CHICAGO, Aug. 19, 2020 /PRNewswire/ -- According to a new market research report "Facility Management Market by Offering (Solutions (IWMS, BIM, Facility Operations and Security Management, Facility Property Management) and Services), Deployment Type, Organization Size, Vertical (BFSI, Retail), and Region - Global Forecast to 2025", published by MarketsandMarkets, the Facility Management Market size is projected to grow from USD 39.5 billion in 2020 to USD 65.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
The major factors driving the growth of the Facility Management Market include increase in demand for cloud-based facility management solutions, rise in demand for integrated facility management and intelligent software, need to comply with economic and regulatory regulations, increase in adoption of Internet of Things (IoT) along with analytics and Artificial Intelligence (AI), and shift in office environments and workplace.
Browse in-depth TOC on "Facility Management Market"
309 - Tables
49 - Figures
294 - Pages
Request PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1030
By offering, the solutions segment to lead the market during the forecast period
Technological developments have created a new age of automation in which smarter and flexible facility management solutions are being deployed at a large scale across all verticals. Traditional facility management solutions have supported enterprises' needs for a long time. However, legacy solutions in the traditional models cannot provide rapid scalability, flexibility, manageability, and cost-effectiveness to support the exponentially evolving and complex management needs of today's enterprises. The factor supporting the growth of the Facility Management Market is the significant need in enterprises to deliver a highly personalized customer experience and redesign the traditional facility management model by leveraging advanced software, IoT, and analytics. An effective facility management solution must be multi-level, which would enable the management of all facility management processes, from lighting, HVAC, security, emergency and incident, sustainability, waste, and lease accounting to real estate management, asset maintenance, workspace and relocation, and reservation management.
By solution, facility property management segment to lead the market during the forecast period
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. They offer data-driven insights that help facility managers make strategic decisions about enterprises' long-term real estate strategies. Moreover, these solutions assist facility managers in aligning real estate strategies with enterprises' long-term growth strategies.
The retail vertical to grow at a higher CAGR during the forecast period
Enterprises in the retail vertical are rapidly expanding their presence by crossing global borders and catering to consumers with the help of technology advancements. The deployment of facility management solutions across the globe has played a vital role in enhancing the efficiency of retail business operations. The use of different solutions in the retail vertical has enabled enterprises to attract and retain more customers. Facility management solutions assist in managing the entire retail life cycle, from location, capital planning, operation planning, and project management to lease administration, contract management, and dispositions. Moreover, new technologies have revolutionized retail facility automation. Retailers are installing smart thermostats that communicate wirelessly with HVAC and lighting systems. These smart thermostats can even connect to the cloud to permit retail facility managers remotely monitor and control their energy systems.
Speak to Analyst:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1030
North America to hold the highest market size during the forecast period
North America is projected to lead the Facility Management Market during the forecast period. The presence of economically and technologically advanced countries such as the US and Canada, the adoption of new and emerging technologies, and strong financial position are some of the major factors that help organizations in North America have a competitive edge over others. The region consists of developed countries with well-established infrastructures, which help generate huge demand for the facility management solutions. Moreover, North America is home to many technological innovators. Most of the leading market players, such as IBM, Oracle, ARCHIBUS, and Accruent, have their headquarters in this region. Leading vendors are focusing on introducing next-generation facility management solutions to attain cost efficiencies. Due to the already established infrastructure and large real estate demands, an increase in the utilization of facility management solutions has been witnessed.
Key players operating in the Facility Management Market include IBM, Oracle, SAP, Trimble, Accruent, MRI Software, Planon, ServiceChannel, Service Works Global, FMX, Causeway Technologies, FM:Systems, Spacewell, iOFFICE, FSI, ARCHIBUS, Archidata, JadeTrack, UpKeep Maintenance Management, Apleona, FacilityONE Technologies, OfficeSpace Software, Facilio, eFACiLiTY, eMaint, and Axxerion USA. These players have adopted various organic and inorganic strategies to grow in the global Facility Management Market.
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
Related Reports:
Integrated Workplace Management System (IWMS) Market by Offering (Solution and Services (Professional & Managed)), Deployment Type, Organization Size, Vertical (Real Estate & Construction, Healthcare, Retail, Education), and Region - Global forecast to 2025
https://www.marketsandmarkets.com/Market-Reports/integrated-workplace-management-system-market-49902186.html
Enterprise Asset Management Market by Component (Solutions, Services), Organization Size, Deployment Mode, Industry Vertical (Energy and Utilities, Government and Defense, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024
https://www.marketsandmarkets.com/Market-Reports/enterprise-asset-management-market-54576143.html
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/facilities-management-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/facilities-management.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
