Facility management is a professional management which is focused on efficient and effective delivery of support services for the organizations. Facility management provides safe and comfortable work environment for organizations. It improves the quality of people and productivity of the core business. In addition, facility management consists of various functionalities, , safety, and efficiency of the built environment by combining people, place, process, and technology. Furthermore, facility management covers two main areas, space & infrastructure and people & organization.
Growing investment on infrastructure aspect in various organizations, rising focus on optimization processes and energy efficiency improvements, and increasing demand for the cloud-based facility management services are the major driving factors for the growth of facility management market. Furthermore, cloud-based facility management solutions also enhance security and scalability, and quick disaster recovery. Along with that, growing trend of outsourcing facility management operations also contributes towards its surge. All these factors may act as driving factors for facility management market in up-coming years.
Leading companies operating in information technology industry have been working towards advanced development, thus, offering various advanced features in facility management. In addition, lack of high-level security and concerns related to security for these software solutions, along with lack of technological awareness and effective government regulations. All these things hamper the facility management market. Some of the key players in the market include IBM Corporation, Oracle Corporation, SAP SE, Trimble Inc., Accruent, Planon Corporation, Service Works Global, FMX, Spacewell, Causeway Technologies, and others.
Trends and Future Outlook:
- Growing technological advancement in IT sector creates the demand for the facility management.
- Various organizations are ready for huge investments in R&D activities for the development of new technologies, such as AI, ML, cloud, and big data.