International. Research and Markets research report predicts that the global Smart Facility Management market will grow at a CAGR of 18.0% during the forecast period 2019-2025.
The smart installations market is mainly driven by the growing demand for energy-efficient buildings among commercial constructions. The integration of smart building functions with BAS or BMS and the lack of interest among facility owners to implement smart facility components are restricting the growth of this market.
Smart facility management helps companies monitor and maintain the overall operation of building infrastructure with a quick response to any system failures. Globally, companies are continuously focusing on a sustainable facility model to reduce their organization's carbon footprint.
According to the analysis, Europe accounts for the largest market share in 2019. With the presence of the largest number of technological innovators and market disruptors in this region, the adoption of smart facility management solutions is highest in Europe. Several companies in this region are focusing on improving the employee experience within the facility and thus improving productivity. Asia Pacific is anticipated to witness the fastest growth rate due to increasing construction activities, driving the growth of the smart facility management market, especially in India, China, Indonesia, and Australia.
The report also indicates that the key players in the market are adopting various organic and inorganic growth strategies, i.e. mergers and acquisitions, collaborations and partnerships, joint ventures, and some other strategies to be in a strong position in the market.
Some key vendors in the smart facility management market
- Schneider Electric
- IBM
- Siemens
- Johnson controls
- Honeywell
These companies strive in the market sphere by acquiring customers across vertical markets, ranging from hospitality and food and beverage to IT and ITeS. For example, Hilton Garden Inn, a hotel chain in Dubai, adopted Schneider Electric's EcoStruxture construction solution that integrates BMS, room management system and property management system, providing optimal automation and efficiency with information on room conditions and remote troubleshooting. Ritter Sport implemented Siemens' new energy management system, and the company focuses on reducing its energy consumption by an additional 1.5% each year. The system integrates data from production systems with building management systems to provide a comprehensive energy management system.
There are many other vendors that have been studied based on portfolio, geographic presence, marketing and distribution channels, revenue generation, and significant R&D investments for ecosystem-wide analysis.
The managed services segment is estimated to have the largest market share in 2019, and this trend is likely to continue during the 2019-2025 forecast period.
The infrastructure management segment is projected to grow at the highest rate to drive a better construction experience, scheduled predictive maintenance, and monitoring.
Leave your comment