Pune, India., Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Facility Management Solution Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Software and Services), Deployment (On Premise and Cloud-Based), Enterprise Size (Small and Medium Enterprises, and Large Enterprises), Application (BFSI, Retail, Transport and Logistics, Pharmaceuticals, Government, IT and Telecom, Manufacturing, and Others), and Geography” the market in terms of revenue was estimated to be worth $768.71 million in 2021 and is poised to reach $1,418.85 million by 2028, growing at a CAGR of 9.2% from 2021 to 2028.
The growth of the facility management solution market is driven by growing infrastructure sector, and managing better productivity and efficiency with multiple facility management solutions. However, rising trend of outsourcing facility management operations is emerging as a future trend in the industry.
Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00026519/
Global Facility Management Solution Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 768.71 Million in 2021 |
| Market Size Value by | USD 1,418.85 Million by 2028 |
| Growth rate | CAGR of 9.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Component, Deployment, Enterprise Size, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Growing Infrastructure Sector Boost the Demand for Global Facility Management Solution Market:
Governments across the world invest in infrastructure growth. For instance, in Union Budget 2021 of India, the country’s government gave a massive push to the infrastructure sector by allocating US$ 32.02 billion to enhance the transport infrastructure. The government increased the National Infrastructure Pipeline to 7,400 projects. Approximately 217 projects worth US$ 15.09 billion were completed as of 2020. Through the National Infrastructure Pipeline, the government invested US$ 1.4 trillion in infrastructure development as of July 2021. Further, as per the Department for Promotion of Industry and Internal Trade, FDIs in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction activities stood at US$ 26.14 billion and US$ 25.38 billion, respectively, between April 2000 and June 2021. In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.72 billion. Also, there are several investments observed in the construction of railways, ports, and airports.
Significant growth in the real estate sector due to the rising focus on a safe, clean, and secure environment is one of the primary factors bolstering the growth of the facility management solution market. Additionally, the growing concept of a green building along with the enactment of the Real Estate (Regulation and Development) Act 2016, which protects home buyers and helps boost the real estate sector, stimulates the facility management solution market growth. Facility management comprises tasks such as equipment maintenance, space planning, and portfolio forecasting. Emergency preparedness and business continuity, environmental sustainability, human aspects, communication, project management, quality, real estate and property management, and leadership and strategy are also the part of facility management. The growth of the facility management solution market can be attributed to the increasing spending on infrastructure, and growing emphasis on process optimization and energy efficiency improvements. Real estate, manufacturing, retail, and the public sector are a few of the sectors that have seen significant infrastructure development. Due to the rising requirement to integrate data from operational facilities to other business applications, these verticals are the key end-customers of the facility management solutions market.
Facilities management solutions help manage and maintain a wide range of processes that ensure the productivity, safety, and efficiency of a built environment and its occupants. Various tools are involved while managing any facility (such as residential & commercial buildings) include, asset management & tracking, equipment & building maintenance, project management, security, health & safety management, and catering & hospitality. To manage these processes, the facility management solution provides strategic planning and project management solution, workplace and relocation management solution, sustainability management solutions, and maintenance management solutions. Thus, the adoption of multiple facility management solutions helps increase the productivity and efficiency of an enterprise. For instance, in September 2021, Kontakt.io integrated IBM TRIRIGA to transform real estate management with actual-time, AI-driven space occupancy. TRIRIGA (Workplace Management Systems) includes TRIRIGA Building Insights and combines occupancy data from sources, such as WIFI and IoT sensors, with newly embedded artificial intelligence. TRIRIGA provides customers who are operating in large real estate portfolios with insights to help working professionals to make smarter data-driven decisions. The integration of Kontakt.io with IBM TRIRIGA is expected to deliver AI-powered utilization insights across portfolios, actual-time occupancy monitoring, and space management tools supporting existing IoT infrastructure used in many offices. Such initiatives help in increasing the productivity and efficiency of real estate businesses. Therefore, with multiple facility management solutions, the productivity and efficiency of any organization increases. Therefore, this factor drives the growth of the facility management solution market.
Order a Copy of this Report at: https://www.theinsightpartners.com/buy/TIPRE00026519/
Global Facility Management Solution Market: Segmental Overview
The facility management solution market is segmented on the basis of component, deployment, enterprise size, application, and geography. Based on components, the market is bifurcated into software and services. The software segment held a larger revenue share in 2020. Based on deployment, the market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. By enterprise size, the facility management solution market is bifurcated into small and medium enterprises, and large enterprises. In 2020, the large enterprises segment led the market globally. Based on application, the market is segmented into government, retail, pharmaceuticals, BFSI, transportation and logistics, IT and telecom, manufacturing, and others. The manufacturing segment held the largest revenue share in 2020. Geographically, the facility management solution market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The market in APAC is projected to grow at the fastest rate from 2021 to 2028.
Global Facility Management Solution Market: Competitive Landscape
Upkeep Maintenance Management; FM:Systems; Servicenow; IBM (TRIRIGA); Axonator Inc.; Facilitron, Inc.; FacilityBot Pte Ltd.; Hippo CMMS; Infraspeak; Quickbase, Inc.; and Servicechannel.Com, Inc. are among the key players profiled in the global facility management solution market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
Recent Developments:
- In 2021: FM Systems acquired WizzPass, a fast growing leader in the visitor management system and workplace management sectors. This purchase expands the company's visitor management capabilities, which are crucial for providing productive, safe, and rewarding working experiences.
- In 2020: Sonoma Valley Unified School District (SVUSD) and Facilitron Sonoma Valley Health partnered to use one of SVUSD's school facilities as a COVID-19 Point of Dispensing (POD) drive-thru mass immunization station.
- In 2018: Axonator Inc. was awarded with Great User Experience and Rising star award for 2018 from FinancesOnline.
Go through further research published by The Insight Partners:
Facility Management Market - Global Analysis and Forecast to 2030
Facility Management Software Market - Global Analysis and Forecast to 2030
Computer-aided Facility Management (CAFM) Market - Global Analysis and Forecast to 2030
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/facility-management-solution-market/
