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According to the latest report by IMARC Group, titled “Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global facility management market size reached a value of US$ 48.9 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 13.2% during 2021-2026. Facility management (FM) is a type of organizational operation that requires the coordination of the workplace, people and process within the built environment. It aims to improve the productivity and quality of life of the people who exist in the core business. There are different types of facilities that are covered under FM, such as auto shops, hospitals, retail establishments, office buildings, grocery stores, hospitals, sports complexes, hotels and other government or revenue-generating institutions. A facility manager works toward integrating business architecture, administration, and engineering and behavioral sciences. Some of the responsibilities that are typically associated with FM include property or building management, space planning and accounting, records management, janitorial services, security, and telecommunications and information systems.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Facility Management Market Trends:
Over the past few years, companies across the globe have started outsourcing FM services. The popularity of this model has attracted several new entrants in the market that provide advanced solutions to businesses. Besides this, the advent of artificial intelligence (AI)- and internet of things (IoT)-driven technologies has enabled industry players to shift from tactical, traditional facilities management to a predictive, smarter management experience. One of these advanced solutions includes the blockchain technology, which has enabled companies to offer greater transparency as well as effectively track maintenance and service visits from contractors. Other than this, regulatory bodies from around the world have been undertaking initiatives to promote FM in start-ups. For instance, in 2018, the Australia-based organization for facilities management, Facility Management Association, introduced the Indigenous Engagement Strategy. The initiative aims to support indigenous businesses and offer career opportunities for the peoples of Aboriginal and Torres Strait Islander.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Breakup by Solution:
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Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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