The latest report by IMARC Group, 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 (FM) refers to the services and technologies that ensure the functionality of the built environment by integrating people, place, process, and technology. It includes activities, such as equipment maintenance, space planning, and portfolio forecasting, that helps ensure maximum productivity for organizations and offices by streamlining and standardizing routine tasks. As a result, FM finds applications across various industry verticals like banking, finance service, and insurance (BFSI), residential, retail, education, and healthcare.

Global Facility Management Market Trends: 

The market is primarily driven by the increasing adoption of a cloud-based solution, the Internet of Things (IoT), software-as-a-service (SaaS), coupled with the rising spending on infrastructural aspects of various organizations. This is also increasing the focus on optimizing processes and energy efficiency improvement, thus fueling the market growth. Besides this, governments across several countries are extensively investing in the development of railways, ports, airports, and other infrastructure, and promoting infrastructural automation, thus propelling the demand for FM solutions. In addition, the market is facilitated by the rapid digitization and significant growth of the tourism sector, encouraging the building of new infrastructure. Furthermore, the emergence of Integrated Facility Management (IFM) that is utilized to manage home-based, on-the-go, after-hours, and outsourced services, for maximum productivity is positively influencing the market growth. Looking forward, the market is expected to reach a value of US$ 132.1 Billion by 2028, exhibiting a CAGR of 13.52% during 2023-2028.

Market Summary: 

• Based on the solutions, the market has been segmented into facility property management, building information modeling, integrated workplace management system, facility operations and security management, and others.
• On the basis of the services, the market has been classified into deployment and integration, consulting and training, support and maintenance, auditing and quality assessment and others.
• The market has been categorized based on the deployment type into on-premises and cloud.
• On the basis of the organization size, the market has been bifurcated into larger, and small and medium size enterprises.
• Based on the vertical, the market has been segregated 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, Latin America, and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being IBM, Oracle, Trimble, CA Technologies, SAP, Archibus, Accruent, Maintenance Connection, MCS Solutions, Planon, Ioffice, Jadetrack, Metricstream, Emaint, and Facilities Management Express.

Report Scope:
 

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