Asia Pacific witnesses highest growth rate in global smart facility management market
The global smart facility management market is expected to witness a CAGR of 18.0% during the forecast period 2019–2025 to reach revenue of $68.26 billion by 2025
Bangalore, India, June 20, 2019: With its recently published study “Global Smart Facility Management Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for smart facility management is expected to grow at a steady pace, owing to the increasing need for intelligent monitoring and energy-efficient buildings in commercial usage, globally. Smart facility helps enterprises in 24×7 monitoring of the infrastructure using sensors and cameras, deriving useful insights regarding building conditions.
Smart facilities find significant interest from the facility owners in North America and Europe. The increasing energy consumption among buildings and the need for smarter ways of better customer experience are driving the adoption of smart facility management solutions. The trend of threats is likely to increase, especially in Asia Pacific and Middle East Africa, during the forecast period 2019–2025. This trend is fueling the implementation of smart facility management solutions, helping the market to grow at a CAGR of 18.0% to reach revenue of $68.26 billion by 2025.
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Europe is dominant in the smart facility management market followed by North America and Asia Pacific. North America is expected to invest heavily in facility-conserving energy and enhanced comfort in buildings. The organizations, especially IT players and manufacturing units, are concerned about their emissions along with the increasing stiff regulations from the government bodies. Asia Pacific is poised to grow at the highest CAGR as the region holds great potential, owing to organizations realizing the long-term benefits of sustainable infrastructure in the future.
Security is majorly contributing toward the smart facility management market due to extensive use of surveillance cameras and sensors for safeguarding the building. The next two significant shares for the smart facility management market are attributed to infrastructure management and energy management, which mainly focus on the intelligent control system of building and optimum usage of energy. On the other hand, property management has a relatively smaller market share; although its adoption is expected to increase over the years, consequently generating more revenue for the smart facility management market.
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Most of the buildings constructed these days are equipped with BAS or BMS and BEMS. The smart or intelligent building vendors are focusing on bringing out the best of features in collecting information from control systems, alarm systems, cooling systems, lighting, waste management system, and many others. The vendors are concentrating on offering an integrated system, and thus adopting inorganic strategies to provide best-in-class products and services to the customers.
“Enterprises are facing an increased need to reduce energy consumption in facilities along with greater comfort for employees, which is driving the smart facility management market growth. The local vendors are giving stiff competition to global players in integrated managed services and are expected to offer a mix of products and services, creating a strong partner ecosystem,” pointed out Swarup Bhowal, Research Analyst, Infoholic Research.
Key Insights of the Report Include:
- Sensors and Surveillance Component
- Professional Services
- Managed Services
- Energy Management
- Infrastructure Management
- Property Management
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East Africa
- South Africa
- Rest of Middle East Africa
- Latin America
- Rest of Latin America
- Industry outlook: Market trends, drivers, restraints, and opportunities
- North America