The unified facility management market 2020 is on track to procure a strong valuation of USD 70 Billion by the year 2023, reveals Market Research Future (MRFR). MRFR also believes that the market holds the potential to attain a CAGR of 15% between 2017 and 2023, which is the evaluation period. We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
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Renowned Industry Vendors
Some of the most renowned industry vendors are Oracle Corporation (U.S.), SAP SE (Germany), CA Technologies (U.S.), iOffice Corporation (U.S.), International Business Machines Corporation (U.S.), Archibus, Inc. (U.S.), FM Systems, Inc. (U.S.), Trimble Navigation, Ltd. (U.S.), Accruent LLC. (U.S) and Planon Corporation (Netherlands) to name a few.
Tzadik Management, a well-known property management vendor recently acquired JM Real Estate, a commercial property management firm. Acquiring JM Real Estate can mean managing property contracts for close to 60 areas as well as 2.5 million square feet of office, retail, industrial and medical properties. This will be the first real estate company acquisition for Tzadik Management, as part of its plan to expand its real estate business across Florida, U.S.
The COVID-19 outbreak has reiterated the importance of how organizations manage their facilities and deliver their services. Leased or owned offices, retail stores, manufacturing facilities and warehouses are now carefully studying and modifying their plans following the pandemic. Since the advent of SARS-CoV-2, unified facility management service vendors are now turning more strategic, while giving top priority to aspects like safety and hygiene. Technology innovations and the increase in the adaptive nature of enterprises due to the lockdown imposed have boosted the sophistication of unified facilities management solutions, leading to higher demand.
The novel coronavirus has compelled vendors to modify their existing services to ensure continuance of the businesses. The situation has further boosted the need for automation of facility management processes, ranging from service requests to move-ins, and energy management to customization. The COVID-19 impact on companies has steered their focus towards new activities and services that can ensure that the employees come back to their workplace. IoT and artificial intelligence technologies are increasingly being used to bolster the efficiency of operations and enhance building management, by facilitating remote monitoring.
Top Boosters and Main Barriers
Unified facility management solutions are gathering massive attention from enterprises due to their ability to boost the efficiency of the business. The global market is also getting a significant boost from the increasing uptake of AI/artificial intelligence as well as IoT/internet of things (IoT) and more. The rising need among enterprises to adhere to the regulatory and environmental regulations and the escalating demand for integrated facility management to boost revenues can also be an incredible growth enhancer in the market.
The flourishing services industry along with the increasing use of automation and digitization across diverse industries can also work in favor of the unified facility management market in the following years. The rampant demand for these solutions in retail, healthcare, BFSI and more for extensive applications can translate significant revenue generation in the coming years.
The unified facility management market is also likely to be presented with opportunities in the form of cloud-based services that are gaining traction across enterprises. More and more renowned companies are trying to leverage the opportunities by adopting effective strategies such as portfolio expansion, mergers & acquisitions, product development and more. This can catalyze the adoption of unified facility management services among enterprises across industries, leading to better market growth over the projection period.
The unified facility management industry has been considered for components, deployment type and applications.
The primary components discussed in the report include service, solution and software.
The various deployment types mentioned in the study are on cloud as well as on premises.
The applications of unified facility management solutions and services are IT & telecom, BFSI, education, retail and healthcare.
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The Global Unified Facility Management Market, by region, has been segmented into Asia Pacific, North America, Europe and the Rest of the World.
North America can possibly race to the top of the global market in the years ahead. The high consumption of unified facility management solutions across various industries such as real estate and health care seems to be working in favor of the regional market. Another reason cited for the market growth is the rising uptake of IoT in unified facility management. The high awareness level among consumers regarding the advantages of the IoT technology and the willingness to spend high amounts on the installation of IoT tools as well as tech also foster the market expansion in North America.
Asia Pacific is all set to post the highest expansion rate during the appraisal period, with MRFR expecting India, Japan and China to emerge as the most lucrative markets in the region. a mounting number of vendors from diverse industries are increasingly using unified facility management solutions to cater to the unmet demand of the customers. The APAC market is also considerably bolstered by the surge in the number of cybercrime and attacks, and the rising need to address the issue among leading vendors.
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