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Global Facility Management Market to Reach US$ 74.4 Billion by 2024, Impelled by Popularity of the Outsourcing Model

According to the latest report by IMARC Group, titled “Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global facility management market size reached a value of US$ 39.8 Billion in 2018. 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.

Global Facility Management Market

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. Owing to the aforementioned factors, the market is projected to reach a value of US$ 74.4 Billion by 2024, registering a CAGR of around 11% during 2019-2024.

Market Summary:

  • On the basis of the solution, the market has been segmented into integrated workplace management system, facility operations and security management, building information modeling, facility property management, and facility environment management. Amongst these, facility property management and building information modelling are the most popular solutions.
  • Based on the service, the market has been segregated into deployment and integration, auditing and quality assessment, support and maintenance, consulting, and service level agreement management.
  • The market has been bifurcated on the basis of the deployment type, which consists of on-premises and cloud. Currently, cloud deployment is the largest segment.
  • The report has analyzed the market according to the organization size, which includes small- and medium-size, and large enterprises. At present, FM services are mostly deployed in large enterprises.
  • Based on the vertical, the market has been divided into banking, financial services, and insurance, IT and telecom, government and public administration, healthcare, education, retail, energy and utilities, and others.
  • On the regional basis, North America is the leading market for facility management, accounting for the largest market share. Other regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined in the report. Some of the key players operating in the market include International Business Machines Corporation (IBM), Oracle Corporation (Oracle), Trimble Inc., Computer Associates International, Inc. (CA Technologies), SAP SE, ARCHIBUS, Inc, Accruent, LLC, Maintenance Connection Inc, MCS Solutions, Planon International B.V., iOFFICE, LLC, JadeTrack LLC, MetricStream Inc., eMaint Enterprises, LLC., and Facilities Management eXpress, LLC.

 

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