At a CAGR of 12.6% Facility Management Market to Cross $76.3 billion by 2026 - Report by MarketsandMarkets™

Chicago, Feb. 03, 2023 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Facility Management Market"

443 - Tables
54 - Figures
349 - Pages

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Scope of the Report

Facility management has been evolved as a thriving business that continues to grow across verticals. Enterprises have started shifting from the notion of facilities being a set of back-office activities and started realizing the importance of facility management as a set of functions that can enhance the value of specific organizational processes. Enterprises can only achieve success and growth through the efficient and effective management of complex operational business processes in their facilities. Various business functions and processes covered within the scope of facility management have become more complex as facility management has moved into operational functions of enterprises. Therefore, it has become important for facility management firms and their clients to acknowledge the role of technologies and software solutions in managing their facilities. Before 2000, the Facility Management Market was seen in terms of “soft” and “hard” services. These basic services were outsourced to third-party service providers. Due to the absence of computerized tools, facility managers had to take care of these services manually. However, with the advent of computer-aided facility management (CAFM), facility managers were able to incorporate maintenance, asset, and workplace management more efficiently. After 2010, due to the increasing environmental and regulatory compliance needs, vendors started providing complex, standalone integrated facility management solutions to meet the ever-changing requirements of clients

Based on component, the Facility Management Market has been segmented into solutions and services. The solutions segment is estimated to lead the market in 2021. The growth of this segment can be attributed to the rising need for enterprises to deliver a highly personalized customer experience and redesign the traditional facility management model by leveraging advanced software, IoT, and analytics to stay competitive in this market.

Based on solution, the Facility Management Market has been further classified into the integrated workplace management system (IWMS), building information modeling (BIM), facility operations and security management, facility environment management, and facility property management solutions. The market for facility operations and security management solutions has been subsegmented into lighting control, HVAC control, video surveillance and access control, and emergency and incident management solutions. The market for facility environment management solutions has been further classified into sustainability management solutions and waste management solutions. The market for facility property management solutions has been divided into lease accounting and real estate management, asset maintenance management, workspace and relocation management, and reservation management solutions. Among all these solutions, facility property management solutions would lead the market in 2021. Facility property management solutions assist facility managers in aligning real estate strategies with enterprises’ long-term growth strategies. Also, facility property management solutions enable optimal maintenance throughout the asset life cycle, which leads to higher asset utilization and cost optimization.

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Based on deployment mode, the market has been segmented into on-premises and cloud. The on-premises segment is estimated to have a larger market size during the forecast period. Facility management solutions deployed on the premises offer offline data analytics and configuration, and they also provide better control over systems and data. The on-premises deployment of facility management solutions requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure

Based on organization size, the market has been segmented into large enterprises and SMEs. Large enterprises would account for a larger market share in 2021. The growth of this segment can be attributed to the early adoption of facility management solutions by enterprises to enhance their business functionalities. These solutions offer large enterprises a web-based unified management application that would enable the management (provisioning, monitoring, and controlling) of distributed sets of assets.

Verticals that opt for facility management solutions and services include BFSI, IT and telecom, government and public administration, healthcare, education, retail, energy and utilities, manufacturing, construction and real estate, and others (media and entertainment, transportation and logistics, and hospitality). The BFSI vertical is estimated to lead the market in 2021. The growing demand for office space in modern work culture and management practices and the increasing focus of BFSI companies on enhancing customer experience and fulfilling their ever-changing demands have resulted in the exponential growth of the market for facility management solutions in the BFSI vertical. Facility management solutions, such as IWMS and computerized maintenance management system (CMMS), can strategically manage various facility processes of enterprises in the BFSI vertical. A few of these processes are asset management, maintenance management, space and move management, and work order tracking.

Major vendors in the global Facility Management Market 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).

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