Facility Management Market Growth Rate, Overview and Forecast 2023-2028

IMARC Group’s latest research report, titled “Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the facility management market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. 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.

Facility Management Market 0utlook:

Facility management (FM) is a service that comprises several disciplines for ensuring the functionality of the built environment by incorporating individuals, places, processes, and technology. It involves the deployment of an outsourced service vendor for managing and maintaining the building facility and performing various non-core business activities for the organization. It involves distinct aspects of communications management, operations and maintenance, business continuity and emergency management, environmental responsibility, and sustainability. This solution aims to ensure maximum productivity by streamlining and standardizing routine tasks. As a result, it finds extensive applications across the residential, banking, finance service and insurance (BFSI), healthcare, retail, and education sectors.

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Top Facility Management Companies Worldwide:

• IBM
• Oracle
• Trimble
• CA Technologies
• SAP
• Archibus
• Accruent
• Maintenance Connection
• MCS Solutions
• Planon
• Ioffice
• Jadetrack
• Metricstream
• Emaint
• Facilities Management Express etc.

Global Facility Management Market Growth: 

The market is primarily driven by the growing preference for automated solutions across developing countries. This can be attributed to rapid digitization and the penetration of high-speed internet connectivity. Moreover, rapid growth in the real estate sector and the rising demand for residential and commercial constructions are fueling the market. Furthermore, the implementation of favorable government policies promoting infrastructural automation, and the increasing adoption of the software-as-a-service (SaaS) deployment model, are providing a thrust to the demand.

Besides, leading providers are introducing new facility assets and services that enhance the customer's experience, business administration, and occupation physiology and enable the core business, this is creating a positive market outlook. Other factors, including the increasing adoption of the Internet of Things (IoT) and the emergence of integrated facility management (IFM), are also influencing the market.

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Market Breakup by Solution:

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

Market Breakup by Service:

• Deployment and Integration
• Auditing and Quality Assessment
• Support and Maintenance
• Consulting
• Service Level Agreement Management

Market Breakup by Deployment Type:

• On-Premises
• Cloud

Market Breakup by Organization Size:

• Small and Medium Size Enterprises
• Large Enterprises

Market Breakup by Vertical:

• Banking, Financial Services, and Insurance
• IT and Telecom
• Government and Public Administration
• Healthcare
• Education
• Retail
• Energy and Utilities
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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