International. The global Facility Management market is projected to grow from US$39,555 million in 2020 to grow US$65,532 million in 2025, at a compound annual growth rate (CAGR) of 10.6%.
Major factors driving the growth of the Facility Management market include an increase in demand for cloud-based solutions, increasing demand for integrated facilities and intelligent software, the need to comply with economic and regulatory regulations, increase in adoption of internet of things (IoT) along with analytics and artificial intelligence (AI), and changes in office and workplace environments.
By component, the services segment will grow at a higher CAGR during the forecast period
Services are considered an important component of the facilities management market as they are primarily focused on improving business processes and optimizing facility operations. In addition, management industry experts consult customers on the weak links in their facilities and suggest solutions that suit their business needs.
By solution, the Integrated Workplace Management System (IWMS) segment will grow at a higher CAGR during the forecast period
IWMS is an integrated solution that supports the processes of facilities management and real estate management. IWMS provides a wide range of facilities management tools on a single, unified software platform. Increases visibility, control, and automation of enterprise real estate management, capital projects, space management, facility maintenance, and energy management requirements. IWMS often has to integrate with various IT solutions, such as enterprise resource planning (ERP), human resources (HR), and building management system (BMS), as these systems contain data that is relevant to facilities management processes. IWMS helps facility managers connect third-party vendors to facility processes, giving them access to authorized functions in the IWMS.
By Deployment Type, On-Premises Segment Leads the Market During the Forecast Period
The on-premises deployment type refers to the installation of software and solutions on the organization's premises. The organization is responsible for maintaining the solution and all its related processes. Deploying on-premises facility management solutions requires dedicated server and infrastructure. Organizations that can afford to manage dedicated servers typically deploy on-premises solutions.
North America to lead market share in 2020
North America is projected to lead the facilities management market during the forecast period. The presence of economically and technologically advanced countries such as the United States and Canada, the adoption of new and emerging technologies and a strong financial position are some of the main factors that help organizations in North America to have a competitive advantage over others.
Source: ResearchAndMarkets.
