The IT based facility management solutions are classified by several industry players and SMEs. These solutions are being classified as Integrated Workplace Management Systems (IWMS), Computer Aided Facility Management (CAFM) solutions, Computerized Maintenance Management Systems (CMMS), Building Information Model (BIM), Enterprise Asset Management, Facility Management Information Systems (FMIS), Computer Integrated Facility Management (CIFM) and Integrated Project Delivery (IPD) Solutions.
MarketsandMarkets broadly segments the facility management market in this report by solutions: Asset Management and Space Management, Capital Project Management, Real Estate Portfolio Management and Lease Administration, Energy Management and Environment Sustainability Management, Maintenance Management, and Others; by services: Design & Integration, Deployment & Maintenance, Consulting, and Managed Services; and by Verticals: Banking, Financial Services, and Insurance (BFSI), Public Sector, Utilities, Aerospace & Defense, Telecommunication & ITES, Manufacturing/supply chain/logistics, Real Estate/Infrastructure, Healthcare, Retail, and Others; and by regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA).
Infrastructural development and technological advancements are the primary factors driving the growth for this market. IT based facility management solutions and services helps facility managers to look carefully in the support functions as well. These solutions ensure the optimized utilization of resources, and assets which ultimately leads to reduced operational costs and enhanced profitability. There are several vendors in this market offering various solutions and services. Demand for customized solutions is anticipated to be higher than standardized solutions. In this market generally the demand from customers varies and hence customization is very important.
MarketsandMarkets expects the facility management market to grow from $24.65 billion in 2014 to $43.69 billion by 2019. This represents a Compound Annual Growth Rate (CAGR) of 12.1% from 2014 to 2019. MarketsandMarkets expects North America to hold the largest market for this market, in terms of geographical regions and over the next five years, it is expected to continue this pace but Asia Pacific and Middle-East and Africa would be the regions with higher growth rates.