Facility Management Market Expected to Witness a Significant Growth of $64.5 Billion by 2023 | Global Key Players - IBM, ORACLE, SAP SE, CA TECHNOLOGIES, TRIMBLE NAVIGATION, ARCHIBUS, ACCRUENT, PLANON CORPORATION, FM SYSTEM, IOFFICE CORPORATION

The global facility management market was valued at USD 31.96 billion in 2017 and is expected to reach a market value of USD 64.5 billion by 2023, registering a CAGR of 12.41% during the forecast period of 2018-2023. Facility management solutions enable efficiency and agility in business functioning, and they are gaining vital importance in organizations. The facility management concept comprises of software and solutions that allow efficient management and use of workspace, real estate, assets, relocation of offices and buildings, and energy management. It standardizes services and streamlines processes. Enterprises are moving beyond the traditional concept of facility management, to address rapid technology changes and current business needs, that are helping in the increasing adoption of these solutions.

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Study segmentation is by strategic planning and project management, asset and inventory management, maintenance management, workplace and relocation management, and sustainability management. The market segmentation is by consulting, managed services, and integration and deployment, and by deployment type into on-premise or cloud.

Key Developments in the Market
January 2018: AAF International announced the acquisition of RIS Facility Management GmbH. With this acquisition, AAF International is expected to expand its operational footprint further and increase both the quality and quantity of services offered in Germany and rest of Europe. The acquisition is also expected to help AAF to meet their customers’ demand for value-added air filtration solutions in Germany.
January 2018: Al Naboodah Group Enterprises (ANGE) entered the facilities management (FM) industry with the launch of Al Naboodah Facilities Management. With this new entry, the competition in UAE is expected to increase. The business is expected to compliment Al Naboodah’s construction business.

Major Players:
IBM CORP., ORACLE CORPORATION, SAP SE, CA TECHNOLOGIES, TRIMBLE NAVIGATION LTD., ARCHIBUS INC., ACCRUENT, LLC, PLANON CORPORATION, FM SYSTEM, INC., IOFFICE CORPORATION, MCS, and SATNAV TECHNOLOGIES, amongst others.

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Adoption of IoT is a Major Opportunity
At present, businesses are increasingly looking for instant ease-of-working culture, merchandise and workflow management, and copying the idea of connected devices. Thus, facility management is soon poised to look, drastically, different from just a decade ago. With the introduction of next-generation technologies, such as the Internet of Things, and advanced connectivity spectrums, like 5G, the digital transformation of business centers are expected to have an increase in demand over the next few years. Moreover, the number of IoT connected devices is expected to touch 30 billion by 2020.
Also, for large enterprises managing the static and dynamic assets poses a variety of challenges, particularly when it comes to fulfilling while defending against loss or threat, regulatory standards, and exploiting the life cycle of various kinds of workflows. The proper management of software license, digital assets, and hardware are one of the most important ways to reduce costs. For example, logistics and fleet management companies need to be sure that they can precisely track assets along the entire supply chain, in case of unpredicted breakdown or loss, which can lead to system failures and service delays. Hence, in such cases, the adoption of IoT helps ease the operations and maintenance process.

North America Dominated the Global Market in Facility Management
Latest technological breakthroughs have assisted the advancement of facility management solutions that can make the overall processes highly efficient and significantly improve accuracy in various applications. There have been a series of new solutions, mergers & acquisitions in North America to take advantage of this opportunity. The primary driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, IT and Telecom, BFSI, real estate, and healthcare applications in North America are set to boom over the next five years.

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