Facility management is a multidisciplinary field dedicated to the coordination of infrastructure, space, organization, and people. It is often associated with the administration of office blocks, sporting complexes, schools, shopping complexes, hotels, manufacturing, hospitals, and convention centers among others. The supportive government initiatives for the development of smart cities and the increasing adoption of smart connected devices and IoT for building automation are the major factors supporting facilities management market growth. Moreover, growing demand from the developing economies expected to fuel market growth during the forecasted period.According to AMA, the market for Facilities Management is expected to register a CAGR of 11.41% during the forecast period to 2024. This growth is primarily driven by Increasing Adoption of Smart Connected Devices and IoT for Building Automation and Emergence of the SaaS Deployment Model for Facilities Management Solutions.
Globally, a noticeable market trend is evident Growing Adoption of Cloud-Based Facilities Management Solutions
. Major Players, such as IBM (United States), Oracle (United States), SAP (Germany), MCS Solutions (Belgium), ARCHIBUS (United States), Trimble (United States), CA Technologies (United States), Accruent (United States), Planon (Netherlands), FM Systems (United States), Maintenance Connection (United States), JadeTrack (United States), MetricStream (United States), Facility Management eXpress (United States), Indus Systems (United States), Autodesk (United States), Nemetschek (Germany), OfficeSpace (United States), FacilityONE Technologies (United States) and Apleona (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
2nd January 2019, Genius consultants, an Indian consulting and manpower outsourcing company launched facility management service (FMS) to expand its service portfolio.
“The European standards for facilities management offers a definition in EN15221-1, provided by the European Committee for Standardization (CEN) and ratified by 31 European countries as: “the integration of processes within an organization to maintain and develop the agreed services which support and improve the effectiveness of its primary activities. According to this European standard, the scope of FM is 'Space & Infrastructure' (planning, design, workplace, construction, lease, occupancy, maintenance, furniture, cleaning, etc.) and 'People & Organization' (catering, ICT, HR, HS&S, accounting, marketing, hospitality, etc.)”
- Increasing Adoption of Smart Connected Devices and IoT for Building Automation
- Emergence of the SaaS Deployment Model for Facilities Management Solutions
- Growing Adoption of Cloud-Based Facilities Management Solutions
- Emphasizing On Implementation of Digital Twin Technology in Facility Asset Management Solutions
- Lack of Skilled Professional to Adopt New Technology
Growing Focus on Integrating Building Information Modeling with Facility Management Solutions and Rising Demand from the Developing Economies
Lack of Awareness Regarding Facility Management Solutions
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