Northbrook, IL 60062 -- (SBWIRE) -- 09/21/2023 -- The global Facility Management Market size 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 research report by MarketsandMarkets™.

Organizations across various industries are increasingly adopting facility management solutions as they play pivotal role in optimizing operations, streamlining processes, and ultimately reducing costs. By implementing strategic facility management practices, businesses are achieving a range of operational benefits which is boosting the market.

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By Vertical, BFSI segment is estimated to account for the largest market share in 2023.

The adoption of facility management practices within the Banking, Financial Services, and Insurance (BFSI) vertical has gained traction over time, driven by its potential to bolster operational effectiveness and customer satisfaction. This encompasses a diverse range of physical assets, including bank branches, corporate offices, data centers, ATMs, and call centers. Facility management in the BFSI sector entails the strategic upkeep and management of these facilities to ensure smooth operations and positive interactions with customers.

By solution, facility environment management is expected to register the fastest growth rate during the forecast period.

Facility environment management systems consist of different kinds of software solutions that simplify and optimize the sustainability of facilities. Facility environment management solutions are further categorized into sustainability management solutions and waste management solutions. These solutions help facility management teams identify significant environmental effects, such as carbon footprint and waste generation, related to their business.

Asia Pacific is expected to have the highest growth rate

Facility management solution adoption in the Asia Pacific region has been on the rise due to the region's rapid economic growth, urbanization, and increasing emphasis on efficiency and sustainability. Organizations across various industries in Asia Pacific have recognized the benefits of adopting facility management solutions to enhance operational effectiveness, reduce costs, and provide better experiences for employees and customers.

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Market Players

The major vendors covered in the facility management market include 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), Eptura (US), Planon (Netherlands), Johnson Controls International (Ireland), Apleona GmbH (Germany), Cushman & Wakefield plc (US), Causeway Technologies Limited (UK), Service Works Global Limited (UK), Facilities Management eXpress LLC. (US), Archidata International Inc (Canada), UpKeep Technologies, Inc. (US), FacilityOne Technologies (US), OfficeSpace Software, Inc. (US), Facilio.Inc (US), efacility (Switzerland), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US).

Key Dynamic Factors For Facility Management Market:

Technological Developments and Automation: The Internet of Things (IoT), artificial intelligence (AI), and smart building technologies are among the technological advances that are revolutionising facility management. Operations are streamlined, efficiency is increased, expenses are decreased, and predictive maintenance is made possible through automation and modern software solutions.

Regulations for the environment and sustainability:

Demand for sustainable facility management practises is rising as environmental and sustainability issues become more widely known. Businesses are putting more of an emphasis on lowering their carbon footprint, improving energy efficiency, minimising waste, and adhering to environmental requirements.

Health and Safety Compliance: The COVID-19 pandemic made it more crucial than ever for establishments to take precautions for everyone's safety. The implementation of suitable cleaning and sanitization procedures, compliance with health guidelines, and the creation of a safe working environment have all become essential components of facility management.

Remote work and workplace flexibility: The emergence of hybrid work models and remote work has altered the nature of facility management. Office spaces must be redesigned, flexible work arrangements must be accommodated, and technologies supporting remote collaboration and productivity must be integrated.

Urbanisation and Urban Planning: The demand for facility management services in urban areas is influenced by trends in urbanisation and urban planning initiatives. Facility management solutions are driven by the demand for effective space utilisation, infrastructure development, and urban sustainability.

Global Economic Trends and Market Volatility: The facility management market is impacted by financial stability, market trends, and economic conditions. Budget allocations for facility management services and organisations' willingness to make investments in facility expansions and improvements can be affected by economic ups and downs.

Outsourcing and Service Integration: To cut operational expenses and gain access to specialised providers' expertise, many businesses choose to outsource facility management services. Multiple services are combined and managed by a single provider using integrated facility management (IFM) techniques.

Talent management and continuing skill development are crucial components. Having access to qualified facilities management specialists is one of these. The sector needs experts with a wide range of abilities, including project management, sustainability, and strategic planning.

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Competitive and Segmentation Analysis:

The facility management market is fiercely competitive and displays a varied landscape influenced by elements like advancing technology, industry-specific needs, and regional dynamics. Established facility management service providers, new startups utilising cutting-edge technologies, and businesses unique to the industry are competitors in this market.

According to service type, deployment mode, organisation size, and industry verticals, the facility management market can be segmented. Property management, maintenance and repair, cleaning, security, catering, and environmental management are just a few examples of the many services that fall under the category of service. On-premises and cloud-based solutions are available for deployment, allowing for a variety of customer preferences and operational requirements. The market is further divided into segments based on the size of the businesses looking for facility management services, from small and medium-sized businesses (SMEs) to huge corporations.

Additionally, segmentation based on industry verticals is essential because many industries have varied facility management needs. Healthcare, industrial manufacturing, retail, education, government, and hospitality are a few examples of these verticals. For each of these industries' distinct operating needs and regulatory compliance, there is a need for customised facility management systems.

Offering comprehensive and integrated property management solutions that not only handle fundamental operational demands but also correspond with sustainability objectives, energy efficiency, and emerging technology is one way that businesses try to set themselves apart in this cutthroat market. Key initiatives for market players include developing trusting client connections, showing industry knowledge, and showcasing a track record of effectively delivering facility management services.

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