The global facility management market size to grow from USD 42.2 billion in 2021 to USD 76.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. Various factors such as a surge in demand for cloud-based facility management solutions and rise in demand for facility management solutions integrated with intelligent software are expected to drive the adoption of facility management solutions and services.
In a short time, the COVID-19 outbreak has affected markets and customer behaviors and substantially impacted economies and societies. COVID-19 impacts are foreseen to shift consumer demand to online channels. The COVID-19 pandemic disrupted even the most well-managed workplaces and turned normalcy on its head. Since the pandemic took hold, facilities managers have battled back to explore new opportunities for remote work or socially distant workplaces. Facility management plays an important role in dealing with COVID-19 to create a safe work environment. This starts with sanitization. Facility managers need to evaluate janitorial schedules, daily cleaning practices, spot sterilization, and workplace-specific sanitization standards. For many facilities managers, building sanitization means exploring new products and practices that address COVID-19 specific concerns.
The impact of COVID-19 for facility managers also extends to facility policies. FMs face the tedious task of re-educating employees and visitors about how to interact with the workplace consisting of everyone and everything in it. To survive this pandemic, companies need to focus on customer care and concerns, stay connected to customers as per their channel choice, build agile capabilities for fluid times, and adapt to situation-based circumstances. Organizations would need to rethink their business and operating models. Consumers’ search for value for money is a fundamental change in purchase priorities and will be prevalent in the upcoming years.
On-premises segment to account for larger market size during the forecast period
The facility management market is bifurcated on the basis of cloud and on-premises. The market size of the on-premises deployment mode is estimated to be larger during the forecast period. The on-premises deployment of facility management solutions requires dedicated infrastructure and servers. It also requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure. Organizations that can afford to manage dedicated servers usually deploy on-premises solutions. The on-premises deployment mode also offers offline data analytics and configuration and provides better control over systems and data.
SMEs segment to hold higher CAGR during the forecast period
The SMEs segment is a faster-growing segment in the facility management market during the forecast. Facility management solutions hold significant opportunities for SMEs as these solutions ensure cost reduction in terms of the expenditure for the manual management of the facility infrastructure. These solutions also reduce the time for troubleshooting problems by identifying anomalies in the functional processes of facilities.
Among regions, MEA to hold higher CAGR during the forecast period
MEA has witnessed high adoption of tech-savvy solutions across various verticals. Increasing construction activities and government plans for improving education systems and healthcare facilities are the major factors expected to drive the facility management market growth in the region. Moreover, the growing private sector, investments in transportation and logistics, and the need to enhance asset life cycle are expected to further increase the demand for effective facility management and automation solutions. Mega infrastructure developments, such as Mohammed Bin Rashid City, Dubai Creek Harbor, Dubai Expo Site in UAE, Japan Industrial City in KSA, QP District, and Doha Festival City in Qatar, have opened investment avenues for facility management providers.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Facility management market.
_ By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
_ By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
_ By Region: APAC: 30%, Europe: 30%, North America: 25%, MEA: 10%, Latin America: 5%
The report includes the study of key players offering Facility Management solutions and services. It profiles major vendors in the global Facility Management market. The major vendors in the global Facility Management market include International Business Machines Corporation (US), Oracle Corporation (US), SAP SE (Germany), Trimble Inc. (US), Fortive (US), MRI Software LLC (US), Planon (US), Infor (US), Service Works Global (UK), Facilities Management eXpress (US), Causeway Technologies (UK), FM:Systems (US), Spacewell International (Belgium), iOFFICE + SpaceIQ (US), Archidata Inc. (Canada), JadeTrack Energy Management Software (US), UpKeep Maintenance Management (US), Apleona GmbH (Germany), FacilityONE Technologies LLC (US), OfficeSpace Software Inc. (US), Facilio (US), eFACiLiTY (India), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US)
The market study covers the Facility management market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall facility management market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.