WASHINGTON, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research has recently published the widespread market research on Facility Management Market includes historic data, present market trends, future product environment, marketing strategies, technological innovation, upcoming technologies, emerging trends or opportunities, and the technical progress in the related industry. Facility Management Market research report gives critical information about the market and business landscape. It suggests how the company is perceived by the target customers and clients that are desired to reach. The report helps understand how to connect with customers, how to stack up against the competition, and how to plan next steps. It plays an important role in the process of developing products and services, bringing them to the marketplace, and marketing them to consumers. For many businesses, Facility Management Market report acts as a key component in developing marketing strategy by providing a fact-based foundation for estimating sales and profitability.
According to the research report published by Vantage Market Research, the Global Facility Management Market Size Is Expected to Reach USD 83.6 Billion By 2028, at a CAGR of 12.3% Between 2022 and 2028.
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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)
- Jade Track 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)
What is Facility Management? How Big is Facility Management Market Size?
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.
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Key Insights and Findings from the In-depth Report:
- The market is divided into On-premises and Cloud deployment modes. During the anticipated period, the on-premises category is expected to increase at the fastest rate. On-premises deployment allows for offline data analytics and greater system and data control. On-premises solutions are typically used by organizations that can afford to maintain dedicated services and IT professionals for maintenance and support.
- BFSI, IT and Telecom, Government and Public Administration, Healthcare, Education, Retail, Energy and Utilities, Manufacturing, Construction and Real Estate, and Other Verticals [media and entertainment, transportation and logistics, and hospitality] are the market's vertical segments. During the anticipated period, the banking, financial services, and insurance (BFSI) category is expected to increase at the fastest rate. The Banking, Financial Services, and Insurance (BFSI) industry is growing due to numerous Facility Management solutions such as IWMS and CMMS, which will help manage various processes such as assets management, space management, and maintenance management.
- Asia Pacific is the fastest regional segment in terms of growth. Due to the presence of numerous organized and unorganized players in countries such as India and China, Asia Pacific held the largest market share. Furthermore, established key players are focusing on collaborating with local players to provide their services to end users and expand their geographical presence. Furthermore, the country's market is being influenced by the rapid adoption of innovative technologies such as the Internet of Things (loT) evolutions and business strategies. The Facility Management Market in India is being driven by the country's rapid population growth. The increasing modernization and urbanization are also promoting market growth. The growing demand for office modernization and service streamlining is accelerating industry growth.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 41.7 Billion |
| Revenue Forecast by 2028 | USD 83.6 Billion |
| CAGR | 12.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | • 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) • QuickFMS (India) • zLink (US) |
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.
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
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
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
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on Facility Management Market Forecast Report (2022-2028).
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.
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