The facility management market is defined as the collective market of solutions and services which offer a platform to manage and optimize the core operational processes, such as infrastructure life cycle, security, emergency and incident, waste, sustainability, assets, space and floor planning, in enterprises’ facilities.
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 facility management market include growth in the development of sustainable infrastructure and adoption of IoT and connected devices for building automation.
Solution, a main component of the facility management market, is a key revenue generator for all the vendors, averaging more than one half of the total revenue. An effective facility management solution must be multi-level, which would enable the management of all facility management processes, from lighting, HVAC, security, emergency and incident, sustainability, waste, and lease accounting to real estate management, asset maintenance, workspace and relocation, and reservation management. Companies have realized the importance of improving efficiencies and streamlining processes within real estate and facility functions to reduce operating costs, improve energy consumption, and support sustainable objectives.
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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.
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