According to the most recent market research on the subject, the facility management market will hit an all time high of 56 billion dollars by 2021. Currently valued at 28.90 billion in 2016, the growth associated with facility management is due to the changing work culture that involves technology and their path to become more efficient. While sustainability management solutions account for the largest market size during the forecast period, the integration and deployment market is expected to gain traction as well.
The facility management service market includes consulting, integration and deployment, and managed services. Integration and deployment services facilitate rapid deployment of comprehensive facility management solutions for various industries. Large organizations with multiple properties are moving away from individualized service calls, multiple facility managers and staff. Facility management software allows the company to employ less people to manage their buildings with even more efficient results.
North America has captured the largest market share in 2016 and the trend is expected to continue in the coming years. This region is an early adopter of this technology and has witnessed rapid adoption due to the availability of comprehensive solutions, but the Asia-Pacific facility management market is expected to witness exponential growth and is projected to be the fastest growing region for the global facility management market.
The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are changing work culture in organizations and rapidly deployable cloud-based solutions in various industries in the APAC countries, especially India, China, and Japan.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Archibus, Inc. (U.S.), Trimble Navigation Ltd. (U.S.), CA Technologies (U.S.), Accruent, LLC (U.S.), Planon Corporation (Netherlands), FM System Inc., (U.S.), iOffice Corporation (U.S.).
The growth over the next 5 years is mainly attributed to the growing requirement of facility management solutions that can be easily integrated and deployed according to user requirements. The major forces driving the Facility Management Market are the emergence of the cloud. Cloud-based platform allows easy process integration, effective energy utilization, and real-time tracking with inherent safety and security features that has been steadily increasing number of end users opting for high-business performance and efficient business decisions, making facility management software the right choice for companies across the globe.