Global Facility Management Market Growth Business Strategies and Forecast by 2026 | Exclusive Report by Facts Factors
Facts & Factors delivers in-depth insights on the report titled| “Global Facility Management Market Size Trends Analysis Growth and Forecast: 2021 to 2026”. The global facility management market size was valued at USD 39.7 billion in 2020 and is estimated to reach USD 67.89 billion by 2026 to register a CAGR of 11.6% in terms of value during the forecast period 2021–2026. The report offers in-depth insights revenue details and other crucial information regarding the target market and the various trends drivers restraints opportunities and threats till 2026.
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Facility management services are a combination of an organization’s internal integration of both its services and its people, with the goal of achieving the smoothest, most highly efficient form of operation possible. Maintenance, space planning, and portfolio forecasting are just a few examples of the services that are included in facility management.
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Other services include emergency preparedness, business continuity, environmental sustainability, human error accountability, communication, and project management activities. The implementation of COVID-19, which requires employees to perform some of their duties from home, and increasing government investments in the real estate, energy, and telecommunications and information technology sectors are the primary factors propelling the intermediate expansion of the global facility management market.
During lockdown conditions, the ability of service providers to adapt and bundle their services within a reimagined space will further increase the value of the latter. The growing trend of government bodies all over the world diversifying their tourism and non-economic sectors is expected to further increase the market space captured by the global facility market during the forecast period.
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In addition, the process of interconnecting the various infrastructures of different nations across international borders is going to be a driving force behind the expansion of the global facility management sector throughout the duration of the forecast.
Key Market Players:
IBM, Oracle, SAP, Trimble, Accruent, MRI Software, Planon, ServiceChannel, Service Works Global, FMZ, Causeway Technologies, FM Systems, Spacewell, iOFFICE, FSI, ARCHIBUS, Archidata, JadeTrack, UpKeep Maintenance, Apleona, FacilityONE Technologies, Office Space Software, and Facilio are among the key players in the global facility management market. Other players include Facilio.
- During the period covered by this forecast, the following developments are anticipated to have an effect on the competitive landscape of the facility management market:
A partnership between Sodexo and Bureau Veritas, which will result in the creation of a hygiene label for Sodexo services and provide a higher level of quality assurance to the company’s customers, was recently announced. It is anticipated that the scope of this partnership will extend to include physical locations in the United Kingdom, France, the United States of America, and Canada.
- In order to enter the region and begin occupying a larger consumer base, ISS recently entered into a partnership with Nordics that will last for five years and will include a significant share.
The global market for facility management can be broken down into two categories: solutions and services, depending on what is being offered. The solution segment can be broken down into integrated water management system (IWMS), building information modelling (BIM), facility operation and security management, facility environment management, and facility property management, and the service segment can be further subdivided into professional services and managed services. As a result of the growing demand for traditional services, it is anticipated that the solution segment will garner the largest market share during the course of the forecast.
The global market for facility management can be segmented on the basis of industry verticals into BSFI, IT & telecom, government and public administration, healthcare, education, retail, energy & utilities, manufacturing, construction, and other industries. During the time period covered by the forecast, the BSFI segment is anticipated to hold the largest market share. The increasing demand for a variety of services, such as maintenance and management of real estate investments, can be attributed to one of the contributing factors that helped the company maintain its dominant position during the forecast period.
- During the period covered by this projection, it is anticipated that the largest market share will be held by North America.
In terms of the contribution that it makes to the total global revenue, it is anticipated that North America will hold the largest market share during the advent of the forecast. The early adoption of technology in conjunction with a developed economy are the factors that have contributed to the region’s market holding the dominant position there. Increasing investments in artificial intelligence, machine learning, and cloud computing, as well as an increasing number of key players and vendors supplying services at a higher volume, are some of the additional factors that are responsible for the expanding footprint of the facility management market in the region.
Global Facility Management Market: By Regional Segment Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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