Global Facility Management (FM) Market Size to Reach USD 157.68 Billion in 2032 | Emergen Research

Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The projected global market size for Facility Management (FM) is anticipated to attain USD 47.92 Billion by 2032. According to the most recent analysis conducted by Emergen Research, the market is poised to maintain a consistent compound annual growth rate (CAGR) of 12.6% throughout the forecast period. A significant driver of this growth is the escalating adoption of cloud-based solutions for facility management. These solutions, hosted on the cloud, bring forth a spectrum of advantages such as heightened functionality, enhanced reliability, cost-efficiency, and expanded customization capabilities. Consequently, enterprises can streamline their operations effectively.

The inherent web-based nature of cloud platforms in FM ensures unrestricted accessibility from any geographical location as long as there is an internet connection. This accessibility empowers facility managers to execute precision-oriented strategies, eliminating the reliance on guesswork or outdated information often stored in spreadsheets or manual notes. Furthermore, the robust security measures implemented in cloud systems provide an advanced shield against cyber threats, including those aimed at facility management software. This robust security is expected to play a pivotal role in fostering the revenue growth of the market during the stipulated forecast period.

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Nonetheless, a significant factor that could impede the growth of market revenue pertains to the evolving regulatory landscape and intricate deployment procedures. Conforming to regulatory frameworks and intricate standards forms a substantial challenge within the domain of facility management services. This encompasses the adherence to safety protocols, environmental requisites, and labor legislations. Ensuring compliance across diverse geographical locations while concurrently keeping pace with dynamic legislative changes constitutes a multifaceted and time-intensive undertaking.

A pertinent illustration of this complexity is evidenced in a noteworthy occurrence on 19th February 2021, wherein the Supreme Court directed the Reserve Bank of India (RBI) to formulate a set of regulations within a span of six months. These regulations delineate the requisite measures for banks in relation to the administration of locker facilities. The court acknowledged the rapid evolution of technology, leading to the transition from conventional dual key-operated lockers to electronically managed counterparts. It underscored the potential susceptibility of these technological systems to unauthorized access, enabling individuals to gain entry to lockers devoid of customer awareness or consent. This highlighted the inherent reliance of customers on the actions of the bank.

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Scope of Research

Major Companies and Competitive Landscape

The global facility management market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global facility management (FM) market report are:

• Trimble Inc.
• IBM
• Oracle
• Fortive
• MRI Software LLC
• Planon
• SAP
• Infor
• Service Works Global
• FMX

Strategic Development

On 26 April 2022, CBRE formed a partnership with Microsoft to deliver an enhanced and unique range of technology solutions catering to large retailers and similar businesses with distributed-site operations. By joining forces, CBRE, the largest real estate and facilities management company globally, and Microsoft's expanding Dynamics 365 Field Services platform aim to provide transformative capabilities. This collaboration will revolutionize CBRE's existing facility management Pilot integrated retail facility management technology, resulting in an upgraded suite of offerings for clients in this industry.
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Some Key Highlights From the Report

• The on-premises segment is expected to account for largest revenue share in the global facility management market during the forecast period. This is due to utilization of on-premises facility management for providing for businesses improved communication efficiency and alignment with the organization's culture. With an on-premises FM staff, the time required for communication is significantly reduced, as immediate action can be taken to address property issues without relying on external service providers for feedback. This enables faster response times to client requests, as the in-house FM team is fully accountable and possesses a comprehensive understanding of the specific needs of the business. In addition, an in-house FM department tends to exhibit higher responsiveness compared to an outsourced team.
• The Banking, Financial Services and Insurance (BFSI) is expected to register steadily fast revenue growth rate in the global facility management market over the forecast period. This is because both international and domestic financial institutions share a mutual requirement to efficiently provide FM services to enhance customer experiences and ensure secure and trustworthy transactions. Despite the availability of alternative banking solutions, 80% of bank customers still prefer visiting physical banking locations and Automated Teller Machines (ATMs). This highlights the continued importance of physical banking facilities as a strategic asset. Consequently, there is a rising need for effective facility management in the banking sector to align with business objectives, minimize operational expenses, and generate revenue to improve customer relationships, which are crucial in the banking industry.
• The North America market is expected to account for largest revenue share in the global facility management market during the forecast period. This is attributed to increasing activities by key market players in countries in this region to develop technologically advanced facility management solutions. For instance, on 23 September 2022, Ramco Systems, a renowned global enterprise software provider, deployed its comprehensive enterprise resource planning solution, Ramco ERP Software, at OpenWorks, a prominent facilities management provider based in the U.S. The successful implementation includes various modules such as FM, Enterprise asset management, fixed assets, finance, sales, and purchases. By utilizing Ramco ERP Software, OpenWorks now benefits from a unified and integrated solution that offers a holistic view of its operations. This enables the automation of critical processes, such as customer billing and payments to franchisees, asset tracking, and optimization, of franchise assignment processes.

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For the purpose of this report, Emergen Research has segmented global CEM market on the basis of component, deployment mode, organization size, and vertical, and region:

• Component Outlook (Revenue, USD Billion; 2019–2032)
  • • Solutions
      • Integrated Workplace Management System (IWMS)
      • Building Information Modelling (BIM)
      • Facility Operations and Security Management
        • Lighting Control
        • Mechanical and Electrical Maintenance
        • Plumbing and Water Management
        • HVAC Control
        • Video Surveillance and Access Control
        • Emergency and Incident Management
      • Facility Property Management
        • Lease Accounting and Real Estate Management
        • Asset Maintenance Management
        • Workspace and Relocation Management
        • Reservation Management
    • Services
      • Professional Services
        • Deployment and Integration
        • Cleaning and Janitorial Services
        • Consulting and Training
        • Pest Control
        • Auditing and Quality Assessment
        • Support and Maintenance
        • Catering and Food Services
        • Help Desk and Reception Services
        • SLA Management
      • Managed Services
        • Sustainability Management
        • Wastewater Management
• Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
  • On-Premises
  • Cloud-based
• Organization Size Outlook (Revenue, USD Billion; 2019–2032)
  • Small and Medium Enterprises (SMEs)
  • Large Enterprises
• Vertical Outlook (Revenue, USD Billion; 2019–2032)
  • Banking, Financial Services and Insurance (BFSI)
  • Retail & e-commerce
  • Healthcare & Life Sciences
  • Information Technology (IT) & Information Technology-Enabled Services (ITES)
  • Media & Entertainment
  • Telecom
  • Energy and Utilities
  • Government and Defense
  • Other Verticals
• Regional Outlook (Revenue, USD Million, 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of Middle East & Africa

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