This research report categorizes the facility management market to forecast revenues and analyze trends by Offering (Solutions, and Services), Solution, Service, Vertical, and Region
The Facility Management Market is estimated at USD 49.6 billion in 2023 to USD 94.8 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.8%, according to new research report by MarketsandMarkets™
Organizations across various industries are increasingly adopting facility management solutions as they play pivotal role in optimizing operations, streamlining processes, and ultimately reducing costs. By implementing strategic facility management practices, businesses are achieving a range of operational benefits which is boosting the market.
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394 - Tables
51 - Figures
317 - Pages
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By Vertical, BFSI segment is estimated to account for the largest market share in 2023.
The adoption of facility management practices within the Banking, Financial Services, and Insurance (BFSI) vertical has gained traction over time, driven by its potential to bolster operational effectiveness and customer satisfaction. This encompasses a diverse range of physical assets, including bank branches, corporate offices, data centers, ATMs, and call centers. Facility management in the BFSI sector entails the strategic upkeep and management of these facilities to ensure smooth operations and positive interactions with customers.
By solution, facility environment management is expected to register the fastest growth rate during the forecast period.
Facility environment management systems consist of different kinds of software solutions that simplify and optimize the sustainability of facilities. Facility environment management solutions are further categorized into sustainability management solutions and waste management solutions. These solutions help facility management teams identify significant environmental effects, such as carbon footprint and waste generation, related to their business.
Asia Pacific is expected to have the highest growth rate
Facility management solution adoption in the Asia Pacific region has been on the rise due to the region's rapid economic growth, urbanization, and increasing emphasis on efficiency and sustainability. Organizations across various industries in Asia Pacific have recognized the benefits of adopting facility management solutions to enhance operational effectiveness, reduce costs, and provide better experiences for employees and customers.
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Market Players
The major vendors covered in the facility management market include IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), CBRE Group, Inc. (US), Jones Lang LaSalle Inc (US), Trimble Inc. (US), Nemetschek SE (Germany), Fortive (US), Infor Inc. (US), MRI Software LLC (US), Eptura (US), Planon (Netherlands), Johnson Controls International (Ireland), Apleona GmbH (Germany), Cushman & Wakefield plc (US), Causeway Technologies Limited (UK), Service Works Global Limited (UK), Facilities Management eXpress LLC. (US), Archidata International Inc (Canada), UpKeep Technologies, Inc. (US), FacilityOne Technologies (US), OfficeSpace Software, Inc. (US), Facilio.Inc (US), efacility (Switzerland), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US).
Regional Analysis for Facility Management Market
- North America: The demand for affordable solutions and sustainability initiatives has made the FM market in the US and Canada mature and fiercely competitive. Smart building technology adoption, energy efficiency, and adherence to rules on building codes and environmental standards are a few examples of trends.
- Europe: The FM market is well-established in Europe, where a strong emphasis is placed on sustainability and adherence to stringent environmental standards. Integrated facility management (IFM), as well as the use of IoT and AI-driven solutions, may continue to rise in the industry.
- Asia-Pacific: A strong increase in the FM sector is anticipated in Asia-Pacific as a result of the region's growing urbanisation, infrastructure improvement, and growth in commercial real estate. As more companies outsource non-core functions, emerging nations like China and India will undoubtedly experience an increase in demand for FM services.
- Middle East and Africa: The FM market in this area is expanding as a result of investments in infrastructure, such as large-scale projects, real estate growth, and hospitality. In hot and dry areas, the focus may be on energy-efficient solutions.
- Latin America: Given that more international corporations are setting up shop in the region and need professional FM services, Latin America may experience prospects for FM growth. Market dynamics will be influenced by regional rules and sustainability objectives.
Factors that Drive Facility Management Market
- Rising Demand for Outsourcing: Many businesses, particularly those in the corporate sector, are increasingly turning to specialised service providers to handle their non-core operations, such as facilities management. This lowers expenses and frees up resources for businesses to concentrate on their core operations.
- Cost Efficiency and Savings: Organisations can reduce their operational costs with the use of FM services. This entails cutting back on energy use, maximising resource efficiency, and putting preventative maintenance procedures in place to increase asset longevity.
- Sustainability and Environmental Concerns: Organisations are putting eco-friendly practises into place in their facilities as a result of expanding environmental requirements and corporate sustainability goals. Businesses can attain these goals with the aid of green building initiatives, energy-efficient technologies, and waste reduction techniques from FM companies.
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