Global Unified Facility Management Market Size to Reach USD 198.44 Billion in 2032 | Emergen Research

Vancouver, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global unified facility management market size was USD 198.44 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.3 % during the forecast period, according to latest analysis by Emergen Research. Rising introduction of innovative products and adoption of various strategies by key vendors and demand for IT infrastructure evolution and increasing number of Internet of Things (IoT) in unified facility management solutions are key factors driving market revenue growth.

Need for unified facility management market is increasing due to the merging of different facilities of various sectors such as different offices and building management. This improves the handling of various facilities and services with increased efficiency and effectiveness, enhancing the customer experience and customer base as well as improving the daily record keeping of employees to a great extent. In addition, recent development of Building Information Modeling (BIM) due to key benefits of enhanced planning and forecasting, improved accuracy and efficiency, and better collaboration and asset tracking is another key factor driving revenue growth of the market.

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BIM also provides access to hard-to-reach data, enhances quality of data collection, increases cost savings, flexibility, and efficiency, and reduces downtime. The development of different facility management software, such as FMX software, is also enhancing the facility management capabilities of the companies in different aspects. This helps the companies in improving real time communications, increasing user experience, and decreasing risks, which help the companies increase their profits. For instance, Smart FM 360^o  has  reduced the energy consumption of buildings and the information about each user involved in the energy consumption.

Moreover, launch of different government rules and initiatives under unified facility management systems for different industries is also expected to drive market revenue growth during the forecast period. For instance, on 12 January 2022, the government of India announced the launch of Unified Health Interface (UHI), which adopted the Decentralized Health Protocol (DHI) as core protocols of UHI. This initiative enables technology providers to develop innovative health solutions for doctors, labs, hospitals, and consumers by using DHP and gaining membership of the UHI network. Major companies are launching technologically upgraded products and solutions for enhancing their working efficiency. Similarly, on 12 September 2023, MongoDB, Inc. announced the launch of MongoDB for Academia program in India for training over 5,00,000 students with the skills for using MongoDB Atlas the leading, multi-cloud developer data platform. MongoDB Atlas integrated all the data services required to build the latest applications with unified developer experience.

However, time restrictions, lack of knowledge and awareness about unified facility management, and the reluctancy of senior employers in business organizations to integrate the organization's working systems are key factors, which could restrain market revenue growth. Furthermore, material pricing, inflation, labor shortages, and energy costs all are impacting costing trends in such facilities.

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Scope of Research

Major Companies and Competitive Landscape

The global unified facility management market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global unified facility management market report are:

• M-System Co., Ltd.
• Archibus
• Oracle
• SAP
• Planon
• Trimble Inc.
• Accruent 
• Broadcom
• FM Systems
• IBM Corporation

Strategic Development

• On 18 April 2023, SoftBank Robotics Group Corp., a global leader in robotics solutions, announced a collaboration with UnaBiz, a massive IoT provider, to launch a seamless integration of IoT sensors and robotics in building management and maintenance to digitally transform the global facilities management market. This collaboration makes it possible to integrate robotics and IoT, increasing operational efficiency in building management. The new cooperation agreement will launch in Singapore initially, followed by additional SoftBank Robotics regional and international offices.
• On 8 March 2023, Eptura, the worldwide worktech pioneer announced the launch of its unified worktech platform, which combines Eptura Asset and Eptura Workplace. This enables customers to use the new platform experience to operationalize workplace designs that meet their needs such as hybrid work, office-first, flex models, and others.

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Some Key Highlights From the Report

• The software segment accounted for largest revenue share in the global unified facility management market in 2022. This is increasing use of the software for digitalization of the facility management systems, which helps their integration into one platform easier. The most significant advantages of facility management software include asset tracking, optimizing space savings, providing easy customizing and cost-effective analysis, and increasing productivity and efficiency. In addition, recent development of Enterprise Asset Management (EAM) software is also expected to drive revenue growth of this segment during the forecast period. This is due to their key benefits of lowering overall maintenance costs, proactively planning maintenance, gauging Overall Equipment Effectiveness (OEE), automated alerts and notifications, and ensuring regulatory compliance. As a result, big corporations are collaborating to improve asset management solutions through the development of new solutions and market releases. For instance, on 14 September 2022, AVEVA, a global leader in industrial software driving digital transformation and sustainability, and Aras, which provides the most powerful low-code platform with applications to design, build, and operate complex products, announced a strategic OEM partnership to deliver industrial Asset Lifecycle Management solutions.
• The cloud segment is expected to register steadily fast revenue growth rate in the global unified facility management market during the forecast period. This is because cloud helps in the facility management even from a remote area and decentralization of data that makes monitoring of work orders easy and enables better decision making. The other main benefits of cloud-based facility management are remote access, multi-device compatibility, cloud-based security, live and updated information, real-time collaboration, significant cost savings, failure-proof functionality, excellent integration, and multiple layers of privacy for access. In addition, BIM is a recent breakthrough, which is expected to drive revenue growth of this segment during the forecast period. This is due to major advantages of improved planning and forecasting, greater accuracy and efficiency, better collaboration and asset monitoring, precise space management, and improved maintenance and operation. As a result, prominent corporations are implementing this technology to create innovative solutions. For instance, on 27 September 2022, Autodesk announced the launch of cloud-based solutions that will stretch the digital thread and drive sustainability. The new Archibus and Autodesk AEC Collection Bundle securely connects BIM, building operations, and workplace software for centralized data management. This helps building owners and operators get more out of their BIM data, both upstream and downstream.
• The healthcare segment is expected to account for significantly large revenue share in the global unified facility management market during the forecast period. This is due to increasing need for unified facility management in the healthcare industry for maintenance of equipment and facilities, such as electricity supply intact, for emergency medical surgeries and treatment. This helps in setting up higher standards of medical services for patients such as those suffering from complex diseases and international patients by preventing downtime of equipment through their proper upkeep. The main advantages of unified facility management in healthcare are that these improve productivity and patient experience, as well as provide global collaboration of medical facility units. In addition,, introduction of Artificial Intelligence (AI) due to benefits of improved decision making, disease detection in advance, and better surgical assistance is also expected to drive revenue growth of this segment during the forecast period. Furthermore, the other benefits include automation of electronic health records and administration, remote tracking, and antibiotic resistance analysis.
• The North America market accounted for largest revenue share in the global unified facility management market in 2022. This is due to technological advancements and additions to current systems by leading firms' and new product launches and efforts by major corporations. For instance, on 22 March 2022, Hewlett Packard Enterprise announced significant updates to HPE GreenLake, the company's flagship offering that enables organizations to modernize all their apps and data from the edge to the cloud. HPE's market-leading hybrid cloud platform has just become stronger with a unified operating experience, more cloud services, and the availability of HPE GreenLake in the online marketplaces of several key distributors.

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Emergen Research has segmented the global unified facility management market on the basis of components, deployment type, applications, and region:

• Components Outlook (Revenue, USD Billion; 2019-2032)
  • Software
  • Service
  • Solution

• Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
  • On-Premises
  • Cloud

• Applications Outlook (Revenue, USD Billion; 2019-2032)
  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • Information Technology (IT) and Telecom
  • Retail
  • Education

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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