Wilmington, Delaware, United States, April 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global facility management market is projected to grow at a CAGR of 8.4% during the forecast period from 2023 to 2031 and reach US$ 100.3 Bn by the end of 2031. Rise in adoption of next-gen technologies to monitor the functioning of commercial, residential, and educational establishments is fueling the facility management market.
Growth in demand for efficient and effective logistics and other support services related to property and buildings is propelling the global market. Therefore, demand for facility management services from several end-use industries is driving market expansion.
Array of functional and economic advantages of software-as-a-service and cloud-based facility management account for their growing popularity in the facility management market. Companies are increasingly focusing on innovation, strategic planning management, and continuous improvements. This has led to the development of next-gen facility management solutions, thereby boosting their market share.
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Key Findings of Study
Expansion in IT& Telecom Sector – Growth of the IT & telecom sector is likely to fuel the facility management market during the forecast period. Rapid development of the IT sector, which is creating thousands of jobs each year, is receiving attention of government bodies, business enterprises, and individuals. This entails significant investment in logistics and support services of property and buildings. Facility management is reckoned to ensure service performance and improve productivity, and is therefore integrated into organizational frameworks due to its vast role.
Facility management plays a key role in securing every device for IT firms. IT firms use gadgets, storage devices, software, machines, and equipment that need to be secured. This requires professionally managed facility management services integrated in the framework to keep going and to continue to produce outstanding results. Facility management helps save costs associated with frequent device replacement because of mismanagement.
Advancement in Technology – Consistent advances in facility management technologies lead to improved operations and reduced costs, along with better overall work productivity. Emergence of dozens of facility management solutions in the past few years, including advanced software and mobile applications, is boosting industry growth.
Advent of strategic planning tools, such as Space-Right, that can be customized is a leap in the facility management space. The adoption of such tools enables organizations to adjust office spaces for specific scenarios. Installation of touchless, sensor-driven solutions, such as HVAC systems and smart lighting, that adjust based on occupancy and touch free visitor management tool that allows guests to simply scan a QR code to pre-register instead of waiting in a crowded lobby are some examples of facility management solutions in workplaces.
Advanced facility management technologies are attractive, as they make virtual meetings more realistic by creating holograms of participants and exhibiting 3D images of floor plans. Augmented reality technology has the potential to increase efficiency, speed, and precision of facility management solutions. Smart building technologies use IoT devices to collect data about the workforce and workplace. This helps facility management solutions to make adjustments faster.
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Growth Drivers
- Deployment of next-gen technologies in monitoring functioning of residential, commercial, and educational establishments is propelling the facility management market
- Rise in demand for professionally managed services for the efficient and effective delivery of logistics and other support services of property and buildings is boosting adoption of facility management services
Regional Analysis
North America is anticipated to hold the leading facility management market share during the forecast period. This can be ascribed to adoption of advanced technologies, growth in demand for professional & managed services for buildings, and presence of key facility management industry players. Increase in demand for facility management solutions in IT & telecom, BFSI, retail, and other industries is likely to boost the facility management market size in the region.
Asia Pacific facility management market is anticipated to expand at a rapid pace during the forecast period. Rise in number of companies offering these services in India and China is a key factor triggering market development.
Competitive Landscape
Prominent players in the global industry are engaging in R&D, merger and acquisition, and product expansion to consolidate their position. Product development is a key growth strategy for major players in the facility management market.
Competition in the facility management market is intense with the presence of large number of global and local players.
Key players in the facility management market are Accruent, Causeway Technologies, MRI Software LLC, Broadcom Inc., IBM Corporation, Office Space Software Inc., Smarten Spaces, Oracle Corporation, workInSync, and Spacewell International.
Key Points from TOC:
Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.3. Key Trends Analysis
5.3.1. Demand Side Analysis
5.3.2. Supply Side Analysis
5.4. Technological Overview Analysis
5.5. Key Market Indicators
5.6. Raw Material Analysis
5.7. Porter’s Five Forces Analysis
5.8. Industry SWOT Analysis
5.9. Value Chain Analysis
5.10. Regulatory Framework
5.11. Global Facility Management Market Analysis and Forecast, 2017–2031
5.11.1. Market Value Projections (US$ Bn)
5.11.2. Market Volume Projections (Thousand Units)
6. Global Facility Management Market Analysis and Forecast, by Component
6.1. Facility Management Market Size (US$ Bn and Thousand Units) Forecast, by Component, 2017–2031
6.1.1. Software
6.1.2. Services
6.1.2.1. Professional
6.1.2.2. Managed
6.2. Incremental Opportunity, by Component
7. Global Facility Management Market Analysis and Forecast, by Deployment
7.1. Facility Management Market Size (US$ Bn and Thousand Units) Forecast, Deployment, 2017–2031
7.1.1. Cloud
7.1.2. On-premises
7.2. Incremental Opportunity, Deployment
TOC Continued……
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The facility management market is segmented as follows;
Facility Management Market, by Component
- Software
- Services
- Professional
- Managed
Facility Management Market, by Deployment
- Cloud
- On-premises
Facility Management Market, by Enterprise Size
- SMEs
- Large Enterprises
Facility Management Market, by End-user
- BFSI
- Government & Public Sector
- Healthcare
- Manufacturing
- Retail
- Education
- IT& Telecom
- Hospitality
- Others
Facility Management Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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