The global facility management market size is expected to grow from USD 34.65 billion in 2018 to USD 59.33 billion by 2023, at a CAGR of 11.4% during the forecast period.
Growth in the development of sustainable infrastructure and in the adoption of IoT and connected devices for building automation is a major driving factor for the facility management market. An increasing need to meet environmental and regulatory compliance is also driving the facility management market. However, lack of managerial awareness and dependency on the in-house facility management team could be a major restraining factor for the market growth.
Waste management solutions enable facility management teams to weigh and manage multi-stream wastes from a wide range of buildings and facilities, such as office blocks, hospitals, hotels and restaurants, universities, retail stores, care homes, airports, and exhibition centers. These solutions help facility management teams precisely monitor different waste streams, such as chemicals, food, plastics, ink, batteries, and papers, in facilities.
Video surveillance is a vital tool for protecting and securing people and facilities, round the clock. Increasing number of threats has resulted in the deployment of surveillance systems that provide situational awareness around critical facilities. Education institutes, hotels, and government offices have to protect their entry and exit points to prevent vandalism and avoid authorization issues. Video surveillance solutions simplify the management of large numbers of hardware devices, such as cameras and sensors. They also automate the configuration of security devices. These solutions can automatically create an alert with the picture of the intruder and send it to the registered devices.
North America is the largest contributor to the facility management market in terms of market size, as it is a technologically advanced region. The top countries contributing to the facility management market in this region are the US and Canada. Enterprises in the government and public administration vertical are also adopting facility management solutions, and the vertical would provide high growth opportunities in 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. Growing redevelopments in the existing facilities and rising population have increased the burden on the existing facilities.
The MEA region comprises major economies, such as the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Qatar, Israel, and South Africa, which are expected to register high growth in the facility management market. The region has witnessed high adoption of tech-savvy solutions across various verticals. Mega infrastructure developments, such as Mohammed Bin Rashid City, Dubai Creek Harbor, Dubai Expo Site in UAE, Jazan Industrial City in KSA, QP District, and Doha Festival City in Qatar, have created opportunities for facility management providers in the MEA region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Facility Management Market 4.2 Market By Vertical and Region 4.3 Market By Region 4.4 Market: Investment Scenario
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Need to Maintain Environmental and Regulatory Compliance 5.2.1.2 Increasing Demand for Integrated Facility Management to Achieve Economies of Scale 5.2.1.3 Changing Focus to Virtual Workplace and Mobility 5.2.1.4 Increasing Development of the Sustainable Infrastructure 5.2.1.5 Emergence of the Saas Deployment Model 5.2.1.6 Growing Adoption of IoT and Connected Devices for Building Automation 5.2.2 Restraints 5.2.2.1 Lack of Managerial Awareness and Dependency on the In-House Facility Management Team 5.2.3 Opportunities 5.2.3.1 Integration of Bim With Facility Management Solutions 5.2.3.2 Implementation of the Digital Twin Technology for Facility Asset Management 5.2.4 Challenges 5.2.4.1 Integration of Facility Management With Legacy ERP Systems 5.2.4.2 Lack of Skills and Expertise 5.2.5 Facility Management, By Type 5.2.5.1 In-House Facility Management 5.2.5.2 Outsourced Facility Management 5.2.5.3 Integrated Facility Management 5.2.6 Technology Trends 5.2.6.1 Cognitive Computing 5.2.6.2 IoT and Analytics 5.2.6.3 Augmented Reality 5.2.6.4 Robotics and Drones 5.2.7 Standards and Guidelines for Facility Management 5.2.7.1 International Organization for Standardization (ISO) 5.2.7.2 British Standards Institution (BSI) 5.2.7.3 European Committee for Standardization (CEN) 5.2.7.4 FMMS 5.2.7.5 South African Bureau of Standards (SABS)
6 Facility Management Market, By Solution 6.1 Introduction 6.2 Integrated Workplace Management System 6.3 Building Information Modeling 6.4 Facility Operations and Security Management 6.4.1 Lighting Control 6.4.2 HVAC Control 6.4.3 Video Surveillance and Access Control 6.4.4 Emergency and Incident Management 6.5 Facility Environment Management 6.5.1 Sustainability Management 6.5.2 Waste Management 6.6 Facility Property Management 6.6.1 Lease Accounting and Real Estate Management 6.6.2 Asset Maintenance Management 6.6.3 Workspace and Relocation Management 6.6.4 Reservation Management
7 Facility Management Market, By Service 7.1 Introduction 7.2 Deployment and Integration 7.2.1 System Integration 7.2.2 Implementation 7.3 Consulting 7.3.1 Facility Operations Consulting 7.3.2 Financial Consulting 7.3.3 Facility Technology Consulting 7.4 Auditing and Quality Assessment 7.5 Support and Maintenance 7.5.1 On-Demand Maintenance 7.5.2 Preventive Maintenance 7.5.3 Predictive Maintenance 7.6 Service Level Agreement Management
8 Facility Management Market, By Deployment Type 8.1 Introduction 8.2 On-Premises 8.3 Cloud
9 Market By Organization Size 9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.3 Large Enterprises
10 Facility Management Market, By Vertical 10.1 Introduction 10.2 Banking, Financial Services, and Insurance 10.3 IT and Telecom 10.4 Government and Public Administration 10.5 Healthcare 10.6 Education 10.7 Retail 10.8 Energy and Utilities 10.9 Manufacturing 10.10 Construction and Real Estate 10.11 Others
11 Facility Management Market, By Region
12 Competitive Landscape 12.1 Overview 12.2 Market Ranking Analysis 12.3 Competitive Scenario 12.3.1 New Product Launches 12.3.2 Business Expansions 12.3.3 Mergers and Acquisitions 12.3.4 Agreements, Collaborations, and Partnerships
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Facilities Management
Related Links:
Author: Copyright GlobeNewswire, Inc. 2016. All rights reserved. You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.
Real-time