The global facility management market size reached a value of US$ 39.8 Billion in 2018. Facility management (FM) refers to an integrated system of technologies that are utilized to improve the efficiency of commercial and residential spaces. FM solutions, such as building management, operations and security management, Computer-Aided Facilities Management (CAFM), etc., are used for space planning, equipment maintenance, portfolio forecasting, business continuity, emergency preparedness and environmental sustainability. For organizations and offices, they aim to ensure maximum productivity by streamlining and standardizing routine tasks. Owing to these benefits, FM solutions find extensive applicability across the residential, banking, finance service and insurance (BFSI), retail, healthcare and education sectors.
The emerging trend of digitalization, along with the increasing adoption of the Internet of Things (IoT) and cloud-based software, currently represent the key factors driving the growth of the market. The utilization of advanced technologies, such as cloud computing and augmented reality (AR) for managing a building, have enabled managers to reduce their dependency on human resources and improve their operational efficiencies. Furthermore, the emergence of Integrated Facility Management (IFM) is acting as another growth-inducing factor. IFM enhances productivity by simplifying repetitive operations and combining all office-related functions under a single management team. FM services are also utilized to conveniently manage home-based, on-the-go, after-hours and employees, as well as the outsourced services, while ensuring the availability of all necessary tools required for maximum productivity. Apart from this, these solutions are used to create a safe working environment, reduce energy costs and asset tracking. Moreover, the implementation of favorable government policies promoting infrastructural automation, coupled with the increasing adoption of software-as-a-service (SaaS) deployment model, is projected to drive the market further. Looking forward, IMARC Group expects the global facility management market to reach a value of US$ 74.4 Billion by 2024, registering a CAGR of around 11% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being IBM, Oracle, Trimble, CA Technologies, SAP, Archibus, Accruent, Maintenance Connection, MCS Solutions, Planon, Ioffice, Jadetrack, Metricstream, Emaint, Facilities Management Express, etc.
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