Increase in demand for cloud-based facility solutions is projected to magnify growth in the global Facility Management Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global Facility Management chip market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global Facility Management market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global Facility Management market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global Facility Management market.
Facility Management for cloud segment to Sustain the Highest Revenues, Followed by on-premise
Cloud based solutions are appealing to large organizations, which have the capabilities of hosting these systems on their own, on a large scale. Enhanced security & control in Facility management over larger scale drive the demand for cloud based system. In addition, cloud-based system can be easily integrated with advanced technologies and other resources which is adding up to its advantage. On ther hand, the on-premise segment is anticipated to grow at the significant CAGR over the forecast period.
Manufacturing Facility Management application Segment to be the Most Lucrative
Rising demand to manage and monitor larger customer data is expected to boost the need for Facility management solution in manufacturing sector. Moreover, the growing adoption of advanced technologies such as big data, IoT analytics is anticipated to bolster the market growth. BFSI segment is anticipated to account for largest revenue share. The healthcare segment is estimated to lucrative growth opportunity for market growth.
APAC to Sweep the Largest Revenue Streams Followed by North America
APAC is the largest contributor to this market, followed by Europe and then North America. In Asia, the presence of nations like China and India, with their massive subscriber bases and constantly shifting regulatory and competitive landscapes, has raised demand for Facility Management systems. North America, on the other hand, is confronted with the challenges of a deregulated telecom sector.
Further, game type such as the racing is one of the fastest growing segment in application which in turn is favoring rampant expansion of the global Facility Management market across regions such as North America and Asia Pacific. Consumer preferences for enhanced customer service with real-time billing experience is expected to gain traction in the global Facility Management market.
Growing demand for facility solution integration with intelligent software is expected to offer new opportunities in the global Facility Management market
Facility management is a multidisciplinary field that integrates people, location, process, and technology to assure the physical environment's functionality. Facility management also refers to the coordination of a facility's operations in order to improve the organization's overall effectiveness. Facility management is used in a variety of industries, including retail, education, and healthcare, among others, depending on the needs of the company. Facility management (FM) encompasses management strategies and procedures for building management, infrastructure management, and overall harmonisation of the work environment inside an organisation. For an enterprise, this system standardises services and streamlines operations. One of the key factors of the FM market's growth can be attributed to greater spending on infrastructure. Furthermore, the growing emphasis on process optimization and energy efficiency improvements are the primary driving drivers behind the growth of the facility management industry.
Despite a minor growth dip owing to Covid-19 implications, the global Facility Management market is expected to recoup growth and register a CAGR over the forecast period. Global facility management market size is projected to reach USD 1,759.25 billion by 2028, growing at a CAGR of 5.0% from 2021 to 2028.
Facility management is described by the International Facility Management Association (IFMA) as the process of integrating a physical workplace with an organization's people and work, which includes tasks such as equipment maintenance, space planning, and portfolio forecasting. Emergency preparedness & business continuity, environmental sustainability, human aspects, communication, project management, quality, real estate & property management, leadership & strategy, and others are all part of facility management. Facility management is critical in dealing with COVID-19 and ensuring a safe working environment. Sanitization is the first step. Janitorial schedules, daily cleaning techniques, spot sterilisation, and workplace-specific sanitization standards must all be evaluated by facility management. Building sanitization requires experimenting with innovative goods and techniques that solve COVID-19's unique issues for many facility managers. For facility managers, COVID-19 has an impact on facility policies as well.
FMs are faced with the difficult duty of re-educating employees and visitors on how to interact with the workplace, which includes everyone and everything. Companies must focus on customer care and concerns, stay linked to customers via their preferred channel, establish agile skills for fluid periods, and adjust to situation-based situations to survive this pandemic. Companies would have to reconsider their business and operational models. The pursuit of value for money by consumers is a fundamental shift in purchasing priorities that will become more prominent in the future years. The substantial necessity of companies to give a highly personalised solution and better customer experience, as well as redesign the old facility management paradigm by integrating modern software, IoT, and analytics, is driving the growth of the facility management market. A multi-level facility management solution is required to manage all facility management processes, including lighting, HVAC, security, emergency and incident management, sustainability, waste management, and lease accounting, as well as real estate management, asset maintenance, workspace and relocation management, and reservation management. Companies have understood the value of increasing efficiency and streamlining operations within real estate and facility services to lower operating costs, reduce energy usage, and support long-term goals.
One of the key factors of the FM market's growth can be attributed to greater spending on infrastructure. Furthermore, the growing emphasis on process optimization and energy efficiency improvements are the primary driving drivers behind the growth of the facility management industry. Real estate, manufacturing, retail, and the public sector are just a few of the industry sectors that have seen significant infrastructure development. Because of the rising requirement to integrate data from operational facilities into other business applications, these verticals are the key end customers of facility management solutions. However, one of the issues limiting market growth is security worries about the safety of devices and networks. Increasing security breaches and cybercrime group threats are causing distrust, which is harming industry growth.
The major players of the global Facility Management market are IBM Corporation, Oracle Corporation, SAP SE, Trimble Inc., Fortive, MRI Software LLC , Planon, Infor, Service Works Global, Facilities Management eXpress, Causeway Technologies, FM:Systems, Spacewell International, iOFFICE + SpaceIQ, and Archidata Inc.
The Facility Management market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Facility Management Market: a Snapshot
- In June 2020, Sodexo has partnered with Bureau Veritas to introduce hygiene verification label for Sodexo services to provide quality assurance.
Facility Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1,759.25 billion|
|Growth Rate||CAGR of 5.0% during 2021-2028|
|Segment Covered||Type, Application, Region|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM Corporation, Oracle Corporation, SAP SE, Trimble Inc., Fortive, MRI Software LLC , Planon, Infor, Service Works Global, Facilities Management eXpress, Causeway Technologies, FM:Systems, Spacewell International, iOFFICE + SpaceIQ, and Archidata Inc.|
Key Segments of the Global Facility Management Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- IT & Telecom
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa