Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global facility management market size hit USD 1,260.0 billion in 2022. The market valuation is slated to rise from USD 1,291.6 billion in 2023 to USD 2,031.4 billion by 2030 at a 6.7% CAGR during the forecast period. Increased demand for efficiency, sustainability, and technology integration, as well as evolving workplace trends, regulatory compliance, and globalization, driving the growth facility management market globally. Fortune Business Insights™ presents this information in a report titled, “Facility Management Market Size, Share, Trends & Covid-19 Impact Analysis, By Service Type (Hard Services, Soft Services, and Other Services), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate, and Others), and Regional Forecast, 2023-2030."
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The International Facility Management Association (IFMA) defines facility management as integrating a real workplace with an organization's workforce and work, which include activities such as equipment upkeep, space planning, and portfolio forecasting. These services include leadership & strategy, real estate & property management, project management, quality, human aspects, emergency planning & company continuity, environmental sustainability, and others. This industry, which is described as offering maintenance assistance, user management, and project management, has seen significant growth over the past 20 years as a result of the initial increase in urbanization and industrialization.
Key Industry Development:
May 2022: NHS Shared Business Services unveiled a second-gen facility management solution designed to enable innovative, cost-effective, and high-quality solutions.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.7% |
| 2030 Value Projection | USD 2,031.4 billion |
| Base Year | 2022 |
| Facility Management Market Share in 2023 | USD 1,291.6 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | By Service Type, Industry Vertical, and Region |
| Facility Management Market Growth Drivers | Growing Demand for Cloud-based |
| Upsurge in Infrastructural Investments |
COVID-19 Impact:
Despite Initial Disruption, the Market Saw Robust Recovery Post-pandemic
Due to consecutive lockdowns brought on by the COVID-19 pandemic, the economy has been in turmoil. The industry has also been affected, but facilities managers have battled back since the pandemic started by looking into new opportunities for remote work or socially isolated workplaces. In contrast, it is anticipated that in the future, the market will be driven by rising consciousness of cleanliness, management, maintenance, and security. These factors steadied the market dynamics to some extent during the pandemic.
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Market Drivers and Restraints:
Growing Infrastructure Spending to Boost Market Growth
Government organizations worldwide make significant investments in the building and infrastructure industries. Three factors — renovation of existing structures, new building construction, and civil engineering — are crucial for infrastructure development. However, in the current global environment, the sector is well-positioned to benefit from infrastructure expenditures. The majority of the services associated with this industry's performances and market expansion are linked to the market tendency for renovating existing buildings. To maintain the infrastructure clean and green, smart building construction, governmental bodies in emerging nations engage in contracts with a variety of private contractors, including service providers and several foreign players. These factors augment the facility management market growth.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Market Segments:
Hard Services Segment to Command Major Market Share through 2030
The market is divided into hard services, soft services, and other services based on service type. A significant facility management market share will likely belong to the hard services category as a result of the global infrastructure market's continued expansion. This industry also includes cleaning, plumbing and drainage, building fabric maintenance, and other hard services.
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Regional Insights
Asia Pacific to Dominate as Facility Management Requirements Grow
Due to the existence of several organized and unorganized businesses in China and India, Asia Pacific is predicted to have the largest market presence. Established businesses are focusing on forging alliances with regional companies to expand their geographic reach and offer their services to end-users.
The introduction of new technologies such as the Internet of Things, artificial intelligence, robotics, and others is expected to cause the North America market to grow gradually.
Europe is anticipated to grow significantly during the coming years. It is a result of governments in numerous countries in the region implementing preventative measures.
Competitive Landscape
Key Players Adopt Merger & Acquisition Strategies to Keep Pace with Growing Demand
Multinational firms concentrate on mergers and acquisitions to increase their presence in developing countries. Additionally, these companies are integrating cutting-edge technology to offer their clients better and more complete property management services. For instance, in October 2019, CBRE Group Inc. unveiled "Plans Pro," a business Software-as-a-Service (SaaS) 3D visualization tool that enables users to decide more quickly on new and existing custom design standards and provide a wider range of integrated services such as facility management, project management, and transaction management.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Facility Management Key Players Market Share/Ranking, 2022
- Global Facility Management Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Service Type (USD)
- Hard Services
- Soft Services
- Other Services
- By Industry Vertical (USD)
- Healthcare
- Government
- Education
- Military & Defense
- Real Estate
- Others (IT & Telecommunication, BFSI)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Facility Management Market Size Estimates and Forecasts, By Segments, 2019-2030
To be Continued…
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