LONDON — (BUSINESS WIRE) — February 7, 2018 — The facility management services market in North America is expected to grow at a CAGR of almost 14% during the period 2018-2022, according to a new market research study by Technavio.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180207005779/en/
Technavio has published a new market research report on the facility management services market in North America from 2018-2022. (Graphic: Business Wire)
The report categorizes the facility management services market in North America by application (soft services and hard services) and by end-user (commercial buildings and government buildings). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key countries such as the US, Canada, and Mexico.
Save more with Technavio. Buy 2 reports and get the third for free: View Technavio’s latest discounts and promotions
Market driver: continued investment in building and related technologies
Technology has been an essential pillar in facility management services market and with the rapid development of technology in the field of mobility and communication, the facility management services industry is also embracing and incorporating new technology in their operations. One such technology is BIM that is heavily utilized in construction, architecture, and engineering industry but is just gaining penetration in facility management services industry. BIM is a 3D modeling tool that gives a digital picture of an actual building and its assets. By already having a model of a building’s units in the database, a facility manager just needs to click on that database and he would get all the information about that unit.
According to a senior analyst at Technavio for automation research, “BIM assists management service providers in improving space management, achieving effective maintenance, achieving efficient use of energy and enhance lifecycle management. In the US, educational institutions are slowly incorporating BIM in facility management. For instance, in 2014, Franklin W. Olin College of Engineering used BIM that helped it to improve decision-making, operational efficiency, cost management, and risk exposure.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: emergence of Office-as-a-service (OaaS) model
There has been a change in workplace dynamics due to the evolution of Office-as-a-service (OaaS) model. While traditional office workplaces were defined by fixed office timing, formal layout, and one-time fixed rented space, the modern workplaces are becoming more flexible in terms of layout and timings, placing greater emphasis on workforce than the workplace. With the cost of office space increasing, companies are trying to reduce overheads by working together in the same office. Different companies take benefit of coworking space by sharing workplace units such as meeting rooms, reception, kitchen areas, IT infrastructure, and electronic equipment. The concept of coworking has gained prominence in urban areas such as Toronto where the cost of buying or leasing office space is quite high.
Market challenge: requirement of technological coherence with evolving building technologies
Facility management market is evolving continuously due to the rapidly developing technology. Vendors are employing new technology to improve customer service and reduce costs. Use of robots for cleaning services, use of drones for monitoring purpose, smart devices for security and surveillance, and use of BIM in building management are some of the ways in which vendors are embracing technology in their operations. With the development of technology, vendors also need to update skillset of their employees to be able to effectively manage and operate new technology.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Some of the companies in the facility management services market in North America:
- Aramark
- CB Richard Ellis (CBRE)
- Compass Group
- CUSHMAN & WAKEFIELD
- ISS
- Macro
Get a sample copy of the facility management services market in North America report free of cost
Access Technavio’s continuously growing automation research library and find expert analysis on hundreds of markets.
About Technavio
Technaviois a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at Email Contact.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180207005779/en/
