According to new market research report "Facility Management Market by Solution (Asset Management, Space and Move Management, EMS, Maintenance Management, Project Management, Real Estate Portfolio Management), by Service, by Org Size, by Verticals, by Regions - Global Forecast to 2020", published by MarketsandMarkets, the global facility management market is expected to grow from USD 27.25 Billion in 2015 to USD 49.44 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 12.7%.
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The evolution of smart and intelligent building and a more sophisticated working environment is pushing the technology to move towards the adoption of facility management software. Technological advancements have significantly supported the facility management market to grow. New databases technologies enable real-time cross functional data sharing abilities. Infrastructural development and technological advancements are the primary factors driving the growth of this market. These solutions ensure the optimized utilization of resources and assets, which ultimately leads to reduced operational costs and enhanced profitability. Solutions such as maintenance management, asset management, and real estate portfolio management and are the top growing solutions in this market. As the operational costs decrease, the profitability of the organization will increase. That is why these solutions and systems are gaining very high traction across several markets.
The demand for this market is also driven by cloud ubiquity worldwide and the changing workforce dynamics. As people born post-World War II were accustomed to the traditional working lifestyle, are retiring now and being replaced by the millennial generation, factors such as increasing usage of smartphones, internet, and online businesses have emerged that drives the facility management market. Niche players such Idox PLC and Trimble provide facility management software solutions and many others have emerged and are expected to evolve in the coming time. In 2015, North America is the expected to be the top contributor in the facility management due to increasing technological acceptance and high awareness about emerging facility concerns in the organization. However, APAC and some countries of MEA are expected to show tremendous growth in this market.
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The global facility management market report has been segmented on the basis of solutions, services, organization sizes, and verticals. The facility management solutions are segmented into asset management, space and move management, energy management and environment sustainability management, maintenance management, capital project & program management, real estate portfolio management and lease administration. The market has been segmented into services such as design and integration, deployment and maintenance, consulting, and managed services. In addition to this, the report classifies the organization size as small and medium businesses and large enterprise. The verticals covered in the report are BFSI, public sector, utilities and aerospace and defense, telecommunication and ITES, manufacturing, supply chain, and logistics, real estate and infrastructure, healthcare, and retail. The regions covered in the report are North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
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