In a recent published report, Kenneth Research has updated the market report for Facility Management Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Facility Management Services Market products.
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The Facility Management Services Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
Market synopsis
Facility management comprises management methods and techniques of building management and infrastructure management of an organization to ensure the functionality of the built environment. It integrates people, places, processes, and technologies and assists the company to focus on its core competencies. Facility management services include project management, inventory management, maintenance management, operations management, and others that are focused on the delivery of services for enterprises in managing their facilities efficiently.
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Major factors that contribute towards the growth of the facility management services market are the growing need for maintaining environmental as well as regulatory compliances and growing demand for single integrated facility management for balancing the economies and financial regulations of the companies adopting automation in their facilities. Another major factor that fuels the growth of the market is the transformation of the physical workplace. As there is a huge advancement in cloud services adoption, various enterprises are focused towards the virtual workforce and mobility management of the enterprises. There is also an increased development in the sustainable infrastructure and deployment of software as a service, apart from cloud deployment.
Although, the market is experiencing many growth drivers, there are certain factors that restrain the market growth. These factors include the lack of awareness among the small and medium enterprises, regarding the facility management software services. However, technologies such as digital twin technology and asset management solutions pose a greater opportunity for the facility management service market.
Segmentation
By services, the market is segmented into project management, inventory management, maintenance management, operations management, and others.On the basis of deployment, the market is segmented into cloud deployment and on-premise deployment.On the basis of organization size, the market is segmented into SME and large enterprise.On the basis of industry vertical, the market is segmented into BFSI, retail, IT & telecom, healthcare, government, energy and utilities, and others.On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
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Regional analysis
The global facility management services market is estimated to grow at a significant rate during the forecast period due to the need to maintain environmental and regulatory compliance. The geographical analysis of the facility management services market marks the study for regions such as North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand), and the rest of the world (including the Middle East, Africa, and South America).
Among these regions, the market was led by North America due to technological advancements in the region and early adoption of the technology. The United States is the major contributor to the facility management market in North America. One of the major factors contributing to the growth of the facility management market in North America is the growing adoption of software in enterprises, and government and public sectors. North America, due to early adoption of this technology, has experienced a high market share in the facility management services market.
As there is a growing demand for automation in manufacturing and production facilities, there is a significant demand for the facility management software in the Asia Pacific region, which results in the highest growth rate if the market, as a region is experiencing tremendous changes in infrastructure and manufacturing sectors.
Key players
The prominent players in the facility management services market are International Business Machines Corp. (U.S.), Oracle Corporation (U.S.), SAP AC (Germany), MCS Solutions Pvt Ltd (India), ARCHIBUS, Inc. (U.S.), Trimble Inc. (U.S.), CA Technologies (U.S.), Accruent (U.S.), Planon Ltd. (Netherlands), and FM: Systems Group, LLC. (U.S.), among others.
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Other players in the market include iOFFICE Corp. (U.S.), Maintenance Connection Inc. (U.S.), JadeTrack Inc. (U.S.), MetricStream Inc. (U.S.), Facility Management eXpress LLC. (U.S.), eMaint (U.S.), Hippo CMMS. (Canada), FSi Limited (England), Indus Systems, Inc. (U.S.), Autodesk, Inc. (U.S.), NEMETSCHEK SE (Germany), Archidata Inc. (Canada), OfficeSpace Software Inc. (U.S.), FacilityONE Technologies LLC (U.S.), and Apleona GmbH (Germany), among others.
Intended Audience
Software Developers
Government Firms
Software Testers
Hardware Vendors
Storage Vendors
System Integrators
Application End-User
Research Firms
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