In its latest research report that examines the state of the global facilities management market, Technavio, a technology research and advisory firm is forecasting market growth at a compound annual growth rate (CAGR) of over 12% in the coming years.
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The advent of IoT in facilities management will be one of the major trends in the global facilities management market during 2019-2023. The demand for smart facility management solutions has increased due to the various technological innovations in the global facilities management market. This has resulted in the increased adoption of IoT and Industry 4.0 in the market. The IoT employs technologies such as predictive maintenance, which results in lower operational cost and increased productivity.
According to Technavio’s analysts, one of the key drivers for the global facilities management market is the increasing demand for cloud-based facility management solutions:
Global facilities management market: Increasing demand for cloud-based facility management solutions
There is a rise in the number of cloud computing solutions owing to the growing demand for technologically advanced solutions in the global facilities management market. The cloud-based solutions are used to integrate facility management services as they offer reliable means to host facility management software. These solutions allow companies to increase security and reduce the operating costs incurred by the organization.
According to a senior analyst at Technavio for research on automation, “The cloud-based facility management solutions allow securing hosting of critical data along with advantages such as improved security and scalability and quicker disaster recovery. Cloud computing provides a cost-effective solution, which allows the companies to recover critical server data from backups stored on a shared or private cloud host platform.”
Global facilities management market: Segmentation analysis
This global facilities management market analysis report provides market segmentation by end-user (commercial segment, government segment, and residential segment) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major end-users, the commercial segment held the largest facilities management market share in 2018, accounting for over 59% of the market. This end-user segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for more than 36% share. It was followed by EMEA and APAC respectively. The EMEA region is expected to surpass the Americas to become the largest shareholder of the market by 2023.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.