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The Facilities Management Market will register a CAGR of over 12% by 2023
NEW YORK, Dec. 6, 2018 /PRNewswire/ -- 114 pages, November 2018
About this market
Various technological innovations have created an increasing demand for smart facility management solutions. This have resulted in the increased adoption of IoT and Industry 4.0 in the facilities management market. IoT network consists of sensors, actuators, and thermostats which are interconnected over the internet and collects and evaluates data to reduce the energy required for performing tasks. IoT technology is also used for predictive maintenance which reduces operational costs and increases productivity. Lighting, refrigeration, security and safety alarms, and fire suppression systems are some of the functions that can be automated though IoT. Since IoT improves productivity and ensures energy efficiency of buildings, the advent of IoT in facilities management will drive market growth during the forecast period. Technavio's analysts have predicted that the facilities management market will register a CAGR of over 12% by 2023.
Read the full report: https://www.reportlinker.com/p05622905
Market Overview
Increasing demand for cloud-based facility management solutions
There has been an increasing demand for cloud-based solutions in the facilities management market. Cloud based solutions offer secure means of hosting critical data. These olutions also improve the security and collaboration among teams present in multiple locations around the world. This reduces the operational costs for organizations. Cloud-based solutions allows quick data recovery as the backups are stored on a private or shared cloud host platform which can be accessed from anywhere in the world via secure logins. These benefits will increase the adoption of cloud-based facility management solutions and drive market growth.
Rise in budgetary constraints
Small organizations, especially in emerging economies are forced to avail low-quality facility management services due to their budgetary constraints. The company's profitability gets affected due to the high operation and maintenance cost of these low-quality facility management solutions. Moreover, rising labor costs and replacement and maintenance of aging assets adds to the operational and maintenance costs of the company. These factors are hurting the growth prospects of the facilities management market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the facilities management market during 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Aramark, and Interserve the competitive environment is quite intense. Factors such as the growing demand for cloud-based facility management solutions, will provide considerable growth opportunities to facilities management companies. Aramark, Interserve, ISS, OCS Group, and Serco Group are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05622905
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