Facility Management Market Growing at a CAGR 10.6% | Key Player Oracle, Trimble, Accruent, MRI Software, Servicechannel
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. Facilities management solutions help ensure the functionality, comfort, and efficiency of buildings and grounds, infrastructure and real estate.
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.
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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 key and emerging players 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 strategies to grow in the global facility management market.
IBM (US) is one of the leading vendors in the facility management market. The company offers a wide range of solutions for facility management that includes IBM TRIRIGA Facilities Manager, IBM TRIRIGA Real Estate Management Software, IBM TRIRIGA Capital Project Management Software, and IBM TRIRIGA Environmental and Energy Management Software. In addition, the company provides IBM TRIRIGA, which is an integrated facility management software that helps its clients to improve facilities operations, reduce facilities costs, and lower energy consumption. Its solutions and services help enterprises optimize facility performance and management. The company focuses more on the adoption of inorganic growth strategies to enhance its position in the facility management market. For instance, in April 2019, IBM collaborated with Sund & Bælt, a company that owns and operates some of the largest infrastructure in the world, to assist in IBMs development of an AI-powered IoT solution designed to help prolong the lifespan of aging bridges, tunnels, highways, and railways.
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Oracle (US) is another leading facility management solution and services provider across the globe. The company offers a wide range of solutions for facility management. Solutions include Facilities and Asset Lifecycle Management (FALM), maintenance management, and capital project and program management. Oracle IWMS delivers a comprehensive suite of operational applications to manage the complete real estate life cycle. The company focuses on organic growth strategies to improve its place in the facility management market. For instance, in April 2019, Oracle updated Aconex Model Coordination Cloud Service with Building information modeling (BIM). This enhancement helps Oracle to enable full BIM model coordination for design and construction teams.
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