The Facility Management Market Size is projected to reach USD 98.07 Billion by 2028, growing at a CAGR of 11.80% by Brandessence Market Research
LONDON, Sept. 1, 2022 /PRNewswire/ -- Global Facility Management Market is valued at USD 50.22 Billion in 2021 and is expected to reach USD 98.07 Billion by 2028 with a CAGR of 11.80% over the forecast period.
Facility Management Market Size, Share & Trends Analysis Report by Solutions(Integrated Workplace Management System, Building Information Modeling, Facility Operations And Security Management, Facility Environment Management, Facility Property Management), By Service(Deployment And Integration, Consulting, Auditing And Quality Assessment, Support And Maintenance, SLA Management), By Deployment Type(On-Premises, Cloud), By Vertical(BFSI, IT And Telecom, Government And Public Administration, Healthcare, Education, Retail, Energy And Utilities, Manufacturing, Construction And Real Estate), By Organization Size(SMEs, Large Enterprises), Based On Region, And Segment Forecasts, 2022 – 2028
Facility Management Market: Market Scope
The global facility management market has been seeing an increase in its growth and the market is going to further grow in the coming years. There are many factors which are working towards the growth of the industry. These factors are the surging demand for the cloud-based facility management solutions and the rising demand for the facility management solutions integrated with the intelligent software and they have been touted to drive the adoption of the facility management solutions and services.
Facility Management Market: Competitive Analysis
The global facility management key players are International Business Machines Corporation, Oracle Corporation, SAP SE, Trimble Inc., Fortive, MRI Software LLC, Planon, Infor, Service Works Global, Facilities Management eXpress, Causeway Technologies, FM Systems, Spacewell International, iOFFICE + SpaceIQ, Archidata Inc., JadeTrack Energy Management Software, UpKeep Maintenance Management, Apleona GmbH, FacilityONE Technologies LLC, OfficeSpace Software Inc., Facilio, eFACiLiTY, InnoMaint, Nuvolo, QuickFMS and zLink. The major players are now focusing on the promotion aspect of the business where they are working on developing awareness programs to reach the customers.
Facility Management Market: Key Drivers
Facility management growth has been showing a lot of growth and that is owing to the many drivers of growth in the market. The cloud-based solutions are going to offer a very reliable means of hosting the facility management software. They are also going to help in the reduction of the operating costs of the organizations as they can enhance the security and collaboration among the teams and subsidiaries which are present on multiple locations. The other advantages of the cloud-based facility management solutions include the secured hosting of the critical data, improved security, scalability and quick disaster recovery. These backups get stored on the private or shared cloud host platform, which allows the organizations to recover the critical data on the server easily.
This is the data which can be easily accessed anywhere at anytime with an internet connection which is stable via the secure logins. The cloud-based facility management solutions are also going to enhance the customer satisfaction and decrease the repair costs and maintenance costs. These are benefits which have resulted in the increase in the usage of cloud-based solutions for the integration of the facility management services that is projected to drive the growth of the market.
Benefits of the facility management have not been recognized entirely by the enterprises. The problem is one which originates from the lack of an understanding and adoption of the prerequisites in technologies. There are many businesses which are still adopting the cloud computing systems and haven't adopted the ecosystem of Internet of Things yet. Additionally, the transition from the conventional office layouts to a modern setup is still in the infancy. Despite the facility management being a very important part of the operations, the enterprises will be unaware of the evolution of solutions. This has made the task a complex one for the organizations to give importance to the facility management department without creating a hindrance to their core processes of the business.
In spite of the facility management being important for the operations, the enterprises are not paying attention to the evolution of these solutions. This is making it a complex task for the organizations to make the facility management department important without hindering the major business processes.
Facility Management Market: Key Trends
Facility management trends suggest that the outsourcing of facility management is going to continue on increasing the popularity of the market. Te organizations are now evaluating their operation models for maximizing the value creation. Though, before the outsourcing of the facility management to the third parties, they review appropriate mix of the insourcing and outsourcing on the basis of the capacity cost and coverage. This is a trend which has been reducing the operational costs. There is a high level of pressure on the companies to offer the value to its customers compelling them to innovate constantly and expand on the core services to deliver the improved services of customers. This is going to be a positive trend which is going to help in the expansion of the businesses which are a part of the market and grow the market as a whole too.
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Facility Management Market: Segmentation Analysis
The services segment can be further fragmented into the professional services as well as managed services. These services will play a major role in the deployment as well as the integration of the facility management solutions as they are going to focus on the improvement of the business processes and the optimization of the facility operations.
The services are considered to be the backbone of the facility management as they will be instrumental in fulfilling the custom requirements of the clients. Additionally, the management industry experts consult clients with regard to the weak links in facilities and also suggest the solutions which are going to suit the business needs. These services help the organizations across the various verticals effectively in improving the performance as well as agility of the facilities. As this market gains pace, the demand for the services will be increasing too for the auditing and quality assessment.
By Deployment Type
By Organization Size
Facility Management Market: Regional Analysis
Facility management statistics suggest that North America is going to have the biggest share in the market and the presence of the educated people who are economically and technically equipped in Canada and the United States helps in the adoption of emerging and new technologies and stronger position of the market players will be the factors which help organizations in this region having a competitive edge over a few of the regions. The region also consists of the developed countries with the well- established infrastructure. This generates a great amount of demand for the solutions. The companies in the IT and telecom verticals. These are going to show the greatest amount of growth in the market share.
On Special Requirement Facility Management Market Report is also available for below region:
Middle East and Africa
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