Chicago, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The Facility Management Market is estimated at USD 49.6 billion in 2023 to USD 94.8 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.8%, according to a new report by MarketsandMarkets™. Organizations are increasingly adopting the facility management solutions, which encompass a wide array of technologies such as building automation systems, IoT devices, computerized maintenance management systems (CMMS), and integrated facility management software. These solutions offer a comprehensive approach to managing facilities. It encompasses space utilization and maintenance scheduling to energy optimization. These factors are driving the growth of the Facility Management Market.
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Facility Management Market Dynamics:
Drivers:
- Surge in demand for cloud-based facility management solutions
- Rise in demand for facility management solutions integrated with intelligent software
- Rise in focus of enterprises to comply with regulatory policies
- Increase in adoption of IoT and AI in facility management solutions
- Growth in inclination to use advanced technologies to maintain sustainability at workplaces
Restraints:
- Lack of managerial awareness and standardization
Opportunities:
- Growth in trend of outsourcing facility management operations
- Increase in focus on integrating BIM with facility management solutions
List of Key Players in Facility Management Market:
- IBM Corporation (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- CBRE Group, Inc. (US)
- Jones Lang LaSalle Inc (US)
- Trimble Inc. (US)
- Nemetschek SE (Germany)
- Fortive (US)
- Infor Inc. (US)
- MRI Software LLC (US)
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The rapid pace of technological innovation includes advancements in sensors, data analytics, and cloud computing. It has made facility management solutions more accessible and easier to implement. The ability to gather and analyze data from various sources empowers facility managers to make informed decisions, predict maintenance needs, and proactively address potential issues.
Based on offering, the services segment is expected to register the fastest growth rate during the forecast period.
Facility management services encompass the holistic administration of physical workspaces to ensure their optimal functionality and support for business operations. These services cover a wide spectrum of activities aimed at maintaining the efficiency, safety, and overall quality of the built environment. From managing space allocation and maintenance to implementing security measures and energy-saving practices, facility management services play a crucial role in creating a conducive and productive workplace. Additionally, tasks such as vendor coordination, compliance adherence, and emergency planning contribute to a seamless work environment. Facility management services help organizations across various verticals effectively improve the performance and agility of their facilities which is increasing their demand.
By solution, the facility property management segment to hold the largest market size during the forecast period
A facility property management solution is a comprehensive software platform designed to streamline and optimize the management of real estate properties and facilities. This solution encompasses a range of tools and features that enable businesses to efficiently oversee every aspect of their property portfolio. From tracking lease agreements and rental payments to managing maintenance schedules, space utilization, and tenant interactions, the solution offers a centralized hub for all property-related activities.
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Based on region, North America is expected to hold the largest market size during the forecast period.
Facility management adoption is rapidly increasing in North America as the region is technologically advanced, and facility managers can optimize their jobs and create a better environment for facility occupants. In North America smart technologies are accelerating every aspect of building automation. In addition, these technologies can find applications in business parks, office spaces, shopping malls, warehouses, and other public spaces.
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