Facility Management Market is expected to reach a market value of USD 64.5 billion by 2023, registering a CAGR of 12.41% during the forecast period| Key Players - IBM CORP., ORACLE CORPORATION, SAP SE, CA TECHNOLOGIES, ARCHIBUS INC., ACCRUENT, LLC, amongs

Market Analysis:

North America Dominated the Market
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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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, which are helping in the increasing adoption of these solutions. 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.

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Market Segments:
Facility Management Market is segmented by:
1. Service: Professional Services, Managed Services
2. Solution: Strategic Planning and Project Management, Workplace & Relocation Management, Sustainability Management, Maintenance Management, Others
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• January 2018: AAF International announced the acquisition of RIS Facility Management GmbH. 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.

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