CHICAGO, Aug. 19, 2020 /PRNewswire/ -- According to a new market research report "Facility Management Market by Offering (Solutions (IWMS, BIM, Facility Operations and Security Management, Facility Property Management) and Services), Deployment Type, Organization Size, Vertical (BFSI, Retail), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Facility Management Market size is projected to grow from USD 39.5 billion in 2020 to USD 65.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
The major factors driving the growth of the Facility Management Market include increase in demand for cloud-based facility management solutions, rise in demand for integrated facility management and intelligent software, need to comply with economic and regulatory regulations, increase in adoption of Internet of Things (IoT) along with analytics and Artificial Intelligence (AI), and shift in office environments and workplace.
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By offering, the solutions segment to lead the market during the forecast period
Technological developments have created a new age of automation in which smarter and flexible facility management solutions are being deployed at a large scale across all verticals. Traditional facility management solutions have supported enterprises' needs for a long time. However, legacy solutions in the traditional models cannot provide rapid scalability, flexibility, manageability, and cost-effectiveness to support the exponentially evolving and complex management needs of today's enterprises. The factor supporting the growth of the Facility Management Market is the significant need in enterprises to deliver a highly personalized customer experience and redesign the traditional facility management model by leveraging advanced software, IoT, and analytics. 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.
By solution, facility property management segment to lead the market during the forecast period
Facility property management solutions help enterprises derive tangible value from their business operations, by enhancing their efficiency and effectiveness. These solutions are further segmented into lease accounting and real estate management, asset maintenance management, workspace and relocation management, and reservation management. They offer data-driven insights that help facility managers make strategic decisions about enterprises' long-term real estate strategies. Moreover, these solutions assist facility managers in aligning real estate strategies with enterprises' long-term growth strategies.
The retail vertical to grow at a higher CAGR during the forecast period
Enterprises in the retail vertical are rapidly expanding their presence by crossing global borders and catering to consumers with the help of technology advancements. The deployment of facility management solutions across the globe has played a vital role in enhancing the efficiency of retail business operations. The use of different solutions in the retail vertical has enabled enterprises to attract and retain more customers. Facility management solutions assist in managing the entire retail life cycle, from location, capital planning, operation planning, and project management to lease administration, contract management, and dispositions. Moreover, new technologies have revolutionized retail facility automation. Retailers are installing smart thermostats that communicate wirelessly with HVAC and lighting systems. These smart thermostats can even connect to the cloud to permit retail facility managers remotely monitor and control their energy systems.
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North America to hold the highest market size during the forecast period
North America is projected to lead the Facility Management Market during the forecast period. The presence of economically and technologically advanced countries such as the US and Canada, the adoption of new and emerging technologies, and strong financial position are some of the major factors that help organizations in North America have a competitive edge over others. The region consists of developed countries with well-established infrastructures, which help generate huge demand for the facility management solutions. Moreover, North America is home to many technological innovators. Most of the leading market players, such as IBM, Oracle, ARCHIBUS, and Accruent, have their headquarters in this region. Leading vendors are focusing on introducing next-generation facility management solutions to attain cost efficiencies. Due to the already established infrastructure and large real estate demands, an increase in the utilization of facility management solutions has been witnessed.
Key players operating in the Facility Management Market include IBM, Oracle, SAP, Trimble, Accruent, MRI Software, Planon, ServiceChannel, Service Works Global, FMX, Causeway Technologies, FM:Systems, Spacewell, iOFFICE, FSI, ARCHIBUS, Archidata, JadeTrack, UpKeep Maintenance Management, Apleona, FacilityONE Technologies, OfficeSpace Software, Facilio, eFACiLiTY, eMaint, and Axxerion USA. These players have adopted various organic and inorganic strategies to grow in the global Facility Management Market.
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