CHICAGO, Sept. 14, 2023 /PRNewswire/ -- As businesses prioritise building adaptable, efficient, and environmentally responsible facilities that match the demands of a changing workforce and globe, the Facility Management Market's future will be centred on technology-driven efficiency, sustainability, and safety.
The Facility Management Market is estimated at USD 49.6 billion in 2023 to USD 94.8 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.8%, according to a new report by MarketsandMarkets™. Organizations across various industries are increasingly adopting facility management solutions as they play pivotal role in optimizing operations, streamlining processes, and ultimately reducing costs. By implementing strategic facility management practices, businesses are achieving a range of operational benefits which is boosting the market.
Browse in-depth TOC on "Facility Management Market"
394 - Tables
51 - Figures
317 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD) Billion |
Segments covered | Offering (Solutions, and Services), Solution, Service, Vertical, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. |
Companies covered | IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), CBRE Group, Inc. (US), Jones Lang LaSalle Inc (US), Trimble Inc. (US), Nemetschek SE (Germany), Fortive (US), Infor Inc. (US), MRI Software LLC (US), Eptura (US), Planon (Netherlands), Johnson Controls International (Ireland), Apleona GmbH (Germany), Cushman & Wakefield plc (US), Causeway Technologies Limited (UK) and many more. |
By Vertical, BFSI segment is estimated to account for the largest market share in 2023.
The adoption of facility management practices within the Banking, Financial Services, and Insurance (BFSI) vertical has gained traction over time, driven by its potential to bolster operational effectiveness and customer satisfaction. This encompasses a diverse range of physical assets, including bank branches, corporate offices, data centers, ATMs, and call centers. Facility management in the BFSI sector entails the strategic upkeep and management of these facilities to ensure smooth operations and positive interactions with customers.
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By solution, facility environment management is expected to register the fastest growth rate during the forecast period.
Facility environment management systems consist of different kinds of software solutions that simplify and optimize the sustainability of facilities. Facility environment management solutions are further categorized into sustainability management solutions and waste management solutions. These solutions help facility management teams identify significant environmental effects, such as carbon footprint and waste generation, related to their business.
Asia Pacific is expected to have the highest growth rate
Facility management solution adoption in the Asia Pacific region has been on the rise due to the region's rapid economic growth, urbanization, and increasing emphasis on efficiency and sustainability. Organizations across various industries in Asia Pacific have recognized the benefits of adopting facility management solutions to enhance operational effectiveness, reduce costs, and provide better experiences for employees and customers.
Top Key Companies in Facility Management Market:
The major vendors covered in the Facility Management Market include IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), CBRE Group, Inc. (US), Jones Lang LaSalle Inc (US), Trimble Inc. (US), Nemetschek SE (Germany), Fortive (US), Infor Inc. (US), MRI Software LLC (US), Eptura (US), Planon (Netherlands), Johnson Controls International (Ireland), Apleona GmbH (Germany), Cushman & Wakefield plc (US), Causeway Technologies Limited (UK), Service Works Global Limited (UK), Facilities Management eXpress LLC. (US), Archidata International Inc (Canada), UpKeep Technologies, Inc. (US), FacilityOne Technologies (US), OfficeSpace Software, Inc. (US), Facilio.Inc (US), efacility (Switzerland), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US).
Recent Developments
- In January 2023, Trimble acquired Ryvit, an integration Platform-as-a-Service (iPaaS) provider that works with the construction industry. The Ryvit platform will be integrated into the Trimble Construction One platform.
- In July 2022, JLL acquired Envio Systems. The Envio technology will create the fundamental framework for an innovative platform that offers intelligent and eco-friendly building solutions.
- In December 2022, The Nemetschek Group announced that its subsidiary Spacewell has acquired DEXMA. DEXMA provides data-driven energy intelligence.
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Facility Management Market Advantages:
- By optimising resource allocation, maintenance schedules, and energy usage, facility management services assist organisations in lowering operational expenses.
- Facility managers may maximise space allocation, making sure that workstations are used effectively, cutting down on wasted space and related costs.
- The lifespan of equipment and facilities is extended through routine maintenance and preventative measures, which lowers the need for expensive repairs and replacements.
- Facility management may reduce energy use by using energy-efficient practises and technologies, which will save money and have positive effects on sustainability.
- Safety is given first priority by facility managers, who also carry out safety inspections and put emergency response plans into action.
- Facility management minimises the possibility of fines and legal problems by ensuring that facilities comply with regulatory and compliance requirements.
- Facility managers can support environmental goals by implementing sustainable practises such waste reduction, recycling initiatives, and eco-friendly building designs.
- Employee productivity and happiness are boosted by clean, comfortable workspaces, which eventually boosts the bottom line of the company.
- Utilization is increased and asset downtime is decreased with the use of facility management, which helps organisations track and manage physical assets effectively.
Report Objectives
- To determine and forecast the global Facility Management Market by offering (solutions, and services), solution, service, vertical, and region from 2023 to 2038, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa.
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Facility Management Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Facility Management Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Facility Management Market.
- To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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