Facility Management Market Size Forecast to Reach $52.9 Billion by 2026
Global Facility Management Market is estimated to reach $52.9 billion by 2026, forecast to grow at a CAGR of 9.1% during 2021-2026. Increasing penetration of outsourced facility management services has increased significantly on a global scale over the last two decades. Nowadays customers expect their facility management service provider to have wide knowledge of the corporate mission, and the competency to address the customer’s specific needs, which is expected to drive the market in the long term. Facility management providers are expanding with their expansion of the facility management outsourcing market. The facility management providers are majorly focusing on finding new and innovative ways to make facility assets and services not only relevant but also critical to enhance the customer’s experience, business administration, occupation physiology, and enabling their core business. Property management service offers with property owner’s short, including long term financial objectives. Service and solution providers develop a strategic property operations plan founded in a zero-based operating budget and capital plan for the customers. Facility management experienced property managers and accounting professionals work closely with the engineering sciences staff to monitor and manage all operating costs to achieve the greatest possible return on investment.
Facility Management Market Segment Analysis – By Solution
By Solution, the type is further divided into the Integrated Workplace Management System, Building Information Modeling, Facility Operations & Security Management, Facility Environment Management, and Facility Property Management. The facility property management segment is expected to grow at the highest CAGR of 11.3% during the forecast period 2021-2026. Property management segment offers various advantages in the facility management including offering to protect, preserve and optimize the commercial usage of the land and physical facilities, for the maximum return to the customers. Some of the other advantages offered by the property management includes, increase income, increase property value, support occupant needs, and operational efficiency.
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Facility Management Market Segment Analysis – By Vertical
By vertical type, construction and real estate segment held a major market share in 2020 at 35.6% share, across the globe. Nowadays facility management has become an important parameter for construction and real estate verticals. Facility management service includes all of your responsibility as a building owner or tenant. Construction and real estate property owners should understand service, maintenance, and repair necessary to keep the new space keeping new without any harm happened to the property. One of the major benefits offers by facility management services is that the major responsibilities are taken care of by professionals experienced with the help of various solutions and services offering. By hiring a professional for the respective facility management and development, the property owner can be sure that all necessary aspects of day-to-day management are handled properly.
Facility Management Market Segment Analysis – By Geography
North America held a major market share of more than 34.9% in 2020 across the globe. North America owing to the innovation and adoption of advanced automation and facility management solution made possible to keep a major market share in 2020. Increasing demand of advanced technological innovation and high human resource dependency are expected to increase the demand for facility management solutions in retail, IT and telecommunication end-user verticals.
Facility Management Market Drivers
Increase Service Integration
The International Facility Management (IFM) market is growing at a CAGR of 10.8% to reach $58.7 billion by 2025. More than 50% of the predicted global growth in the facility management industry is linked to the demand from North America and Western Europe that accounts for two-thirds of the global market demand. The demand for integrated facility management is relative to market maturity that gives a proper indication of why North America and Europe account for 50% of the expected global growth in the overall facility management market.
Increase Demand from National and International Contract Procurement
Increasing demand of contract procurement from different part of the globe is one of the major driving factors for the facility management market. Starting in the 2000s, there were only a couple of international facility management contracts globally. Close to a decade back the number of international contracts were in between 30 and 50 with average revenue of $100million to $500 million. Now a day the number of international contracts is still growing and estimated to generate a revenue of more than $800 million. Moreover across the globe 15%-20% of the end-users are considering further enhancing their facility service purchase and moving to an IFM contact over the coming 4-5 years.
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Facility Management Market Challenges
Managing Workplace Technology
Managing workplace technology is one of the major challenges associated with the facility management industry. As many companies are entering the FM industry day by day, questions arise regarding an array of workplace technology? Without previously established standards and facilities leaders at each location or region will likely choose technology according to personal preference or the recommendation made by the others. Before a customer analyzing there are different software systems for managing space, seven different systems for service requests and dozens of other disparate solutions. Each of the software is having different terms, capabilities, user interface, login, and monthly invoices. So facility management providers are taking care of this issue.
Facility Management Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Facility Management market. In 2020, the market of Facility Managementhas been fragmented by the top five players accounting more than 35% of the share. Major players in the Facility Management market are, Apleona, Archibus, CA Technologies, Autodesk, SAP, Oracle, Trimble, Planon, Jadetrack, Metricstream, andamong others.
Acquisitions/Technology Launches
In February 2019, SAP technology has introduced performance management and new SAP asset strategy solution to enhance the asset intelligence throughout the facility management supply chain. This new technology will help the end-vertical customers to make a proper plan and monitor facility management to monitor performance data in real-time.
North America and Europe have the highest market penetration for integrated facility management in 2020.
High security and stringent regulation have an opportunity for the management teams to deploy technological solutions which can enhance the facility management process at the time of extenuating the associated risk.
Outsourcing on-demand facilities management services offer major benefits over creating a team in-house and handling on-demand needs for customer facility
Different regulatory bodies are encouraging companies to maintain proper industry standards and mandate for all business processes. These regulatory bodies have played a major role in ascribing to a large number of customers across various end-user verticals.
A.Integrated Workplace Management System Market
https://www.industryarc.com/Research/Integrated-Workplace-Management-System-Market-Research-500957
B.Property Management Market
https://www.industryarc.com/Research/Property-Management-Market-Research-500729
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