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Facility Management Services Market Sales, Trend, Revenue, Region, Application and Forecast to 2023
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Facility management comprises management methods and techniques of building management and infrastructure management of an organization to ensure the functionality of the built environment. It integrates people, places, processes, and technologies and assists the company to focus on its core competencies. Facility Management Services Market include project management, inventory management, maintenance management, operations management, and others that are focused on the delivery of services for enterprises in managing their facilities efficiently. Major factors that contribute towards the growth of the facility management services market are the growing need for maintaining environmental as well as regulatory compliances and growing demand for single integrated facility management for balancing the economies and financial regulations of the companies adopting automation in their facilities. Another major factor that fuels the growth of the market is the transformation of the physical workplace. As there is a huge advancement in cloud services adoption, various enterprises are focused towards the virtual workforce and mobility management of the enterprises. There is also an increased development in the sustainable infrastructure and deployment of software as a service, apart from cloud deployment.
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Although, the market is experiencing many growth drivers, there are certain factors that restrain the market growth. These factors include the lack of awareness among the small and medium enterprises, regarding the facility management software services. However, technologies such as digital twin technology and asset management solutions pose a greater opportunity for the facility management service market.
The prominent players in the facility management services market are International Business Machines Corp. (U.S.), Oracle Corporation (U.S.), SAP AC (Germany), MCS Solutions Pvt Ltd (India), ARCHIBUS, Inc. (U.S.), Trimble Inc. (U.S.), CA Technologies (U.S.), Accruent (U.S.), Planon Ltd. (Netherlands), and FM: Systems Group, LLC. (U.S.).
Other players in the market include iOFFICE Corp. (U.S.), Maintenance Connection Inc. (U.S.), JadeTrack Inc. (U.S.), MetricStream Inc. (U.S.), Facility Management eXpress LLC. (U.S.), eMaint (U.S.), Hippo CMMS. (Canada), FSi Limited (England), Indus Systems, Inc. (U.S.), Autodesk, Inc. (U.S.), NEMETSCHEK SE (Germany), Archidata Inc. (Canada), OfficeSpace Software Inc. (U.S.), FacilityONE Technologies LLC (U.S.), and Apleona GmbH (Germany).
The market segmentation of the Facility Management Services Market is carried out on the basis of services, deployment, organization size, industry verticals, and region. On the basis of services, the market segmentation comprises of inventory management, project management, operations management, maintenance management, and others. The segmentation of the market on the basis of deployment consists of on-premise deployment and cloud deployment. By organization size, the market is segmented into large enterprise and SME. The industry vertical segment of the market comprises of retail, BFSI, healthcare, energy and utilities, IT & telecom, government, and others. On the basis of region, the market segmentation consists of Europe, North America, Asia Pacific, and the rest of the world.
The global facility management services market is estimated to grow at a significant rate during the forecast period due to the need to maintain environmental and regulatory compliance. The geographical analysis of the facility management services market marks the study for regions such as North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand), and the rest of the world (including the Middle East, Africa, and South America). Among these regions, the market was led by North America due to technological advancements in the region and early adoption of the technology. The United States is the major contributor to the facility management market in North America. One of the major factors contributing to the growth of the facility management market in North America is the growing adoption of software in enterprises, and government and public sectors. North America, due to early adoption of this technology, has experienced a high market share in the facility management services market.
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