share in the service segment due to the fact that it enables identification of business processes, analysis of operational risks, and development of management plans and policies to improve facility performance and management. Moreover, facility management vendors assist enterprises in realizing a high Return on Investment (RoI), by offering multi-vendor application integration and reliable analysis of the centralized data.
The large enterprises segment is expected to hold a larger market share in the facility management market by organization size, mainly due to the fact that facility management 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 due to the fact that the cloud deployment model enables organizations to manage their costs but also helps them ensure improved business agility.
The IT and telecom vertical is expected to hold the largest market share in the facility management market. Enterprises in the banking vertical should manage multi-site facilities and face various challenges in managing the operations processes of their facilities. Due to the distributed portfolio of locations, facility managers face challenges in managing the facilities at small, rarely visited remote sites, outside the major city hubs. Enterprises in the BFSI vertical have to deal with the maintenance and management of various real estate investments. Facility management solutions, such as IWMS and CMMS, strategically help facility management teams manage various operations processes, such as asset management, maintenance management, and space management.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Facility Management Market 4.2 Market By Vertical and Region 4.3 Market By Region 4.4 Market: Investment Scenario
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Need to Maintain Environmental and Regulatory Compliance 188.8.131.52 Increasing Demand for Integrated Facility Management to Achieve Economies of Scale 184.108.40.206 Changing Focus to Virtual Workplace and Mobility 220.127.116.11 Increasing Development of the Sustainable Infrastructure 18.104.22.168 Emergence of the Saas Deployment Model 22.214.171.124 Growing Adoption of IoT and Connected Devices for Building Automation 5.2.2 Restraints 126.96.36.199 Lack of Managerial Awareness and Dependency on the In-House Facility Management Team 5.2.3 Opportunities 188.8.131.52 Integration of Bim With Facility Management Solutions 184.108.40.206 Implementation of the Digital Twin Technology for Facility Asset Management 5.2.4 Challenges 220.127.116.11 Integration of Facility Management With Legacy ERP Systems 18.104.22.168 Lack of Skills and Expertise 5.2.5 Facility Management, By Type 22.214.171.124 In-House Facility Management 126.96.36.199 Outsourced Facility Management 188.8.131.52 Integrated Facility Management 5.2.6 Technology Trends 184.108.40.206 Cognitive Computing 220.127.116.11 IoT and Analytics 18.104.22.168 Augmented Reality 22.214.171.124 Robotics and Drones 5.2.7 Standards and Guidelines for Facility Management 126.96.36.199 International Organization for Standardization (ISO) 188.8.131.52 British Standards Institution (BSI) 184.108.40.206 European Committee for Standardization (CEN) 220.127.116.11 FMMS 18.104.22.168 South African Bureau of Standards (SABS)
6 Facility Management Market, By Solution 6.1 Introduction 6.2 Integrated Workplace Management System 6.3 Building Information Modeling 6.4 Facility Operations and Security Management 6.4.1 Lighting Control 6.4.2 HVAC Control 6.4.3 Video Surveillance and Access Control 6.4.4 Emergency and Incident Management 6.5 Facility Environment Management 6.5.1 Sustainability Management 6.5.2 Waste Management 6.6 Facility Property Management 6.6.1 Lease Accounting and Real Estate Management 6.6.2 Asset Maintenance Management 6.6.3 Workspace and Relocation Management 6.6.4 Reservation Management
7 Facility Management Market, By Service 7.1 Introduction 7.2 Deployment and Integration 7.2.1 System Integration 7.2.2 Implementation 7.3 Consulting 7.3.1 Facility Operations Consulting 7.3.2 Financial Consulting 7.3.3 Facility Technology Consulting 7.4 Auditing and Quality Assessment 7.5 Support and Maintenance 7.5.1 On-Demand Maintenance 7.5.2 Preventive Maintenance 7.5.3 Predictive Maintenance 7.6 Service Level Agreement Management
8 Facility Management Market, By Deployment Type 8.1 Introduction 8.2 On-Premises 8.3 Cloud
9 Market By Organization Size 9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.3 Large Enterprises
10 Facility Management Market, By Vertical 10.1 Introduction 10.2 Banking, Financial Services, and Insurance 10.3 IT and Telecom 10.4 Government and Public Administration 10.5 Healthcare 10.6 Education 10.7 Retail 10.8 Energy and Utilities 10.9 Manufacturing 10.10 Construction and Real Estate 10.11 Others
11 Facility Management Market, By Region
12 Competitive Landscape 12.1 Overview 12.2 Market Ranking Analysis 12.3 Competitive Scenario 12.3.1 New Product Launches 12.3.2 Business Expansions 12.3.3 Mergers and Acquisitions 12.3.4 Agreements, Collaborations, and Partnerships
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