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Facility Management Market Report 2023-2028: Globally Demand, Industry Size, Growth Rate (CAGR of 13.52%) and Forecast

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Facility Management Market Report 2023-2028: Globally Demand, Industry Size, Growth Rate (CAGR of 13.52%) and Forecast

February 14
23:08 2023
Facility Management Market Report 2023-2028: Globally Demand, Industry Size, Growth Rate (CAGR of 13.52%) and Forecast
Facility Management Market
The growing penetration of the Internet of Things (IoT) majorly drives the global facility management industry.

How big is the Facilities Management Market?

IMARC Group’s latest research report, titled “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.

What is a Facility Management Market?

Facility management (FM) is an integrated technology system that is widely deployed to enhance the efficiency of residential and commercial spaces. It is a field that comprises multiple disciplines to ensure functionality, comfort, safety, and efficiency of the built environment by integrating personnel, place, process, and technology. It involves the management of physical assets and the services that support them, including building maintenance, operations, and energy efficiency. It is responsible for the daily operations, maintenance, and repair of buildings and equipment within the facility, as well as coordinating personnel and services for the facility. Some of the commonly used facility management (FM) systems include operations and security management, building management, and computer-aided facilities management (CAFM).

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What is the Future of Facilities Management?

The growing penetration of the Internet of Things (IoT) majorly drives the global market. This can be supported by the rising utilization of facility management (FM) to allow the digital transformation of operational processes and optimize production performance while enhancing efficiency and flexibility. With the growing applicability of FM services across the banking, finance service, and insurance (BFSI), healthcare, education, residential, and education sectors, there has been a significant rise in the overall market across the globe. With the increasing cost of materials and labor, facility management companies are focusing on cost-effective solutions for providing services, further propelling the market. Moreover, numerous leading facility management companies are providing services in building automation, allowing facilities to be remotely monitored and managed from a central control system, which is acting as another growth-inducing factor.

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Globally Demand of Facility Management Market:

Along with this, the growing demand for integrated services in facility management, such as energy management, maintenance, and repair, to maintain a safe and efficient facility while reducing the costs associated with downtime and repairs is significantly supporting the market. In addition, facility management companies are increasingly relying on data and analytics to make more informed decisions regarding the management of facilities for better decision-making, thereby impacting the market favorably. With the emergence of services in environmental management, such as waste management, energy efficiency, and air quality management in order to reduce the environmental impact is acting as another growth-inducing factor. Furthermore, the widespread integration of advanced technologies, including augmented reality (AR) and cloud computing with facility management is creating a positive market outlook.

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Key Market Segmentation:

List of Top Global Facilities Management Companies:

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

Breakup by Vertical:

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

Breakup by Solution:

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

Breakup by Service:

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

Breakup by Deployment Type:

  • On-Premises
  • Cloud

Breakup by Organization Size:

  • Small and Medium Size Enterprises
  • Large Enterprises

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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Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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