The global facility management solutions have been increasingly adopted for optimal management of resources and organizational assets. IT-based solutions in the facility management market have been developed for streamlining support functions with the business’s primary objectives. These solutions assist the facility managers in tracking and managing information from several support functions such as infrastructural, admin, and technical processes. Key verticals served by facility management solutions include BFSI, public sector, utilities, aerospace & defense, telecommunication, manufacturing, healthcare, and retail.
Reduction in operational costs owing to the optimal utilization of resources is a primary driver responsible for market growth. These solutions bring about transparency in organizational operations and subsequently help in improving decision-making abilities. Lack of exposure to these solutions has resulted in low awareness levels, which is expected to pose a challenge to market growth. Unavailability of standardization is expected to restrain market growth over the forecast period.
The high infrastructural development rate in the facility management market has triggered the quick development of new facilities. Real estate, manufacturing, retail, and public sector are a few industry verticals, which have witnessed high infrastructural growth; the aforementioned verticals constitute the primary end-users of facility management solutions owing to growing need for integrating data from operational facilities into other business applications. North America and Europe are expected to be key revenue contributors to the facility management market. The market in Asia Pacific is expected to exhibit high growth potential over the forecast period.
Several key facility management market players have come up with offerings such as integrated modules. Customized offerings have gained prominence over standardized solutions to address varying industrial demands on account of dynamically changing business environment. Industry participants such as Oracle, Archibus, and IBM offer standalone and customized solutions, which include space management, real estate portfolio management, maintenance management, lease administration, and asset management; these solutions vary according to demand. Vendors also offer numerous services such as design & integration support, consultancy & managed services, deployment, and data migration.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.