Global Smart Facility Management Market will grow at a CAGR of 18.0% by 2025 | Valuates Reports
Global Smart Facility Management Market by Component (Software, Sensors and Surveillance Component, and Services), Service (Professional Services and Managed Services), Type (Energy Management, Infrastructure Management, Property Management, and Security), and Region (North America, Europe, APAC, Middle East Africa, and Latin America) – Forecast up to 2025
This market research report includes a detailed segmentation of the global smart facility management market by component (software, sensors and surveillance component, and services), type (energy management, infrastructure management, property management, and security), service (professional services and managed services), and region (North America, Europe, APAC, Middle East Africa, and Latin America). The market research report identifies Schneider Electric, IBM, Siemens, Johnson Controls, and Honeywell as the market leaders operating in the global smart facility management market.
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Overview of the Smart Facility and Intelligent Building Market
The global smart facility management market will grow at a CAGR of 18.0% during the forecast period 2019–2025. The market for smart facilities is primarily driven by the increasing demand for energy-efficient buildings among commercial constructions. The integration of smart building features with BAS or BMS and the lack of interest among facility owners to implement smart facility components are restricting the growth of the smart facility management market.
Smart facility management helps the enterprises to monitor and maintain the overall functioning of the building infrastructure with quick response to any system failure. Globally, enterprises are continuously focusing on a sustainable model for facilities to reduce the carbon footprint of their organization.
According to our smart facility management analysis, Europe accounts for the largest market share in 2019. With the presence of the highest number of technology innovators and market disruptors in this region, the adoption of smart facility management solutions is highest in Europe. Several enterprises in this region are focusing on enhancing the employee experience inside the facility and hence improve productivity. Asia Pacific is anticipated to witness the fastest growth rate due to increasing construction activities, pushing the smart facility management market growth, especially in India, China, Indonesia, and Australia.
Smart Facility Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the smart facility management market. Major vendors across different verticals are planning for high investments in product development, and as a result, the smart facility management market is expected to grow at an impressive rate in the coming years. The key players in the market are adopting various organic as well as inorganic growth strategies, i.e., mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in a strong position in the market.
Few of the Key Vendors in the Smart Facility Management Market:
• Schneider Electric
• Johnson Controls
These companies are striving in the market sphere by acquiring clients across verticals, ranging from hospitality and food & beverages to IT and ITeS. For instance, Hilton Garden Inn, a hotel chain in Dubai, adopted Schneider Electric EcoStruxture Building Solution that integrates BMS, guest room management system, and property management system, providing optimal automation and efficiency with insights of room conditions and remote troubleshooting. Ritter Sport implemented Siemens new energy management system, and the company is focused on reducing its energy consumption by an additional 1.5% each year. The system integrates data from production systems with the building management systems to provide a holistic energy management system.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Smart FaciltyManagement Market Research By Component
• Sensors and Surveillance Component
The software segment is expected to grow at the highest rate during the forecast period 2019–2025.
Smart Facility Management Market Research By Service
• Professional Services
• Managed Services
The managed services segment is estimated to hold the largest market share in 2019, and this trend is likely to continue during the forecast period 2019–2025.
Smart Facility Management Market Research By Type
• Energy Management
• Infrastructure Management
• Property Management
The infrastructure management segment is projected to grow at the highest rate for driving better building experience, scheduled predictive maintenance, and monitoring.
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Smart Facility Management Market Research Benefits
The report provides an in-depth analysis of the smart facility management market. Smart facility management combines various technologies of analytics, mobility, cloud, automation, and alarm systems to offer multiple innovative intelligent features in the facilities. By analyzing various energy-saving areas, intelligent features, and automated controls, smart facility management is expected to provide next-generation building experience. Vendors are focusing on reducing electricity bills, quick notifications to technicians for repairment, space management, and centralized control of buildings. For building a long-lasting and better management in case of hazards and natural calamities, facilities are looking to adopt smart facility management solutions. The report discusses the market in terms of component, type, and region. Furthermore, the report provides details about the major challenges impacting the market growth.
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