According to Custom Market Insights (CMI), The Global Facility Management Market size was estimated at USD 48.49 Billion in 2021 and is expected to hit around USD 121.73 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 12.5 % from 2022 to 2030.
Facility management is a professional management discipline aiming to provide efficient and effective delivery and logistics with other supportive services by intelligent people.
The integration of the physical workplace with an organization’s people and work, including the tasks such as maintenance of equipment, planning, and spaces, and portfolio forecasting. Facility management basically ensures the functionality, comfort, safety, sustainability, and efficiency of the building and the surrounding infrastructure of the work.
The facility management services include emergency preparation and business continuity, environmental sustainability, human aspects, communication, project management, leadership, and strategy. In the building era of Urbanization and industrialization, facility management is the most growing and demanding sector as it has provided maintenance assistance, user management, and project management for the last two decades.
The increasing demand for cloud base solutions has pushed the direction of the facility management market across the globe. As facility management is offered by a third party, its demand is expected to improve in the upcoming years as organizations move towards outsourcing facility adoption to focus more on core competency.
Browse the full “Facility Management Market Size, Trends and Insights By Service Type Analysis (Hard services, Soft services, Others), By Industry Vertical Analysis (Healthcare, Government, Education), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/facility-management-market/
Market Dynamics
Drivers.
The rising workflow of various organizations is provoking the demand for technologies like big data analytics and cloud computing to manage operational activities with the private details of the company. So, this makes the anticipation of a rise in investment in facility management services in the upcoming years. Furthermore, the organization’s rising focus on improving operational efficiencies, better client experience, and protecting vital information has compelled industries to adopt the facility management service, thereby propelling the demand for the facility management market.
Increases in the adoption of cloud computing: The rising adoption of cloud computing and automation in the industry for enhancing their productivity and operational activities has given anticipation to fuel the demand and eventual sales of facility management.
Increase in government expenditure in the service sector: The demand for the facility management market has risen steadily due to the increase in government expenditure in transportation, energy, construction, and others. Their service provider contacts the building management to deliver their services successfully.
Equipment to boost the market in the COVID scenario: The only strategy left for the government was to use facility management during the pandemic to boost the market. The increased awareness of cleanliness, management, maintenance, and security has given a push to the demands of the facility management market.
A surge in Infrastructural Investment: The rising focus of government bodies across the globe on the heavy investment in construction and infrastructural growth has given the advantage to boost the market. The propensity to renovate old buildings has presented most services related to the industry, performance, and market growth.
An environment of formalized workflow: In this competitive environment, companies mainly focus on their core competencies, and other operational loads are handed to outsourcing. Thus, increasing the demand for maintaining a formalized workflow across various industries can boost facility management applications.
Restraints.
The ongoing changes in the organizational policies to cover the changing business environment and its need eventually result in improper documentation. This creates limitations for the adoption process of modern technologies due to higher cost and time constraints, thereby affecting the sales of the facility management market.
The need for more skilled and well-trained experts in developing countries is also expected to create hindrances in implementing facility management.
Opportunities.
The popularity of outsourcing facility management is an ongoing trend, forcing the organization to evaluate its operational model to maximize value creation. In most regions like Europe, The Middle East, and North America, This trend is driven mainly by the increase in demand for high-quality work experience and better client experience.
Challenges.
The facility management solutions can not run individually as an isolated solution as Enterprise resource planning (ERP) has witnessed preference in many large organizations. This gives rise to the requirement for the integration of
facility management and ERP system is quite tricky and challenging and can lag behind in catering according to the customer’s expectations.
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Report Highlights.
In the service type, the facility management market is further categorized into complex, soft, and other services. Among these, complex services hold the dominant position due to the continuous growth of the global infrastructure industry. In addition, the industry also includes cleaning, plumbing, drainage, building fabric maintenance, and other services. These services are associated with the building’s physical structure, which is also influenced by the increased construction risk due to urbanization.
By industry verticals, the facility management market is categorized into healthcare, government, education, military and defense, real estate, and others. Among these, the real estate sector is the most dominating one throughout the World over the forecast period. This is also characterized by continuous expansion in the construction and development industry.
Regional Snapshot
Asia-Pacific held the dominant position and is anticipated to be in the dominating state during the forecast period of the facility management market. The existence of various organized and unorganized companies in India and China is the main reason behind the regional domination in the market. Moreover, the establishment of multiple firms concentrates more on building a partnership with the local players to provide services to the end users and increase their geographic reach. Apart from this, Europe is predicted to have an increased market share in the upcoming years due to the adoption of preventive measures by the government.
Key Players:
- Sodexo
- CBRE Group Inc
- ISS A/S
- Compass Group
- Aramark
- Jones Lang Lasalle Incorporated
- Cushman Wakefield plc.
- Tenon Group
- Johnsons Controls International plc.
- Dussmann Group
- Serco Group PLC
- Mitie Group Plc
- Veolia Environment
Table of Contents: https://www.custommarketinsights.com/report/facility-management-market/#table-of-contents
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