Facility Management Market Worth $43.69 Billion By 2019
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Posted by Heidi Schwartz
According to the report “Facility Management Market by Solutions (CAFM, IWMS, CMMS, BIM, IWMS) & Services – Worldwide Market Forecasts and Analysis (2014-2019),“ infrastructural development and technological advancements are the primary factors driving the growth for the facility management market. IT based facility management solutions and services help facility managers to look carefully in the support functions as well. These solutions ensure the optimized utilization of resources, and assets which ultimately leads to reduced operational costs and enhanced profitability.
In the report, the facility management market is broken down into various segments and provides an in-depth analysis and forecasting of revenues. This research report helps to identify the factors driving this market, various restraints, challenges, and opportunities impacting it along with the future roadmaps.
The IT based facility management solutions are classified by several industry players offering solutions being classified as Integrated Workplace Management Systems (IWMS), Computer Aided Facility Management (CAFM) solutions, Computerized Maintenance Management Systems (CMMS), Building Information Model (BIM), Enterprise Asset Management, Facility Management Information Systems (FMIS), Computer Integrated Facility Management (CIFM), and Integrated Project Delivery (IPD) Solutions.
This research report segments and categorizes the global facility management market on the basis of the following segments:
On the basis of solutions:
- Asset Management and Space Management;
- Capital Project Management;
- Real Estate Portfolio Management and Lease Administration;
- Energy Management and Environment Sustainability Management;
- Maintenance Management; and
On the basis of services:
- Design & Integration;
- Deployment & Maintenance;
- Consulting; and
- Managed Services.
On the basis of verticals:
- Public Sector, Utilities, Aerospace & Defense;
- Telecommunication & ITES;
- Manufacturing/supply chain/logistics;
- Real Estate/Infrastructure;
- Retail; and
On the basis of regions:
- North America (NA);
- Europe (EU);
- Asia Pacific (APAC);
- Middle East & Asia (MEA); and
- Latin America (LA).
As the infrastructure is developing at very high growth rate, new facilities are also developing quickly. Major industry verticals with such high infrastructural growth are public sector, manufacturing, real estate and retail among others. The adoption in these verticals is very high as they are looking to integrate data from operational facilities to other business applications.
MarketsandMarkets expects the Facility Management Market to grow from $24.65 billion in 2014 to $43.69 billion by 2019. This represents a Compound Annual Growth Rate (CAGR) of 12.1% from 2014 to 2019. MarketsandMarkets expects North America to hold the largest market for this market, in terms of geographical regions and over the next five years, it is expected to continue this pace but Asia Pacific and Middle-East and Africa would be the regions with higher growth rates.