The Global Facility Management Market was valued at US$ 40.39 Billion in 2020 is expected to reach US$ 81.51 Billion by 2027, with a growing CAGR of 12.61% during the forecast period (2021-2027).
Rising adoption of the Internet of Things (IoT) and cloud-based software to foster Global Facility Management Market growth
Facility Management (FM) refers to a service that encompasses a wide range of fields to maintain the functionality, safety, comfort, and efficiency of the work environment by integrating people, locations, processes, services, and technologies. It is the integration of processes within an organisation, to develop and maintain the agreed services which support and improve the effectiveness of its core activities. Facility management systems helps in identifying underutilized and underperforming facilities, assets, procedures, and staff and strengthen facility assets. Facility management encompasses various competencies such as environmental sustainability, emergency preparedness & business continuity, human factors, communication, leadership & strategy, project management, quality, real estate & property management and others. Effective facilities management is essential for improving the performance of any organization.
The need for facility management services has increased in recent years and is expected to continue to rise during the forecast period. The prominent factors that drive the market growth are increase in adoption of cloud-based solutions, change in organization structure & work management and introduction of novel solutions by key players in the market. Cloud-based software provides a reliable means of hosting facility management software. It also helps in reducing the operating costs of organizations, as they enhance collaboration and security among teams and subsidiaries present in multiple locations.
However, it is to be noted that the increasing demand is also due to the increase in investments by government in industries such as transport, energy construction and others. The emergence of Integrated Facility Management (IFM) is acting yet another driving force for the market. IFM is a process of combining all the office related processes and services under one management team or vendor. It helps in internal and vendor-related communication, improves productivity in an organization and simplifies day to day operation management.
Key Findings in Facility Management Market:
Recent News in Facility Management Industry: