LONDON--(BUSINESS WIRE)--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.
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.
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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.”
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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.
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Some of the companies in the facility management services market in North America:
- CB Richard Ellis (CBRE)
- Compass Group
- CUSHMAN & WAKEFIELD
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