HOME Research Insight New Product Developments, to Achieve Growth in the Facility Management Market

New Product Developments, to Achieve Growth in the Facility Management Market

The facility management market is gaining traction, owing to growing development of sustainable infrastructure, and adoption of IoT and connected devices for building automation. Need to meet environmental and regulatory compliances, and an increasing demand for integrated facility management to achieve economies of scale are some of the other growth factors for the facility management market. MarketsandMarkets forecasts the global facility management market size to grow from USD 34.65 Billion in 2018 to USD 59.33 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.

Major players in the global facility management market include IBM (US), Oracle (US), SAP (Germany), MCS Solutions (Belgium), ARCHIBUS (US), Trimble (US), CA Technologies (US), Accruent (US), Planon (Netherlands), FM:Systems (US), iOFFICE (US), Maintenance Connection (US), JadeTrack (US), MetricStream (US), Facility Management eXpress (US), eMaint (US), Hippo CMMS (Canada), FSI (England), Indus Systems (US), Autodesk (US), Nemetschek (Germany), Archidata (Canada), OfficeSpace (US), FacilityONE Technologies (US), and Apleona (Germany). These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers & acquisitions, and new product developments, to achieve growth in the facility management market.

Accruent is one of the leading players in the facility management market. The company has executed strategies to become a global facility management provider. The company aims to optimize all stages of real estate, facilities, and asset management. It helps over 7,000 leading organizations across the globe to optimize every aspect of managing their physical resources. In the facility management marketspace, the company offers capital planning, project management, energy and sustainability, facility and asset management, lease administration and accounting, market planning and site selection, and space planning solutions and services that are customized to meet the client’s demand. Accruent has been actively involved in acquiring emerging companies in the facility management marketspace. For instance, in the past 4 Years (2014–Feb 2018), it has acquired 4 companies. For instance, in January 2018, Accruent completed the acquisition of Kykloud, a UK-based provider of facility and asset surveying and management software. This acquisition is expected to help Accruent introduce the ease of use and flexibility of Kykloud’s tablet-optimized app to its global clients. Other acquisitions include BlueCielo, an Amsterdam-based leader in asset life cycle information management (in November 2017); Lucernex (in August 2017), a global provider of IWMS; and Verisae (in September 2016), a proven provider of IoT solutions that connect assets to service networks.

MCS Solutions is another established vendor in the facility management market. The company is one of the leading global providers of standard software solutions for real estate, workplace, and facility management (IWMS/CAFM). The company’s flagship software platform MCS includes integrated workplace modules and apps. The solution provides well-integrated functionality for managing real estate, facility operation, energy, workplace, maintenance, meeting and reservation, smart building, BI, and analytics. The company’s strategy focuses on providing integrated workplace management solutions to enable its clients to synchronize the real estate portfolio, smart working, and facility management. The company is highly focused on organic strategies. For instance, in December 2017, MCS Solutions launched MCS 17.0, the latest version of its IWMS software. The software update included new features, such as embedded BIM, MCS Scheduler (dynamic work scheduling), fast maintenance object creation, smart meeting management, and web-printing technology.

Related Reports:

Facility Management Market by Solution (IWMS, BIM, Operations & Security, Environment, Property Management), Service (Auditing & Quality Assessment, SLA Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023

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