Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global facility management market size reached US$ 62.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 132.1 Billion by 2028, exhibiting a growth rate (CAGR) of 13.52% during 2023-2028. The rising construction of green buildings, increasing preferences for outsourcing, and the growing need of enterprises to comply with environmental and regulatory norms represent some of the key factors driving the market.

Facility management (FM) refers to services and tools that are utilized for supporting the functionality, safety, and sustainability of real estate properties, buildings, infrastructure, and grounds. It comprises lease management, capital project planning and management, maintenance and operations, energy management, occupancy and space management, employee and occupant experience, emergency management and business continuity, and real estate management. It also ensures proper maintenance of plumbing, wiring, elevators, and insulation systems and focuses on managing various labor-intensive tasks, such as lease accounting, catering, security, groundskeeping, and custodial services. It assists in proper space management, reducing overall project costs, and increasing the short and long-term value of property, buildings, and equipment. FM also delivers operational efficiency, creates an environment required for enhancing productivity, guarantees regulatory compliance, and explores and adopts technological solutions. It reduces energy consumption costs and the overall carbon footprint of the real estate portfolio. It helps managers manage employee directories, handle emergency planning, and maintain business continuity planning. Furthermore, as FM promotes sustainable tactics for long-term cost management, it is employed in the commercial, residential, retail, and hospitality sectors across the globe.

Facility Management Market Trends:
At present, the increasing demand for FM due to the rising focus on digitizing business operations represents one of the primary factors influencing the market positively. Besides this, the growing need of businesses to comply with environmental and regulatory norms to lower their carbon footprint is offering a favorable market outlook. In addition, the rising number of hospitals, nursing homes, and clinics to provide quality healthcare to patients around the world is propelling the growth of the market. Apart from this, the increasing adoption of cloud solutions to delegate routine tasks, improve security and scalability, and achieve quick disaster recovery is contributing to the growth of the market. Additionally, rising preferences of enterprises to outsource facility management to third-party service providers for reducing expenses, maximizing value creation, focusing on innovation and expanding core services, and boosting operational efficiency is supporting the market growth. Moreover, the increasing construction of green buildings to reduce carbon emissions, energy expenditure, water wastage, and maintenance costs is strengthening the growth of the market. Furthermore, the rising demand for personalized services to fulfill infrastructure requirements and achieve long-term goals is bolstering the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global facility management market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on solution, service, deployment type, organization size and vertical.

Solution Insights:

Facility Property Management
Building Information Modeling
Integrated Workplace Management System
Facility Operations and Security Management
Others

The report has provided a detailed breakup and analysis of the facility management market based on the solution. This includes facility property management, building information modeling, integrated workplace management system, facility operations and security management, and others. According to the report, facility property management represented the largest segment.

Service Insights:

Deployment and Integration
Consulting and Training
Support and Maintenance
Auditing and Quality Assessment
Others

A detailed breakup and analysis of the facility management market based on the service has also been provided in the report. This includes deployment and integration, consulting and training, support and maintenance, auditing and quality assessment, and others. According to the report, deployment and integration accounted for the largest market share.

Deployment Type Insights:

On-Premises
Cloud

A detailed breakup and analysis of the facility management market based on the deployment type has also been provided in the report. This includes on-premises and cloud. According to the report, on-premises accounted for the largest market share.

Organization Size Insights:

Large Enterprises
Small and Medium Size Enterprises

A detailed breakup and analysis of the facility management market based on the organization size has also been provided in the report. This includes large enterprises and small and medium sized enterprises. According to the report, large enterprises accounted for the largest market share.

Vertical Insights:

Banking, Financial Services, and Insurance
IT and Telecom
Real Estate
Government and Public Sector
Healthcare
Education
Retail
Others

A detailed breakup and analysis of the facility management market based on the vertical has also been provided in the report. This includes banking, financial services, and insurance, IT and telecom, real estate, government and public sector, healthcare, education, retail, and others. According to the report, banking, financial services, and insurance accounted for the largest market share.

Regional Insights:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America was the largest market for facility management. Some of the factors driving the North America facility management market included the increasing automation, technological advancements, rising number of green buildings, etc.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global facility management market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include IBM Corporation, Oracle, Trimble Inc., Broadcom, Inc., SAP India Private Limited, Archibus, Accruent, MCS Solutions, Planon Group, iOFFICE, LP., JadeTrack, MetricStream, Inc., Fluke Corporation, Facilities Management eXpress, LLC., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global facility management market in 2022?
2. What is the expected growth rate of the global facility management market during 2023-2028?
3. What are the key factors driving the global facility management market?
4. What has been the impact of COVID-19 on the global facility management market?
5. What is the breakup of the global facility management market based on the solutions type?
6. What is the breakup of the global facility management market based on the services type?
7. What is the breakup of the global facility management market based on the deployment type?
8. What is the breakup of the global facility management market based on the organization size?
9. What is the breakup of the global facility management market based on the vertical?
10. What are the key regions in the global facility management market?
11. Who are the key players/companies in the global facility management market?