The global facility management market reached a value of US$ 55.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 116.5 Billion by 2027, exhibiting a CAGR of 13.36% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Facility management (FM) refers to an integrated system of technologies that are utilized to improve the efficiency of commercial and residential spaces. FM solutions, such as building management, operations and security management, Computer-Aided Facilities Management (CAFM), etc., are used for space planning, equipment maintenance, portfolio forecasting, business continuity, emergency preparedness and environmental sustainability. For organizations and offices, they aim to ensure maximum productivity by streamlining and standardizing routine tasks. Owing to these benefits, FM solutions find extensive applicability across the residential, banking, finance service and insurance (BFSI), retail, healthcare and education sectors. The emerging trend of digitalization, along with the increasing adoption of the Internet of Things (IoT) and cloud-based software, currently represent the key factors driving the growth of the market. The utilization of advanced technologies, such as cloud computing and augmented reality (AR) for managing a building, have enabled managers to reduce their dependency on human resources and improve their operational efficiencies. Furthermore, the emergence of Integrated Facility Management (IFM) is acting as another growth-inducing factor. IFM enhances productivity by simplifying repetitive operations and combining all office-related functions under a single management team. FM services are also utilized to conveniently manage home-based, on-the-go, after-hours and employees, as well as the outsourced services, while ensuring the availability of all necessary tools required for maximum productivity. Apart from this, these solutions are used to create a safe working environment, reduce energy costs and asset tracking. Moreover, the implementation of favorable government policies promoting infrastructural automation, coupled with the increasing adoption of software-as-a-service (SaaS) deployment model, is projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global facility management market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on solution, service, deployment type, organization size and vertical.
Solutions Breakup by Type: Facility Property Management
Building Information Modeling
Integrated Workplace Management System
Facility Operations and Security Management
Services Breakup by Type:
Deployment and Integration
Consulting and Training
Support and Maintenance
Auditing and Quality Assessment
Breakup by Deployment Type:
Breakup by Organization Size:
Small and Medium Size Enterprises
Breakup by Vertical:
Banking, Financial Services, and Insurance
IT and Telecom
Government and Public Sector
Breakup by Region: North America
Middle East and Africa
The report has also analyzed the competitive landscape of the market with some of the key players being IBM, Oracle, Trimble, CA Technologies, SAP, Archibus, Accruent, Maintenance Connection, MCS Solutions, Planon, Ioffice, Jadetrack, Metricstream, Emaint, Facilities Management Express, etc. Key Question Answered in this Report
1. What was the size of the global facility management market in 2021?
2. What is the expected growth rate of the global facility management market during 2022-2027?
3. What are the key factors driving the global facility management market?
4. What has been the impact of COVID-19 on the global facility management market?
5. What is the breakup of the global facility management market based on the solution type?
6. What is the breakup of the global facility management market based on the deployment type?
7. What is the breakup of the global facility management market based on the organization size?
8. What are the key regions in the global facility management market?
9. Who are the key players/companies in the global facility management market?