Facility Management Market Size to Hit US$ 1.9 Trillion by 2030

London, April 13, 2022 (GLOBE NEWSWIRE) -- The global facility management market size was valued at US$ 1.26 trillion in 2021. The service providers of facility management systems design, maintain, and install wide range of equipment including high and low voltage electrical systems. The environmental sustainability, emergency management, project management, leadership and strategy, and other competencies are all part of facility management. The global facility management solutions are increasingly being used to optimize resource and organizational asset management.

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In facility management market, information technology-based solutions have been developed to align and support tasks with the company’s principal goals. These tools let facility manager’s track and manage data from a variety of support services including infrastructure, administration, and technical procedures. The public sector, utilities, aerospace and defense, healthcare, and retail are some of the key verticals addressed by facility management solutions.

A significant driver of the facility management market expansion is the reduction of operational costs as a result of optimum resource utilization. These solutions aim to improve decision making abilities by increasing transparency in organizational processes. The low knowledge of these solutions has resulted from a lack of exposure, which is projected to stymie the facility management market growth. Over the projection period, the lack of standardization is expected to limit the facility management market growth during the forecast period.

Report Highlights:

• Based on the service, the hard services segment dominated the global facility management market in 2021 with largest market share. In the deployment and integration of facility management solutions in an enterprise’s facilities, hard services are critical. The facility management market is dominated by hard services, which primarily focus on enhancing business processes and optimizing facility operations.
• On the basis of industry, the real estate segment holds the largest market share in the global facility management market over 30% in 2021. The real estate industry is expected to rise significantly in terms of market share, followed by the others, which mostly include businesses such as information technology and telecommunications.
• Asia-Pacific is the largest segment for facility management market in terms of region. The region is made up of developed countries with well established infrastructure, which means that facility management solutions are in high demand. The companies in BFSI and information technology sectors are projected to contribute significant share in the facility management market during the forecast period.
• North America region is the fastest growing region in the facility management market. The presence of economically and technologically advanced countries as well as the acceptance of new and innovative technologies and market players’ strong financial positions are some of the major factors that help North American companies gain a competitive advantage over their competitors.

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Future of Facility Management Market

The trend of outsourcing services is creating future prospects in near future. The facility management outsourcing is becoming increasingly popular. The key market players are rethinking their business models in order to increase value development. They do, however, examine the proper mix of in sourcing and outsourcing based on cost, capability, and coverage before outsourcing facility management to other parties. In numerous locations, outsourcing has played a key role in the expansion of the facility management market. The surge in demand for high quality working experiences as well as lower operating expenses is driving the facility management market growth.

COVID-19 Impact Analysis:

• Due to the subsequent lockdowns, the COVID-19 pandemic has caused economic instability. It had an effect on the facility management market as well.
• In contrast, the facility management market is expected to be driven by rising awareness of cleanliness, maintenance management, and security in the near future.
• Furthermore, governments in the worst affected countries are investing in these services in order to make the COVID-19 free countries.
• Furthermore, the service providers are focused on providing firms and government sectors with end-to-end facility management services, allowing them to work efficiently in constrained spaces.

Key Developments in the Marketplace:

• In June 2020, Sodexo and Bureau Veritas established a hygienic verification mark for Sodexo services, giving customers peace of mind. On-site facility management and culinary services are part of this relationship.
• In August of this year, ISS signed a five-year contract with a well-known Nordic professional services firm.
• In April 2019, IBM partnered with Sund & Blt to expand the IBM Maximo offering to include comprehensive industry and task-specific features to assist enterprises in managing, administering, and monitoring their infrastructure assets.
• In May 2020, Oracle partnered with Propre Japan Inc.
• MRI Software purchased Trimble in April 2021. Trimble's Manhattan Real Estate and Workplace Solutions was purchased by MRI Software.
  
  

Market Segmentation

By Type

• Outsourced
• In-house

By Component

• Solutions
  • IWMS
  • BIM
  • Facility Operations and Security Management
    • Lighting Control
    • HVAC Control
    • Video Surveillance and Access Control
    • Emergency and Incident Management
  • Facility Environment Management
    • Sustainability Management
    • Waste Management
  • Facility Property Management
    • Lease Accounting and Real Estate Management
    • Asset Maintenance Management
    • Workspace and Relocation Management
    • Reservation Management
• Services
  • Hard Services
    • Electrical
    • Civil
    • Mechanical
    • Specialized Hard Services
    • Others
  • Soft Services
    • Cleaning
    • Laundry
    • Landscaping
    • Security
    • Others
  • Other Services
    • Contract Management
    • Energy & Utilities
    • Maintenance Planning & Control
    • Others

By Industry

• Healthcare
• Government
• Education
• Military & Defense
• Real Estate
• Others

By Deployment Mode

• Cloud
• On-premises

By Organization Size

• Large enterprises
• Small and medium-sized enterprises (SMEs)

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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