NEW YORK, April 5, 2018 — (PRNewswire) — The facility management market is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period
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The global facility management market size is expected to grow from USD 34.65 billion in 2018 to USD 59.33 billion by 2023, at a CAGR of 11.4% during the forecast period. Growth in the development of sustainable infrastructure and in the adoption of IoT and connected devices for building automation is a major driving factor for the facility management market. An increasing need to meet environmental and regulatory compliance is also driving the facility management market. However, lack of managerial awareness and dependency on the in-house facility management team could be a major restraining factor for the market growth.
The waste management in the facility environment management segment is expected to grow at the highest CAGR during the forecast period
Waste management solutions enable facility management teams to weigh and manage multi-stream wastes from a wide range of buildings and facilities, such as office blocks, hospitals, hotels and restaurants, universities, retail stores, care homes, airports, and exhibition centers. These solutions help facility management teams precisely monitor different waste streams, such as chemicals, food, plastics, ink, batteries, and papers, in facilities.
The video surveillance and access control segment is expected to have the largest market size in the operations and security management segment during the forecast period
Video surveillance is a vital tool for protecting and securing people and facilities, round the clock.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.
North America is expected to have the largest market size, and Middle East and Africa (MEA) is projected to grow at the highest rate during the forecast period
North America is the largest contributor to the facility management market in terms of market size, as it is a technologically advanced region.The top countries contributing to the facility management market in this region are the US and Canada.
Enterprises in the government and public administration vertical are also adopting facility management solutions, and the vertical would provide high growth opportunities in the facility management market during the forecast period.The development of the North American facility management market can also be attributed to the increase in the number of public-private partnership projects in the region.
Growing redevelopments in the existing facilities and rising population have increased the burden on the existing facilities.
The MEA region comprises major economies, such as the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Qatar, Israel, and South Africa, which are expected to register high growth in the facility management market.The region has witnessed high adoption of tech-savvy solutions across various verticals.
Mega infrastructure developments, such as Mohammed Bin Rashid City, Dubai Creek Harbor, Dubai Expo Site in UAE, Jazan Industrial City in KSA, QP District, and Doha Festival City in Qatar, have created opportunities for facility management providers in the MEA region.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, and APAC – 29%
The facility management market includes various major vendors, such as IBM (US), Oracle (US), SAP (Germany), MCS Solutions (Belgium), ARCHIBUS (US), Trimble (US), CA Technologies (US), Accruent (US), Planon (Netherlands), FM:Systems (US), iOFFICE (US), Maintenance Connection (US), JadeTrack (US), MetricStream (US), Facility Management eXpress (US), eMaint (US), Hippo CMMS (Canada), FSI (England), Indus Systems (US), Autodesk (US), Nemetschek (Germany), Archidata (Canada), OfficeSpace (US), FacilityONE Technologies (US), and Apleona (Germany).
The report includes an in-depth competitive analysis of the key players in the facility management market along with their company profiles, recent developments, and key market strategies. The report segments the facility management market by solution, service, organization size, deployment type, vertical, and region.
Reasons to buy the Report:
The report will help the market leaders/new entrants in the facility management market in the following ways:
1. The overall facility management market revenue stream has been estimated based on the revenues generated by vendors, offering facility management solutions and associated services, inclusive of deployment and integration, consulting, support and maintenance, SLA management and auditing and quality assessment offered by professional service providers, including Managed Service Providers (MSPs). The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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