The facility management market is defined as the collective market of solutions and services which offer a platform to manage and optimize the core operational processes, such as infrastructure life cycle, security, emergency and incident, waste, sustainability, assets, space and floor planning, in enterprises’ facilities.
The facility management market size is expected to grow from USD 34.65 billion in 2018 to USD 59.33 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. Major growth factors for the facility management market include growth in the development of sustainable infrastructure and adoption of IoT and connected devices for building automation.
Solution, a main component of the facility management market, is a key revenue generator for all the vendors, averaging more than one half of the total revenue. An effective facility management solution must be multi-level, which would enable the management of all facility management processes, from lighting, HVAC, security, emergency and incident, sustainability, waste, and lease accounting to real estate management, asset maintenance, workspace and relocation, and reservation management. Companies have realized the importance of improving efficiencies and streamlining processes within real estate and facility functions to reduce operating costs, improve energy consumption, and support sustainable objectives.T
IWMS is an integrated solution that supports processes in facility management and real estate management. It provides an extensive range of facility management tools under a single, unified software platform. IWMS often has to be integrated 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 for facility management processes.d
The cloud deployment type is not only enabling organizations to manage their costs but also helping them ensure improved business agility. These solutions can be accessed through the internet using web-based tools. They can be accessed anytime, from any place, on demand via the pay-per-usage technique. The market for cloud-based solutions is gaining popularity, due to the multiple advantages offered by the cloud model. Some of these benefits are low operational costs, adaptability, simple deployment, and easy collaboration.
The MEA region comprises major economies, such the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Qatar, Israel, and South Africa, which are expected to register high growth rate in the facility management market. The region has witnessed high adoption of tech-savvy solutions across various verticals. Mega infrastructure developments, such as Mohammed Bin Rashid City, Dubai Creek Harbor, Dubai Expo Site in UAE, Jazan Industrial City in KSA, QP District, and Doha Festival City in Qatar, have created opportunities for facility management providers in the MEA region.