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Rapidly Growing Industrialization to Help Facility Management Market Reach USD 1,759.25 Billion by 2028, reports Fortune Business Insights™

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Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) — The global Facility Management market size is projected to reach USD 1,759.25 billion by 2028, exhibiting a CAGR of 5.0% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Facility Management Market Size, Share & Industry Analysis, By Service Type (Hard Services, Soft Services, and Others Services), By Industry (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2020-2027”. As per the report, the market stood at USD 1,234.55 billion in 2020 and USD 1,249.45 billion in 2021. Facilities Management services have gained high popularity in recent years among several industries such as healthcare, defense, and government. Enterprises operating in the aforementioned market ensure smooth working of operations, communication, sanitation, and hospitality for companies.

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Prevailing Gap between Demand and Supply to Impact Need for Facility Management

The COVID-19 pandemic has given a significant boost to the demand for hygiene-related services in numerous industries. This has positively impacted the market. However, the expanding gap between supply and demand for sanitary products has resulted in negative market growth. On the basis of our findings, the market exhibited a lower growth of -0.2% in 2020 compared to the average year-on-year growth during 2017-2019.

List of Key Companies Covered in the Global Market:

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•             Sodexo (France)

•             CBRE Group, Inc. (United States)

•             ISS A/S (Denmark)

•             Compass Group (United Kingdom)

•             Aramark (United States)

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•             Jones Lang LaSalle Incorporated (United States)

•             Cushman & Wakefield plc. (United States)

•             Tenon Group (India)

•             Johnson Controls International plc. (Ireland)

•             Dussmann Group (Germany)

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Market Segmentation

We have categorized the market on the basis of service type, industry, and geography. In terms of type, the market is divided into hard services, soft services, and other services. Based on the application, it is fragmented into healthcare, government, education, military & defense, real estate, and others. Amongst these, the real estate segment earned 29.7% in 2020 in terms of share. The persistent growth of the construction industry across the globe is expected to drive this segment. Lastly, on the basis of geography, it is segmented into North America, Europe, Latin America, Asia Pacific, Land the Middle East & Africa.

Click here to get the short-term and long-term impact of COVID-19 on this market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/facility-management-market-101658

What Does the Report Offer?

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The report provides a detailed analysis of key market aspects, namely, dominant companies, end-users, and leading product types. Apart from this, it contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.

Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 5.0 %
2028 Value Projection USD 1759.25 Billion
Base Year 2020
Market Size in 2020 USD 1234.55 Billion
Historical Data for 2017 to 2019
No. of Pages 120
Segments covered By Service Type,  By Industry, By Region.
Growth Drivers Investments in Tourism Industry by Governments of Several Countries is a Vital Trend
Growth in the Infrastructure Sector to Boost the Facility Management Market Growth
Hard Services Segment to Hold the Largest Market Share Backed by Expansion of Infrastructure Sector
Pitfalls & Challenges Lack of Stable Contracts, Limited Use of Technology, and Lack of Capabilities and Resources to Hamper Growth

Driving factors

Increasing Focus on Infrastructure Development to Drive Growth

Infrastructural development has been a key factor in the overall development of nations worldwide. For instance, according to the estimations given by Business Roundtable, an investment equivalent to one percent of the GDP of the U.S. would have added nearly USD 320 billion to the economic output of the country.  Surging investments in the development of infrastructure by governments and major enterprises globally are anticipated to drive the Facility Management market growth. In addition, rapid industrialization in developing countries globally is predicted to further boost the demand for Facility Management services. However, the majority of key nations lack the required resources that aid enterprises provide cutting-edge services. This may hinder growth in the long run.

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Regional Insights

Rapidly Surging Industrialization in China and India to Boost Demand in Asia Pacific

The market size in Asia Pacific stood at USD 479.53 billion in 2020. The region is estimated to dominate the market during the forecast period. China, one of the prominent countries in the region, has a population of nearly 1.39 billion people, which enables the country to provide cheaper labor compared to other nations. This makes the country a favorite location for industries worldwide to establish their manufacturing units. On the other hand, India is an emerging nation in terms of industrialization, which is again backed by the second population in the country. These factors are anticipated to scale up the Facility Management market share in the region.

The market in North America is anticipated to showcase considerable growth during the projected timeline. The rapid adoption of latest technologies, such as 5G, internet of things, and artificial intelligence by several end-user industries, is estimated to accelerate the demand for Facility Management in the region.

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Competitive Landscape

Strategic Partnerships to Help Key Players Acquire New Customers

Key enterprises operating in the global market are focusing on strategic partnerships to add more services to their portfolios. This will help them acquire new customers. For instance, in June 2020, Sodexo, a leading hospitality management company, partnered up with Bureau Veritas, a pioneer and testing and inspection services. The partnership will help Sodexo attain a hygiene verification label for its services.

Industry Developments:

In May 2019, Dussmann Technical Solutions (DTS), one of the leading systems and plant engineering developers, announced the acquisition of STS Group. The agreement will help DTS improve its technical engineering services. 

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Table of Content

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
  • Global Facility Management Key Players Market Share Insights and Analysis, 2020  
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Facility Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Service Type (Value)
        • Hard Services
        • Soft Services
        • Other Services
      • By Industry (Value)
        • Healthcare
        • Government
        • Education
        • Military & Defence
        • Real Estate
        • Others (IT & Telecommunication, BFSI, etc.)
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America

TOC Continued.

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Have a Look at Related Research Insights:

Hard Services Facility Management Market Size, Share & Industry Analysis, By Service Type (Outsourced and In-house), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2019-2026

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Soft Services Facilities Management Market Size, Share & Industry Analysis, By Service Type (In-house and Outsourcing), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2019-2026

Construction Equipment Rental Market Size, Share & Industry Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Concrete & Road Building Equipment, and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2019-2026

Vertical Milling Machine Market Size, Share and Industry Analysis, By Type (Turret Mills, Bed Mills, and Others), By Application (Automotive, General Machinery, Precision Engineering, Transport Machinery, and Others) and Regional Forecasts, 2019-2026

Elevators Market Size, Share & Industry Analysis, By Type (Traction with Machine Room, Machine Room Less Traction, Hydraulic), By Installation (New Installation, Maintenance, Modernization), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2019 – 2026

About Us:

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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Fortune Business Insights™ Pvt. Ltd.

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Artificial Intelligence

Basware Makes Waves as a Leader in Accounts Payable Invoice Automation

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New analyst report recognizes Basware capabilities with the highest scores possible in the Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations criteria.
CHARLOTTE, N.C., July 8, 2024 /PRNewswire/ — Basware, a global leader in AP automation and invoice processing, has been recognized as ‘a Leader’ in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024.

CFOs, business leaders and AP (accounts payable) professionals have long sought automated invoice processes. But only recently, with the advent of AI, has there been a significant shift in the space. Companies must offer superior AI capabilities, greater automation, and more comprehensive insights into financial and cash data to attract new customers and retain existing ones.
According to the Forrester report, Basware was named as a leader in its 31-criterion evaluation. The company received the highest scores possible across 16 criteria, including Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations.
The Forrester Wave™ report states:
“Basware heads the pack with a laser focus on automating the last mile of AP processes. As the largest specialist provider of APIA [Accounts Payable Invoice Automation] software, Basware has established itself as an APIA powerhouse with customer obsession, practical innovation, and solid execution. Its pragmatic product roadmap addresses critical client pain points related to compliance and fraud management.”
AP teams have been battling against external forces in recent years, such as macro-economic headwinds, the supply chain crunch, labor market shortages and expanding regulations, putting the squeeze on resources. To alleviate pressures, AP professionals need access to cost and time effective technologies that can manage increasingly complex business operations, support customers and always remain compliant with global regulations.
Nish Makwana, Finance Manager at Specsavers (customer of Basware), commented:  
“Being recognized as a leader in the Forrester report confirms the outstanding performance we’ve experienced as a customer of Basware’s AP automation and Statement Matching solutions.”
In recent months, Basware has furthered its commitment to innovation and delivering value to customers and the industry by:
Partnering with Deloitte to remove manual invoice processing and accelerate finance transformationAcquiring UK-based AP Matching to boost statement reconciliationLaunching AP Protect to help protect organizations from the threat of invoice errors and fraud using AIJason Kurtz, CEO at Basware, commented:
“AP teams are tasked with managing thousands of invoices and payments every week, often putting a strain on resources and pushing them to balance speed with compliance. The answer to this challenge? Unified end-to-end APIA solutions. The industry has been calling for enhanced automated solutions to support AP departments, and we’re helping our customers save time and money, while remaining compliant with ever-changing global regulations. We believe that being named a leader sets us apart from our competitors. But we’re just getting started, and the best is yet to come.”
In 2023, Basware experienced one of its most successful financial years in its almost 40-year history. It expanded its market presence and added over 300 customers to its global portfolio of over 1000+ AP customers. During that period, Basware handled over 200 million invoices and $900 billion in invoice spend through its platform.
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. Basware. Now it all just happens.™
For more information visit: https://www.basware.com/en/
Photo – https://mma.prnewswire.com/media/2456025/Basware.jpgLogo – https://mma.prnewswire.com/media/2398888/4799819/Basware_logo.jpg
 

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Artificial Intelligence

Cato Networks Named a Leader in the 2024 Gartner Magic Quadrant for Single-Vendor SASE

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Cato SASE Cloud Platform continues to shape the enterprise security market
TEL AVIV, Israel, July 8, 2024 /PRNewswire/ — Cato Networks, the SASE leader, today announced that Gartner, Inc. has recognized the company as a Leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.

“Cato’s true SASE platform is the antidote to IT complexity that persists in the face of ongoing so-called ‘platformization’ efforts,” said Shlomo Kramer, co-founder and CEO at Cato Networks. “Cato pioneered the SASE market and is shaping its future with best-in-class customer experience and a train of innovations that deliver on SASE’s promise.”
Built from its inception to be a platform, the Cato SASE Cloud combines operational excellence and an elegant customer experience. Cato’s autonomous cloud service offloads IT from the grunt work of extending, upgrading, patching, and scaling security infrastructure while sustaining resiliency and availability. “Platformization” is a portfolio approach to SASE and attempts to integrate multiple acquired products with differing code bases, form factors, policy engines, and data lakes into a single platform – an impossible task that is apparent to anyone familiar with the two approaches.
“We believe this Gartner recognition reflects what our customers experience with Cato every day,” continued Kramer.
As of July 3, 2024, on Gartner Peer Insights™, the Cato SASE Cloud Platform had an overall rating of 4.7 out of 5 for single-vendor SASE and 183 verified reviews – more than 10x of any Leader in the single-vendor SASE Magic Quadrant.
Cato Expands the Scope of Single-Vendor SASE
Gartner defines single-vendor secure access service edge (SASE) offerings as those that deliver multiple converged-network and security-as-a-service capabilities, such as software-defined WAN, secure web gateway, cloud access security broker, network firewalling and zero trust network access. These offerings use a cloud-centric architecture and are delivered by one vendor.1
The Cato SASE Cloud Platform extends beyond the original definition of SASE to deliver world-class performance and empower IT teams to eliminate threats and troubleshoot network incidents faster. Cato owns and manages the global cloud network, delivering an exceptional SASE experience to any enterprise worldwide. Functionally, Cato extends beyond threat prevention of the original SASE scope with SASE-managed endpoint protection (EPP/EDR) and SASE-based extended detection and response (XDR), the first AI-driven networking and security incident detection and response platform.
To experience Cato yourself, visit us at https://www.catonetworks.com.
1Gartner, Magic Quadrant for Single-Vendor SASE, Andrew Lerner, Jonathan Forest, Neil McDonald, Charlie Winckless, 3 July 2024
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
Resources
Read the Cato blog, “With Great Leadership Comes Great Responsibility”Picture of Shlomo KramerCato Networks’ LogoAbout Cato NetworksCato Networks is the SASE leader, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.

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Sinch Launches Omnichannel Connector on Salesforce AppExchange

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Expanding Messaging Capabilities for Businesses
SAN FRANCISCO and STOCKHOLM, July 8, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, today introduced the Sinch Omnichannel Connector on Salesforce AppExchange.  This innovative solution enhances conversational marketing opportunities and customer experiences by offering Salesforce Marketing Cloud customers advanced one-way and two-way messaging capabilities.  The solution is now available on Salesforce AppExchange.

The Sinch Omnichannel Connector seamlessly integrates with the Salesforce ecosystem, empowering businesses to elevate their marketing strategies by reaching and engaging customers across their preferred channels. This new offering expands the reach of Salesforce Marketing Cloud platform features, providing a comprehensive suite of omnichannel messaging capabilities. Businesses can now connect with customers through one-way and two-way messaging across 13 diverse channels, including platforms like RCS, Kakao Talk, Viper, and Instagram.  This expands Salesforce’s native channels of SMS, MMS, Email, WhatsApp, and LINE, providing a comprehensive communication solution. 
“With the Sinch Omnichannel Connector, businesses can enhance their customer communications, personalize engagements, and maximize the return on their marketing investments,” said Jonathan Campbell, Senior Director, Messaging Products at Sinch.  “Salesforce Marketing Cloud users can now leverage a broader spectrum of messaging channels through Sinch, beyond those directly supported by Salesforce, to optimize their marketing strategies and elevate customer engagement.”
 To get started, Salesforce Marketing Cloud users simply need to have an existing account and onboard the Conversation API through the Sinch Dashboard. From there, they can easily activate the channels of their choice, tailoring their messaging strategy to suit their unique business needs.
Sinch has partnered with Salesforce since 2014 when Salesforce expanded its SMS offering into international markets. Sinch is a strategic supplier for Salesforce’s global SMS delivery and provides enterprise-grade messaging solutions that support Salesforce and its global customer base.
For more information visit Sinch Omnichannel Connector
Salesforce, AppExchange, Marketing Cloud and others are among the trademarks of Salesforce, Inc.
CONTACT:
For further information, please contact:
Janet LennonDirector of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/sinch-ab/r/sinch-launches-omnichannel-connector-on-salesforce-appexchange,c4012692

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