Unified Facility Management Market to Witness Widespread Expansion
Research Reports
Apr 11, 2022
Market Overview
The Global Unified Facility Management Market is expected to reach USD 70 Billion with a CAGR of 15% by the end of the forecast period.
Facility management ensures that all office amenities operate smoothly and efficiently. It manages people, technology, process, and location to ensure a company’s operation, comfort, safety, and efficiency. Through their responsibility for essential assets such as buildings, property, and equipment, as well as other elements such as productivity and inventory, unified facilities management makes a significant contribution to the organization’s bottom line. It employs techniques to reduce the risk in an organization. Facility management solutions assist the facilities management staff in streamlining the process. These solutions assist firms in identifying inefficient facilities, processes, and resources, as well as assisting in the improvement of facility assets.
Businesses throughout the world have been hit hard by the COVID-19 outbreak, and many are experiencing financial difficulties. Organizations are seeking to cut costs, and they understand the necessity of facility management. Due to the epidemic, offices, retail stores, and warehouses are suddenly changing their plans. Due to the imposed lockdown, businesses are now relying on technological advancements for a better strategy. As a result, demand for unified facility management solutions is increasing. Vendors are changing their present services to improve revenues as a result of the covid-19 epidemic. This has increased the demand for facilities management solutions that are automated.
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Market Segmentation
Based on the component, the market is segmented into software, services, solution, consulting, managed services, integration and deployment, and others.
Based on the deployment type, the market is segmented into the cloud, on-premises, and others.
Based on the application, the market is segmented into BFSI, I.T., telecommunication, healthcare, education, retail, and others.
Based on the region, the market is segmented into North America, Europe, Asia-Pacific, and other regions in the world.
Regional Classification
Because of economically and technologically advanced countries like the United States and Canada, North America has the largest market share. The market in this region is growing due to new technology and a good financial environment. Many developed countries in North America have well-established infrastructures, resulting in high demand for unified facility management solutions. Another area of growth is the use of Internet of Things (IoT) devices in unified facilities management. In the Unified Facility Management Market, Asia Pacific is the fastest expanding region. The demand in this region is being boosted by large countries like India, Japan, and China, which have a large market. In the projected period, the expanding population in this region is expected to fuel market expansion even further.
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Industry News
The major key players in the market are Oracle Corporation (U.S.), International Business Machines Corporation (U.S.), Archibus, Inc. (U.S.), SAP SE (Germany), A. Technologies (U.S.), Trimble Navigation, Ltd. (U.S.), iOffice Corporation (U.S.) Accruent LLC. (U.S.), Planon Corporation (Netherlands), and M. Systems, Inc. (U.S.). Unified facility management systems are gaining traction around the globe. Businesses are calculating their operational models to get the most out of them. In several locations, outsourcing has played a crucial role in the expansion of the facilities management market.
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