According to Market Research Future (MRFR)’s latest analysis, the global unified facility management market is set to register a CAGR of 15% during the forecast period 2017 to 2023. The valuation of the global market is poised to reach USD 70 Bn by the end of 2023. The thriving services sector coupled with the accelerating adoption of digitization and automation across different industry verticals is likely to augment the global market in the foreseeable future.
Unified facility management solutions amplify the efficiency and effectiveness of the business which is projected to impact the growth of the market positively. The rising adoption of Artificial Intelligence (AI) and the Internet of Things (IoT) have further paved the way for the adoption and deployment of the solutions. This, in turn, is anticipated to favor the expansion of the unified facility management market over the review period.
The unified facility management market resonates strong opportunities for growth and is likely to remain highly lucrative in the upcoming years. The key players are expected to capitalize on the opportunities by implementing growth strategies such as mergers & acquisitions, product portfolio expansion, product innovation, etc. This is expected to catalyze the proliferation of the unified facility management market through the projection period.
The intensified demand for the solution across different industry verticals such as healthcare, retail, BHSI, etc. is another major factor responsible for contributing towards the expansion of the market. However, lack of skilled personnel remains an impediment to the unified facility management market growth.
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By components, the unified facility management market has been segmented into software, service, and solution.
By deployment type, the global unified facility management market has been segmented into on cloud and on premises.
By applications, the global unified facility management market has been segmented into BFSI, IT & telecom, healthcare, education, and retail.
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 is poised to retain a dominant share of the global market through the forecast period. The extensive demand for unified facility management solutions across different industries such as health care and real estate among others is projected to drive the growth of the regional market in the foreseeable future.
Europe is an important growth pocket and is expected to witness rapid growth over the next couple of years. Meanwhile, Asia Pacific is estimated to strike the highest CAGR during the review period owing to the growth of the emerging country-level markets such as India, China, Japan, etc. The companies from different industries are deploying the technology for meeting customer needs. This has catapulted the unified facility management market in the region on an upward trajectory.
Some of the key players profiled in the report are Trimble Navigation, Ltd. (U.S.), Oracle Corporation (U.S.), Archibus, Inc. (U.S.), Accruent LLC. (U.S.), SAP SE (Germany), CA Technologies (U.S.), International Business Machines Corporation (U.S.), iOffice Corporation (U.S.) Planon Corporation (Netherlands), and FM Systems, Inc. (U.S.).
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In September 2018, Aldar Properties, Abu Dhabi, took over Khidmah, a Facility Management (FM) company for serving better services to its direct and indirect customers.
In October 2018, International Business Machine (IBM), an American multinational information technology company, has acquired Red Hat Inc., an American multinational software company providing open-source software products. The deal is worth USD 33 Bn.
In November 2018, ISS Group, a leading global facility management services provider, has assigned Coupa Software, the leader in Business Spend Management (BSM), for transforming procure-to-pay (P2P) process with a user-friendly solution for enhanced efficiency and increased saving.
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