Facility Management Market

Global Facility Management Market

Facility Management Market- By Component, Deployment Mode, Organization Size, Vertical, and Region.

Market Synopsis:

The Global Facility Management Market is valued at USD 45.92 Billion in the year 2022 and is expected to reach a value of USD 113.69 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.00% over the forecast period.

Facility Management (FM) includes management methods and techniques for building management, infrastructure management for an organization, and methods of overall harmonization of an organization's work environment. For an organization, this system standardizes services and streamlines processes. Increased spending on infrastructure can be cited as one of the major drivers of the Facility Management Market's growth.

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Furthermore, the increasing emphasis on process optimization and energy efficiency improvements are the primary driving forces for the development of the Facility Management Market. Real estate, manufacturing, retail, and the public sector are a few other industry verticals that have seen rapid infrastructure growth. Due to the growing need to integrate data from operational facilities into other business applications, the aforementioned verticals are the primary end users of Facility Management solutions. However, one of the factors impeding market growth is security concerns about the safety of devices and networks. Increasing security breaches and threats from cybercrime groups are creating skepticism, affecting market growth.

Cloud-based solutions provide a dependable platform for hosting Facility Management software. They also help organizations reduce operating costs by improving security and collaboration among teams and subsidiaries spread across multiple locations. Other benefits of cloud-based Facility Management solutions include secure data hosting, increased security and scalability, and rapid disaster recovery. Facility Management outsourcing is becoming increasingly popular. Organizations are rethinking their business models in order to maximize value creation. However, before entrusting Facility Management to third parties, they assess the best mix of insourcing and outsourcing based on capability, cost, and coverage.

In India, urbanization and the rise of the real estate sector are fueling the industry's steady growth. With the increased population and migration, the Indian government is also extending its housing facilities. The housing demand is growing at an exponential rate. There is an increased demand for Facility Management to match the rising demand. Furthermore, the real estate market is developing as a result of the rising need for housing amenities. The integrated Facility Management industry is being driven by the rising real estate sector, which is being fueled by the construction of both residential and commercial structures such as business centers, offices, manufacturing units, and housing apartments, among other structures.

Market Segmentation:

The Facility Management Market is segmented on the basis of Component, Deployment Mode, Organization Size and Vertical. On the basis of Component, the market is segmented into Solutions and Services. On the basis of Deployment mode, the market is segmented into Cloud and On-premises. On the basis of Organization size, the market is segmented into large enterprises and Small and medium-sized enterprises (SMEs). On the basis of Vertical, the market is segmented into BFSI, IT and Telecom, Government and Public Administration, Healthcare, Education, Retail, Energy and Utilities, Manufacturing, Construction and Real Estate and Other Verticals [media and entertainment, transportation and logistics, and hospitality].

Based on Component:

On the basis of Component, the market is segmented into Solutions and Services. During the forecast period, the services category is expected to have a higher CAGR. Professional and managed services are two types of services in the services market. In the deployment and integration of Facility Management solutions in an enterprise's facilities, services are critical. The Facility Management industry is dominated by services, which primarily focus on enhancing business processes and optimizing facility operations. Services are the backbone of Facility Management since they are essential in meeting clients' unique needs. In addition, management industry professionals advise clients on the weak links in their facilities and recommend solutions that are tailored to their specific company demands. Facility Management services assist businesses in a variety of industries in improving the performance and agility of their facilities. As the market for facilities management solutions grows, so will demand for services, particularly for quality assessment and auditing, as well as deployment and integration.

Based on Vertical:

The banking, financial services, and insurance (BFSI) category is likely to grow at the quickest rate during the forecast period. The Banking, Financial Services, and Insurance (BFSI) business is booming thanks to a slew of Facility Management systems, including IWMS and CMMS that can help with asset management, space management, and maintenance management.

North America Holds the Largest Market Share in Terms of Revenue

North America is projected to acquire the largest market with a share of 37.10%. The presence of economically and technologically advanced countries such as the United States and Canada, as well as the adoption of new and emerging technologies and market players' strong financial positions, are some of the major factors that help North American companies gain a competitive advantage over their competitors. The region is made up of developed countries with well-built infrastructure, resulting in high demand for Facility Management systems. Companies in the BFSI and IT & telecom verticals, for example, are projected to contribute significant market shares as early adopters.