According to a new market research report published by Credence Research “Global Facilities management Market (Solution (Integrated Workplace, Management System, Building Information Modeling, Facility Operations and Security Management, Facility Environment Management, and Facility Property Management); Services (Deployment and Integration, Consulting, Auditing and Quality Assessment, Support and Maintenance); Deployment (Cloud, On-Premise); Organization Size (SMEs, Large Enterprises); Verticals (BFSI, IT and Telecom, Government, Healthcare, Education, Retail, Energy and Utilities, Manufacturing, Construction, and Others)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”,the overall facilities management market worldwide is had registered a market value of US$ 33.60 Bn in 2018 and is set to grow with a CAGR of 13.60 % during the forecast period.
Facility management (FM) is defined as a combination of management methods and techniques for various business for building management, infrastructure management and also the means of overall management of the work environment within an organization. Thus the management improves the productivity and reduces the operational cost. Urbanization has led to rapid spend on the infrastructure which is considered as one of the major factor driving the market growth. Additionally, the rising energy efficient facilities and optimization of the process is also contributing in the growth of the market.
Based on end-user, the facilities management market has been segmented as BFSI, IT and Telecom, government, healthcare, education, retail, energy and utilities, manufacturing, construction, and others. The BFSI segments are the dominating segment in 2018 with a market share of more than 22.0% and are expected to dominate the market during the forecast period. The BFSI segment maintains various facilities across a country, region or globally to serve the customer with proper service. To maintain a proper service the facilities management plays an essential role by managing the maintenance, investments and others.
Europe held the second largest market share in the facilities management market. The region is expected to grow with a significant CAGR during the forecast period. The presence of various industries and business in the region such as BFSI, manufacturing units, IT & Telecommunication, construction and others are expected to drive the market in the region. Additionally, the increasing awareness about the benefits of facilities management is also fuelling in the growth of the market. Based on countries, Germany accounts the largest market share in the region due to presence of automotive industry, pharmaceutical, manufacturing and electronic companies in the country supports in driving the facilities management market.
Some of the prominent players operating in the facilities management market include CA Technologies, Archibus Inc., FM System Inc., iOffice Corporation, IBM Corporation, Oracle Corporation, SAP SE, Planon Corporation, Satnav Technologies, Indus Systems, Trimble Navigation Ltd, and Autodesk Inc.
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