Facility Management Solution Market Size Worth $1,418.85 Million, Globally, by 2028 at 9.2% CAGR - Exclusive Report by The Insight Partners
The Facility Management Solution Market Size is driven by surging demand for cloud-based facility management solutions, increasing awareness of clients and rising need for maintenance management and security. North America held the largest revenue share in 2020, followed by Europe and APAC. The market in APAC is projected to grow at the fastest rate from 2021 to 2028.
NEW YORK, Jan. 12, 2022 /PRNewswire/ -- According to the new market research report "Facility Management Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On Premise and Cloud-Based), Enterprise Size (Small and Medium Enterprises, and Large Enterprises), and Application (BFSI, Retail, Transport and Logistics, Pharmaceuticals, Government, IT and Telecom, Manufacturing, and Others)", published by The Insight Partners, the global facility management solution market is expected to grow from US$ 768.71 million in 2021 to US$ 1,418.85 million by 2028; it is estimated to grow at a CAGR of 9.2% during 2021–2028.
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Facility Management Solution Market: Competitive Landscape and Key Developments
Upkeep Maintenance Management; FM:Systems; Servicenow; IBM (TRIRIGA); Axonator Inc.; Facilitron, Inc.; FacilityBot Pte Ltd.; Hippo CMMS; Infraspeak; Quickbase, Inc.; and Servicechannel.Com, Inc. are among the key players profiled in the global facility management solution market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
In 2021, FM:Systems acquired WizzPass, a fast growing leader in the visitor management system and workplace management sectors. This purchase expands the company's visitor management capabilities, which are crucial for providing productive, safe, and rewarding working experiences.
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Facility management comprises tasks such as equipment maintenance, space planning, and portfolio forecasting. Emergency preparedness and business continuity, environmental sustainability, human aspects, communication, project management, quality, real estate and property management, and leadership and strategy are also the part of facility management.
The growth of the Facility Management Solution Market can be attributed to the increasing spending on infrastructure, and growing emphasis on process optimization and energy efficiency improvements. Real estate, manufacturing, retail, and the public sector are a few of the sectors that have seen significant infrastructure development. Due to the rising requirement to integrate data from operational facilities to other business applications, these verticals are the key end-customers of the facility management solutions market.
Managing Better Productivity and Efficiency with Multiple Facility Management Solutions:
Facilities management solutions help manage and maintain a wide range of processes that ensure the productivity, safety, and efficiency of a built environment and its occupants. Various tools are involved while managing any facility (such as residential & commercial buildings) include, asset management & tracking, equipment & building maintenance, project management, security, health & safety management, and catering & hospitality. To manage these processes, the facility management solution provides strategic planning and project management solution, workplace and relocation management solution, sustainability management solutions, and maintenance management solutions. Thus, the adoption of multiple facility management solutions helps increase the productivity and efficiency of an enterprise.
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For instance, in September 2021, Kontakt.io integrated IBM TRIRIGA to transform real estate management with actual-time, AI-driven space occupancy. TRIRIGA (Workplace Management Systems) includes TRIRIGA Building Insights and combines occupancy data from sources, such as WIFI and IoT sensors, with newly embedded artificial intelligence. TRIRIGA provides customers who are operating in large real estate portfolios with insights to help working professionals to make smarter data-driven decisions. The integration of Kontakt.io with IBM TRIRIGA is expected to deliver AI-powered utilization insights across portfolios, actual-time occupancy monitoring, and space management tools supporting existing IoT infrastructure used in many offices. Such initiatives help in increasing the productivity and efficiency of real estate businesses. Therefore, with multiple facility management solutions, the productivity and efficiency of any organization increases. Therefore, this factor drives the growth of the facility management solution market.
Facility Management Solution Market: Component Overview
Based on components, the facility management solution market is bifurcated into software and services. The software segment contributed a larger revenue share in 2020.
Facility Management Solution Market: Deployment Overview
Based on Deployment, the facility management solution market is bifurcated into on-premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020.
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Browse Adjoining Reports:
Facility Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solutions (Integrated Workplace Management System, Building Information Modeling, Facility Operations and Security Management, Facility Environment Management, Lease Accounting and Real Estate Management, Others); Deployment Type (On-Premise, Cloud); End-User (BFSI, IT and Telecom, Transport and Logistics, Manufacturing, Retail, Pharmaceuticals, Others) and Geography
Facility Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise, Cloud); Offering (Software, Services); Enterprise Size (Large Enterprises, SMEs); Application (BFSI, Retail, Transport and Logistics, Pharmaceuticals, Government, IT and Telecom, Manufacturing, Others) and Geography
Computer-aided Facility Management (CAFM) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution, Services); Deployment (Cloud, On-Premise); Industry (Manufacturing, Retail, Education, Government, Healthcare, Others) and Geography
Building Automation System Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Offering (Facility Management Systems, HVAC Control Systems, Security and Access Control Systems, Fire Protection Systems, Building Energy Management Software, BAS Services); Application (Residential, Commercial, Industrial Application); Communication Technology (Wireless Technologies, Wired Technologies, Wired Technologies) and Geography
Location Intelligence Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Organization Size (SMEs, Large Enterprises); Application (Customer Management, Workforce Management, Facility Management, Remote Monitoring, Risk Management, Sales and Marketing Optimization, Others); End User (BFSI, Automotive, Retail, IT and Telecom, Government, Others) and Geography
Fault Detection and Monitoring Based Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software, Services); Deployment Type (Cloud, On-Premises); Application (Energy Management, Security Management, Facility Management, Network Management, Operations Management, Others) and Geography
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