Facility Management Market worth 59.33 Billion USD by 2023

(I-SoftwareNews.Com, April 16, 2018 ) According to report "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", the facility management market size is expected 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 growth factors for the market include the growth in the development of sustainable infrastructure and the adoption of IoT and connected devices for building automation. Moreover, an increasing need to meet environmental and regulatory compliances, and spur in the demand for integrated facility management to achieve economies of scale are also expected to drive the market.

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The asset maintenance management segment is expected to be the fastest-growing facility property management solution during the forecast period

The asset maintenance management system is a management solution that performs functions for managing and tracking Operations and Maintenance (O&M) activities. These solutions have evolved over time, from elementary asset tracking and preventive maintenance functionalities to enterprise maintenance information systems. Asset maintenance management solutions include tools that help the maintenance personnel keep a record of assets, and track and manage all maintenance-related tasks. These tools provide a real-time assessment of buildings, equipment, machinery, and other organizational assets.

The large enterprises segment is expected to hold a larger market size in the facility management market during the forecast period

Enterprises with more than 1,000 employees are considered as large enterprises. Large enterprises are among the early adopters of facility management solutions, due to the large size of the facility infrastructure and the large numbers of human resources and assets these enterprises have to manage. Large enterprises use facility management solutions to monitor and regulate complex and huge facility infrastructures. Moreover, these organizations deploy facility management solutions and services to enhance their business functionalities.

North America is expected to hold the largest market share in the facility management market during the forecast period

North America is the largest contributor to the facility management market growth in terms of market size, as it is a technologically advanced region. The US and Canada are the top countries contributing to the facility management market in this region. Enterprises in the government and public administration vertical are also adopting facility management solutions, and the vertical would provide high opportunities for the growth of the facility management market during the forecast period. The development of the North American facility management market can also be attributed to the increase in the number of public-private partnership projects in the region. Growth in the number of redevelopments in the existing facilities and in the population have increased the burden on the existing facilities.

Major vendors in the 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).

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Facility Management Market worth 59.33 Billion USD by 2023