Facility Management Market Size is Estimated to grow at a CAGR of 13.0% during the forecast period

 

The global facility management market is anticipated to witness growth at a compound annual growth rate (CAGR) of 13.0% during the forecast period of 2022-2030.

Streamlining organizational procedures and standardizing services are two aspects of facility management (FM). It integrates people, technology, processes, and locations to guarantee the built environment's functionality within an enterprise. It uses management strategies and tactics to organize a facility's activities in order to increase the organization's productivity and effectiveness in its industry.

 

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GROWTH DRIVERS:

The global facility management market is growing primarily due to factors like the robust expansion of infrastructure across various end-user verticals, such as manufacturing, real estate, retail, etc., and the growing need to integrate data from operational facilities into other business applications across these verticals. Other factors include the growing technological penetration, the proliferating demand for facility management solutions and services integrated with intelligent software, the surging amount of infrastructure investments, and the growing emphasis on process and energy efficiency optimization.

In addition, facility management has become increasingly in demand and used, especially in the commercial sector, in recent years. This essentially indicates that facility management and solutions have become more widely used in a variety of end-use industries, such as water management, building, real estate, hospitality, healthcare, and retail. These end customers are also being forced by the ongoing pandemic to choose regular cleaning and sanitizing services in order to improve the safety and hygienic conditions of their workplace. As a result, there is now a greater need for facilities management among them, which is driving up market growth in general.

Nevertheless, a number of factors, including a lack of managerial awareness and standardization, growing budgetary constraints, security concerns about the safety of devices and networks due to an increase in security breaches and cybercrime group threats, and other factors, may limit the market's growth to some extent during the forecast period.

FACILITY MANAGEMENT MARKET SEGMENTATION:

By Component:

·         Solutions

o   IWMS

o   BIM

o   Facility Operations and Security Management

§  Lighting Control

§  HVAC Control

§  Video Surveillance and Access Control

§  Emergency and Incident Management

o   Facility Environment Management

§  Sustainability Management

§  Waste Management

o   Facility Property Management

§  Lease Accounting and Real Estate Management

§  Asset Maintenance Management

§  Workspace and Relocation Management

§  Reservation Management

·         Services

o   Professional Services

§  Deployment and Integration

§  Consulting and Training

§  Auditing and Quality Assessment

§  Support and Maintenance

§  SLA Management

o   Managed Services

 

By Deployment Mode:

·         Cloud

·         On-premises

 

By Organization Size:

·         Large enterprises

·         Small and medium-sized enterprises (SMEs)

 

By Vertical:

·         BFSI

·         IT and Telecom

·         Government and Public Administration

·         Healthcare

·         Education

·         Retail

·         Energy and Utilities

·         Manufacturing

·         Construction and Real Estate

·         Other Verticals

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

KEY COMPANIES IN FACILITY MANAGEMENT MARKET:

·         Nuvolo

·         FM Systems

·         Spacewell International

·         Archidata Inc.

·         QuickFMS

·         International Business Machines Corporation

·         Oracle Corporation

·         SAP SE

·         Trimble Inc.

·         Fortive

·         MRI Software LLC

·         Service Works Global

·         Facilities Management eXpress

·         Causeway Technologies

·         OfficeSpace Software Inc.

·         eFACiLiTY

·         InnoMaint

·         zLink

·         Other Players

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                   

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