Facility Management Market Growth
Surge in the adoption of innovative technologies such as cloud-based solutions, is expected to drive the growth of the global facility management market.
PORTLAND, PORTLAND, OR, UNITED STATES, January 25, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Facility Management Market," The facility management market was valued at $39.9 billion in 2020, and is estimated to reach $119.4 billion by 2030, growing at a CAGR of 11.8% from 2021 to 2030.
Facility management encompasses various professional disciplines that focuses on the effective and efficient delivery of numerous support services for an organization. It ensures functionality of the built environment by integrating place, people, process, and technology. Technological solutions for facility management have evolved from a simple system for registering building and asset data to the one that targets improved efficiency in planning and execution of facility processes.
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Facility management solution include business analytics, extensive reporting, and workflow management. These kinds of software are typically integrated with other IT systems, including building technology, enterprise resource planning software, geographic information system solution, and building information modeling models or CAD software. It is typically designed to perform various functionalities, including asset management & tracking of important equipment information, management of maintenance costs, increase in asset efficiency, management of recurring tasks, and reduction in space & maintenance cost, and others.
Furthermore, increase in adoption of cloud-based solutions and change in organization culture & work style boost the growth of the global facility management market. In addition, introduction of innovative products and adoption of various strategies by key vendors is positively impacts the growth of the market. However, lack of awareness about facility management solutions hinders the market growth. On the contrary, increase in demand of services outsourcing is expected to offer remunerative opportunities for expansion of the market during the forecast period.
By deployment model, the on-premise segment held the majority share in 2020, garnering more than three-fifths of the total market. The cloud segment, on the other hand, is predicted to exhibit the fastest CAGR of 13.0% during the forecast period.
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Depending on enterprise size, large enterprises segment holds the largest facility management market share, due to the luxury to invest and focus toward facility management at a higher level compared to small & mid-size organizations. Every industry has around 10-15 large-scale vendors who dominate the market and have a greater number of loyal customers compared to small vendors. However, SMEs segment is expected to witness growth at the highest rate during the forecast period, as the facility management market in mid-size & small organizations is gaining momentum as it allows SMEs to manage various facilities, including space, assets, staff, and processes in a minimum time and energy which will benefit the organization at a greater level.
Based on components, the solution segment held the largest market share in 2020, holding nearly three-fifths of the total facility management industry. The service segment, on the other hand, is anticipated to cite the fastest CAGR of 12.8% during the forecast period.
Region wise, the facility management market was dominated by North America in 2020 and is the home to major players offering advanced solutions in the facility management industry. In addition, according global facility management market analysis, North America is the major contributor as the region is well developed and the construction industry in the U.S. is booming.
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However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to high diversity and is expected to experience rapid growth in future. In China, the FM industry is anticipated to witness significant growth, owing to its dynamic construction market and increase in end-user awareness about the benefits of facility management solutions and services.
COVID-19 Scenario:
• The outbreak of COVID-19 has had a positive impact on the growth of the global facility management market, owing to the prevalence of lockdowns in various countries across the globe.
• Lockdowns significantly increased the demand for facility management as teams were required to ensure and maintain a productive, safe and a hygienic environment.
• In addition, facility management staff were required to create new cleaning and disinfection solutions that further surged the demand for facility management during the pandemic.
The key players that operate in the facility management market forecast are Accruent, Archibus, CA Technologies, iOFFICE, FM System, IBM Corporation, PLANON, Oracle Corporation, SAP SE, and Trimble, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the facility management industry.
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