The global facility management market accounted for a value of USD 38.4 billion in 2019. Facility management market is projected to register growth at a CAGR of 8.5% during forecast period.
COVID-19 has impacted all the businesses over globe. The facility management services and solutions is facing decline in demand due to COVID-19 outbreak. The supply chain of raw materials and finished products is disrupted due to travel restriction. The production activities are halted due to lockdown in various segments such as transportation, real estate and manufacturing etc. and there is a huge decline in all these sectors which leads to reduction in demand for facility management and services and solution. However the demand for facility management will be increase due to gradual reopening of businesses.
For more details, visit: Global Facility Management Market By Organization Size(Small & Medium Enterprises, Large Enterprises), By Type (Bundle, Single, Others), By Services, By Deployment Model, By Solution, By End User, By Region–Forecast & Opportunities to 2026
The demand for facility management is increasing across the world. Major companies are adopting cloud-based solutions. Cloud-based solutions offer a means of hosting facility management software and it also enhances safety & security and engagement of subsidiaries present in different locations. Facility management based on cloud have various benefits such as it offers secure hosting of critical data, improved scalability and security and it offers quick recovery. This feature drives growth in facility management during forecast period.
On the basis of organization size, the facility management market is segmented into small & medium-sized enterprises and large enterprises. The SMEs segment is projected to register growth at highest CAFR during forecast period. Facility management ensures cost reduction and it reduces time for troubleshooting problems. The awareness about facility management among SMEs is increasing rapidly. This drives growth in facility management market during forecast period.
On the basis of type, the facility management market is segmented into bundle, single and integrated facility management. The integrated facility management segment is estimated to foresee growth at highest CAGR during forecast period. IFM helps in combining vendor related and internal communication, it improves productivity in the organization and simplifies the operations. it helps in improving productivity in the organization. All these factors drive growth in IFM segment during forecast period.
On the basis of end-users, the facility management market is segmented into IT & telecom, government & public administration, healthcare, education, Banking, financial services and insurance (BFSI), retail, energy & utilities, manufacturing, construction & real estate and others. The BFSI segment is estimated to hold largest market share during forecast period. BFSI segment deals with management and maintenance of real estate investments and others segments. it helps in managing various operations like work order tracking, space management and asset management. This drives growth in BFSI end-user during forecast period.
North America region is projected to hold largest market share during forecast period. This region is considered as home for various technologies and innovations. Various organizations in this region are adopting facility management solutions and services at large scale. Major companies established in this region are investing in evolving technologies and in R&D sector for innovations. The rise in demand and adoption of facility management services by various organizations in this region is likely to drive growth in North America region during forecast period.
The key market players in facility management industry are IBM, Oracle, SAP, Trimble, Accruent, MRI Software, Planon, Service Channel, Broadcom Inc., Dussmann group, Johnson Controls, Tenon Group, Cushman & Wakefield, Jones Lang LaSalle, Aramark, Compass Group, CBRE Group and Sodexo.
- What are the expected industry trends over the next three to five years?
- Which of the facility management type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?