WASHINGTON, June 06, 2022 (GLOBE NEWSWIRE) -- In recent years, the majority of private and public organisations have been concerned about achieving perfect management to test their financial goals. To implement facility management, manufacturers and other professions are investing heavily in improvising tools and services that support the functionality, safety, sustainability of infrastructure and real estate. Thus, the demand for the Facility Management Market is necessary. Additionally, rising inclination towards maintaining advanced sustainability goals at work is further fueling the market growth during the forecast period.
The Global Facility Management Market revenue is expected to reach a value USD 83.6 Billion in the year 2028. The Global Market revenue stood at a value USD 41.7 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period; states Vantage Market Research, in a report, titled “Facility Management Market Size, Share & Trends Analysis Report by Component (Solutions, 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), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: growing Trends in Facility Management Solutions integrated with Advance Software
Recently, the growth of facility management technology solutions has emerged with advanced software and mobile with mobile applications. Cloud-based solutions are offering a growing trend for reliable facility management services. Also, the majority of businesses are adopting cloud services and IoT, which is further boosting the Facility Management Market. For instance, during the COVID-19 pandemic, the demand for touchless technology helped smooth running of tasks inside a facility. These are some of the factors that are promoting the growth of the market in the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Facility Management market is predicted to grow at a CAGR of roughly 12.3% during the forecast period.
- The Facility Management market was estimated to be worth roughly USD 41.7 Billion in 2021 and is expected to reach USD 83.6 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Facility Management market.
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Segmentation of the Global Facility Management Market:
- Component
- Solutions
- Services
- Deployment Mode
- Cloud
- On-Premises
- Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
- Vertical
- BFSI
- IT and Telecom
- Government and Public Administration
- Healthcare
- Education
- Retail
- Energy and Utilities
- Manufacturing
- Construction and Real Estate
- Transportation and Logistics
- Hospitality
- Media and Entertainment
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Restrain: Increase in Cost and Hig Maintenance of Ageing Equipment
Facility management comes up with major challenges and needs to be tackled accurately or else the cost of managing increases gradually. It is crucial to make communications easy to ensure streamlined workflow. The risk of maintenance of aging equipment makes it difficult for handling and data preservation. Skilled professions are required to maintain data which further makes the system achieve sustainability. These are some of the factors that are hindering market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the facility management industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Facility Management Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Facility Management Market
North America held the largest market share in 2021. This region has the majority of technology for facility management services and a growing presence of key players adopting facility management systems. This region consists of the best infrastructure, availability of skilled professionals, a developed and stable economy, the influencing market in the BFSI & IT domain, and other important factors that help the market to flourish during the forecast years.
Recent Developments
In April 2019, IBM collaborated with Sund & Bælt, IBM was already offering IBM Maximo for Civil Infrastructure solution; it further extended the IBM Maximo portfolio to provide deep industry and task-specific functionality to help organizations manage, monitor, and administer their infrastructure assets.
In May 2020, Oracle partnered with Propre Japan Inc. Oracle Japan would help Propre Japan Inc. to innovate Propre’s real estate big data platform for 17 countries around the world. This partnership would help Oracle expand its customer base.
List of Prominent Players in Facility Management Market:
- International Business Machines Corporation (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- Trimble Inc. (US)
- Fortive (US)
- MRI Software LLC (US)
- Planon (US)
- Infor (US)
- Service Works Global (UK)
- Facilities Management eXpress (US)
- Causeway Technologies (UK)
- FM Systems (US)
- Spacewell International (Belgium)
- iOFFICE + SpaceIQ (US)
- Archidata Inc. (Canada)
- JadeTrack Energy Management Software (US)
- UpKeep Maintenance Management (US)
- Apleona GmbH (Germany)
- FacilityONE Technologies LLC (US)
- OfficeSpace Software Inc. (US)
- Facilio (US)
- eFACiLiTY (India)
- InnoMaint (India)
- Nuvolo (US)
- Quick FMS (India)
- zLink (US)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Facility Management Market Size, Share & Trends Analysis Report by Component (Solutions, 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), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/facility-management-market-707790
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Facility Management Market?
- How will the Facility Management Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Facility Management Market?
- What is the Facility Management market drivers and restrictions?
- What will be the CAGR and size of the Facility Management Market throughout the forecast period?
This market titled “Facility Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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