Global Facility Management Market to Reach US$ 132.1 Billion by 2028, Supported by Rising Adoption of Cloud-Based Solutions

IMARC Group’s latest report, titled “Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global facility management market size reached US$ 62.2 Billion in 2022. Facility management, or FM, comprises tools and services that support the functionality, safety, sustainability, and efficiency of buildings, grounds, infrastructure, and real estate. It integrates people, place, process, and technology within the built environment to improve the quality of life of individuals and the productivity of the core business. Some commonly offered FM solutions include building management, operations and security management, and Computer-Aided Facilities Management (CAFM). It aids in space planning, equipment maintenance, portfolio forecasting, business continuity, emergency and disaster mitigation and response, and environmental sustainability. Since it assists in streamlining and standardizing routine tasks, facility management finds extensive applications across the banking, financial service and insurance (BFSI), residential, retail, education, and healthcare sectors. 

Global Facility Management Market Trends: 

The rising adoption of cloud-based solutions and software-as-a-service (SaaS) represents one of the key factors driving the market growth. Moreover, the increasing spending on infrastructural aspects of various organizations is acting as another major growth-inducing factor. In addition, there is a rise in the use of novel technologies, such as the Internet of Things (IoT), cloud computing, and augmented reality (AR), for building management to minimize the dependency on human resources and improve operational efficiencies. Along with this, several favorable government initiatives promoting infrastructural automation and heavy investments in railways, ports, airports, and other infrastructure development activities have augmented the product demand. Furthermore, there is a surge in demand for Integrated Facility Management (IFM) that simplifies repetitive operations and integrates all office-related functions under a single management team to enhance productivity. In line with this, the rising adoption of FM services to manage home-based, on-the-go, after-hours, employees, and outsourced services easily while ensuring the availability of all necessary tools required for maximum productivity has propelled the market growth. Other factors, including the emerging tourism sector, increasing use of building automation techniques, shifting focus toward optimizing processes, rapid digitization, and changing organizational culture and work style, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 132.1 Billion by 2028, growing at a CAGR of 13.52% during 2023-2028. 

Market Summary: 

• On the basis of the solution, the market has been categorized into facility property management, building information modeling, integrated workplace management system, facility operations and security management, and others. 
• The market has been segregated based on the service into deployment and integration, consulting and training, support and maintenance, auditing and quality assessment, and others.
• Based on the deployment type, the market has been bifurcated into on-premises and cloud. 
• On the basis of the organization size, the market has been classified as large, and small and medium size enterprises. 
• The market has been segmented based on the vertical into banking, financial services and insurance, IT and telecom, real estate, government and public sector, healthcare, education, retail, and others. 
• Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. 
• The competitive landscape of the market has also been analyzed, with some of the key players being IBM Corporation, Oracle, Trimble Inc., Broadcom, Inc., SAP India Private Limited, Archibus, Accruent, MCS Solutions, Planon Group, iOFFICE, LP., JadeTrack, MetricStream, Inc., Fluke Corporation, and Facilities Management eXpress, LLC.

Report Scope:

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