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Facility Management Market worth 56.67 Billion USD by 2021
The report "Facility Management Market by Solution (Asset & Inventory, Workplace & Relocation, Strategic Planning & Project, Sustainability, Real Estate & Lease, Maintenance), Service, Deployment Type, Business Size, Vertical, and Region - Global Forecast to 2021", The facility management market is estimated to grow from USD 28.90 Billion in 2016 to USD 56.67 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.42%.
Browse 67 market data Tables and 41 Figures spread through 137 Pages and in-depth TOC on "Facility Management Market by Solution (Asset & Inventory, Workplace & Relocation, Strategic Planning & Project, Sustainability, Real Estate & Lease, Maintenance), Service, Deployment Type, Business Size, Vertical, and Region - Global Forecast to 2021"
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The major forces driving the facility management market are the emergence of cloud-based solutions. Cloud-based platform allows easy process integration, effective energy utilization, and real-time tracking with inherent safety and security features. The facility management market is growing rapidly because of the increasing number of end users opting for high-business performance and efficient business decisions.
Maintenance management solutions to grow at the highest CAGR
The market, by solution, has been segmented into asset and inventory management, workplace and relocation management, sustainability management, strategic planning and project management, real estate and lease management, maintenance management and others (space reservation and incident management). Maintenance management is expected to witness the highest CAGR during the period 2016 to 2021. Maintenance management solutions provide standardized tools that are powerful and consistent across the business and can be used for planning, forecasting, and evaluating maintenance work related to assets, equipment, properties, and any other related facilities. These benefits are driving the market and are anticipated to help in propelling the facility management market at the highest CAGR during the forecast period.
“Managed service market to grow at the highest rate during the forecast period”
The market, by service, has been segmented into consulting, integration and deployment, and managed service. The managed service segment is expected to grow at the highest CAGR over the forecast period owing to the rapid adoption of facility management solutions in both small and medium businesses and large enterprises, which require third-party assistance for integration, maintenance, and management of solutions.
APAC is expected to dominate the facility management market during the forecast period
The facility management market segments the global market on the basis of regions, which include North America, Asia-Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest share of the facility management market in 2016 due to the technological advancements and early adoption of facility management solutions across a large number of verticals in this region. 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.).
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