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).
The International Facility Management Association (IFMA) defines facility management as the practice of coordinating physical workplace with the people and work of the organization which includes various activities such as space planning, equipment maintenance, and portfolio forecasting. Good facilities management and maintenance can deliver greater adaptability, flexibility, and sustainability for any organization. It ensures that a business runs efficiently and smoothly without getting interrupted by a diverse range of technical difficulties.
The major factors that drive the market growth are the rising adoption of Cloud-based software and the Internet of Things (IoT), along with the increasing trend of digitalization. The improvement in technologies, such as augmented reality (AR) and cloud computing for managing a building, has helped the managers in increasing their operational efficiency and reducing their dependency on human resources. However, the increasing demand is also due to the increase in investments by the government in industries such as transport, energy construction, and others. For instance, The Ministry of Energy, Saudi Arabia states that the country has planned to invest USD 425 billion over the next ten years in its infrastructural and industrial programs.
Moreover, 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. Along with this, these solutions are used to reduce energy costs and provide a safe working environment.
Global Facility Management Market Key Segmentation
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The unique insights provided by this report also includes the following:
Based on Deployment Model, the cloud-based solution has dominated the Facility management market and is expected to witness higher growth trends in the forecast period
Based on the deployment model, the facility management has been segmented as on-premises and cloud-based models. Among these, the cloud-based deployment model has witnessed significant growth in the facility management market and is expected to witness higher growth trends during the forecast period. With the emerging trend of working from remote locations, a cloud-based deployment platform provides accessibility to host software and the service platform from anywhere with the help of the internet. Cloud-based access needs one app login to sign in to all the devices, instead of installing suites of software programs on multiple computers. Cloud-based facility management solutions also improves customer satisfaction and decrease maintenance costs. These factors are responsible for an increase in the use of cloud-based solutions for integrating facility management services, which is further expected to drive the global facility management market growth.
Based on the Organization Size, Large Enterprises are going to show significant growth in the forecasted period
Based on the organization size, the global facility management market can be segmented as small and medium enterprises and large-enterprises. The large enterprises with employee size more than 1,000 have more ability to focus and invest towards facility management at a higher level as compared to small & midsize organizations. Moreover, the need of facility management solutions is considerably higher in large-scale organizations due to large number of staff, assets and space management of the organization. This is expected to positively affect the growth of facility management market in large-enterprises.
Based on the Industry Vertical, Health Sector will be growing with highest CAGR in the global facility management during the forecast period
Based on the Industry Vertical, the market has been segmented into BFSI, IT & Telecom, Healthcare, Manufacturing, Retail and others. Among these, the healthcare sector is expected to grow significantly over the forecasted period. It is because of the increase in demand for services in hospitals to operate without any interruptions. The maintenance of medical equipment, mechanical, electrical is important for the smooth and efficient functioning of hospitals. According to Institute of Health Metrics and Evaluation (IHME), the global health spending is expected to increase to USD 18.28 trillion by 2040. 9% of the global G.D.P. is projected to be allocated on the healthcare sector. This will drive the demand for facility management in the healthcare sector.
Based on Regions, North America is growing with a highest CAGR and is expected to show similar growth trends in the forecasted period
Based on the regions, the global facility management market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American facility management market has generated the highest revenue in the base year and is expected to show similar growth trends during the forecast years. Companies in this region are the early adopters of facility management solutions and services. This region consists of sustainable and well-established economies, which increasingly invest in Research and Development activities for the development of new technologies, such as AI, ML, cloud, and big data. The presence of the major key players of facility management solutions and services such as IBM, Oracle, and Accruent in the region is also one of the major factors driving the growth of the market in this particular region. However, the Asia-Pacific facility management market is expected to grow significantly during the forecast period due to an increase in penetration of internet, change in work culture within the organizations, development of the construction industry, and surge in need of better data management in this region.
Company Profiles and Competitive Intelligence:
The major players operating in the Global Facility Management Market includes IBM Corporation, Oracle Corporation, SAP SE, Ioffice Corporation, Archibus, Inc., FM System, Inc., CA Technologies, Inc. , Accruent, LLC, Planon Corporation, Trimble, Inc.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
The report also provides an in-depth analysis of key market trends
|1||Emergence of Integrated Facility Management (IFM) has helped in improving the productivity by simplifying repetitive operations and combining all office-related functions under a single management team.||Positive|
|2||With the emerging culture of working from remote locations, a cloud-based deployment platform provides accessibility to host software and the service platform from anywhere with the help of the internet.||Positive|
The report also provides an in-depth analysis of recent News Developments and Investments
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