Integrated Facility Management Market to Attain US$ 1,771.2 Million at 8.3% CAGR by 2034: Fact.MR Study

Rockville, Jan. 04, 2024 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global integrated facility management is estimated to be worth US$ 801.6 million in 2024. The Integrated Facility Management Market is projected to grow at an 8.3% CAGR through 2034. The market is projected to surpass a valuation of US$ 1,771.2 million by 2034. 

The growing need for different types of process management in business from a single location is driving the market. Also, the expansion of the IT and telecom sectors is playing a significant role in contributing to the market’s growth.

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Key Segments of Integrated Facility Management Industry Research Report

The efficiency of the IT and telecom sectors increases by streamlining various duties like asset management, project management, maintenance services, and more. Additionally, established corporations are expected to drive market expansion with their increased R&D investments.
  
Integrating facility management services has become a popular way for businesses to save costs while maintaining operational efficiency. IFM suppliers provide a variety of services under one contract, such as cleaning, maintenance, and security, resulting in economies of scale and lower company costs. This technique has grown popular as businesses seek to streamline their processes and boost their bottom line. 

“The increasing focus on occupant comfort, safety, and productivity has led to a growing demand for personalized and value-added services in the market. As a result, companies are striving to offer differentiated services and creative advertising campaigns to carve a space for themselves in the industry,” says a Fact.MR analyst.  

Key Takeaways from the Market Study 

• The global integrated facility management is projected to expand at a CAGR of 8.3% through 2034. 
• The North America integrated facility management is expected to grow at a CAGR of 8.4% from 2024 to 2034. 
• The industry is expected to register a CAGR of 8.7% in the United States over the forecast period.  
• The integrated facility management industry in China is expected to rise at a CAGR of 8.9% through 2034. 
• Based on the end-use solution type, small area mobile backhaul leads the market, with an expected market share of 76.3% in 2024.  

Competitive Landscape 

The leading players in the integrated facility management market are continuously seeking new ways to expand their reach and offerings. Business methods such as mergers and acquisitions, geographical expansions, and launching innovative products are typical in this environment.

Strategic alliances with other companies in relevant areas are also being developed in order to provide clients with comprehensive solutions. Market positions and improving their revenue streams in a highly competitive market. Some of the prominent companies in the market are Sodexo, JLL, CBRE Group, Johnson Controls, Coor, Mitie, and Shenzhen Sdg Service Co., Ltd. 

• In 2022, Aldar Properties PJSC (Aldar) unveiled its complete acquisition of Spark Security Services, a prominent provider of manned guarding security services in the UAE. This move was part of Aldar's strategic initiative to enhance its platform for property management and integrated facilities.
• The year 2023 witnessed a groundbreaking collaboration between Willowmore Pte Ltd. and CBM Pte Ltd., as they joined forces to develop an intelligent integrated management platform. This innovative platform aims to revolutionize the facilities management industry by seamlessly integrating IoT, 5G, data analytics, digital twin, and AI technologies with robotics and automation. The result is the industry's inaugural fully integrated approach to handling the intricacies of facility and infrastructure management.

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Expanding Reach: Integrated Facility Management Gains Ground in North America and Europe

Integrated facility management experiences a substantial consumer base in North America and Europe, with North America poised to claim 28.6% of the global market share in 2024. The region is set to advance at a robust Compound Annual Growth Rate (CAGR) of 8.4% from 2024 to 2034, further securing a market share of 29.1%.

Meanwhile, Western Europe commands a noteworthy market presence, projecting a market share of 36.5% in 2024. The forecast indicates a promising CAGR of 8.8% over the specified period, with the region's market share expected to reach 38.4%. As integrated facility management continues to witness increased sales, North America and Western Europe emerge as pivotal regions driving the industry's global expansion.

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