Facility Management (FM) Services Market - Size, Share, Industry Growth and Recent Trends by Forecast to 2023
Facility management services manage multiple disciplines and operations of an organization and ensure smooth functionalities of the built environment. It integrates people, place, process, and technology and assists the company to focus on its core competencies.
Facility management services provide various benefits over the traditional approach. It enables cost-effective working processes within the business, motivates smart working by implementing smart IT systems, and integrate business-related information on one platform, all while maintaining complete compliance of an organization.
With these benefits, the business owners can analyse insights for their business growth and can make more informed decisions. As a result, outsourcing facility management services operations has become a growing trend among businesses.
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The global Facility Management (FM) Services Market is growing rapidly, mainly due to the changing work culture in the growing number of organizations which demands efficient services to manage the gamut of day to day operational task.
Moreover, factors such as the increasing commercial real estate properties and growing focus on building asset & space management system by an organization are escalating the market on the global platform.
According to Market Research Future (MRFR), the global Facility Management (FM) Services Market is projected to reach over USD 61 BN by 2023, registering approximately 12% CAGR throughout the forecast period (2017-2023).
Additional key factors that are contributing to the growth of the Facility Management (FM) Services Market include the increasing need for maintaining environmental as well as organizational, regulatory compliances, and the ever-increasing demand for single integrated facility management. Also, the demand for balancing the economies and financial regulations of the companies and the adoption of automation in facilities drive the growth of the market.
There is a massive advancement in cloud services adoption and various enterprises are focusing on the virtual workforce and mobility management of enterprises. Also, there are increased developments in the sustainable infrastructure and deployment of software as a service, apart from cloud deployment.
Another major factor substantiating the growth of the market is the transformation of the physical workplace. On the flip side, factors such as the lack of awareness towards the advantages of these services impede the growth of the market.
Global Facility Management (FM) Services Market – Segments:
For a better understanding, the report has been segmented into five key dynamics:
By Services: Project Management, Inventory Management, and Maintenance Management, and Operations Management among others.
By Deployment: Cloud and On-premise Deployment.
By Organization Size: SME and Large Enterprise
By Industry Vertical: BFSI, retail, IT & Telecom, Healthcare, Government, and Energy & Utilities among others.
By Region: North America, Asia Pacific, Europe, and the Rest-of-the-World.
North America, heading with the early adoption of advanced technologies, would retain its dominance over the global Facility Management (FM) Services Market throughout the forecast period. Additionally, factors such as the high adoption of technologically advanced software to manage facility related task, especially in the manufacturing & IT sectors in the region. The US accounts for the major contributor to the facility management market in North America.
The Facility Management (FM) Services Market in the European region generating high revenues, accounting for the second-largest market, globally. The growing demand for support & maintenance services, namely plant maintenance in the manufacturing and fabrication industry, is likely to drive the market in the region. Furthermore, the growing adoption of software in enterprises, and government and public sectors helps the market to experience high growth and larger market share.
The Asia Pacific Facility Management (FM) Services Market is emerging as a profitable market, globally. Owing to the factors such as the changing work environment and increasing cloud-based deployment among organizations and rising demand for soft services from education and residential sector, the region is expected to account for the fastest growing market during the forecast period (2017-2023).
Key players leading the global Facility Management (FM) Services Market include Oracle Corporation (US), International Business Machines Corp. (US), SAP AC (Germany), ARCHIBUS, Inc. (US), MCS Solutions Pvt Ltd (India), Trimble Inc. (US), Accruent (US), CA Technologies (US), Planon Ltd. (Netherlands), FM: Systems Group, LLC. (US), iOFFICE Corp. (US), JadeTrack Inc. (US), Maintenance Connection Inc. (US), MetricStream Inc. (US), eMaint (US), Facility Management eXpress LLC. (US), Hippo CMMS. (Canada), Autodesk, Inc. (US), FSi Limited (England), Indus Systems, Inc. (US), Nemetschek SE (Germany), OfficeSpace Software Inc. (US), Archidata Inc. (Canada), Apleona GmbH (Germany), and FacilityONE Technologies LLC (US) among others.
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