Facilities Management Market to Grow at CAGR of 12.4% During Forecast Period, Observes TMR Study

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Transparency Market Research

01 Apr, 2022, 13:30 GMT

- The global market is likely to expand due to the increasing use of facilities management in maintenance and operations, space and occupancy management, planning, energy management, lease management, and real estate management

- Cloud-based facility management systems provide more customization opportunities, higher dependability, additional features, and cheaper prices, thereby resulting in market growth

ALBANY, N.Y., April 1, 2022 /PRNewswire/ -- The value of global facilities management market stood at US$ 39.92 Bn in 2020. The global market is likely to rise at a CAGR of 12.4% during the forecast period, from 2021 to 2031. The global facilities management market is anticipated to surpass valuation of US$ 141.70 Bn by 2031. Facilities management software is used to cut operational expenses and boost efficiency across the business. The global facilities management market is projected to be driven by rising acceptance of facilities management in educational, residential, and corporate sectors. Furthermore, the global market is driven by increase in demand for cleaning, spot sterilization, sanitization, and workplace-specific sanitization norms. Rise in popularity of cloud-based facility management solutions and SaaS (Software-as-a-Service) is also expected to boost the need for facilities management services.

Facilities management systems provide unique and original features, as well as sophisticated, customization, dependability, and cost savings solutions. In order to take advantage of these benefits, consumers are more inclined to engage in cloud-based facilities management services. It aids cloud-based security and cyber-attack prevention. Facilities management solutions that are delivered as software as a service (SaaS) can be accessed and managed practically from anywhere. As facility management software is cloud-based, users may access it at any time.

Firms in the facility management market are increasingly focusing on lowering operational expenses. Cloud-based facility management technologies are capable of managing a large portfolio of assets in numerous locations. With the support of Internet access, facility managers may check in from everywhere. Real-time insights lead to real-time outcomes by allowing for improved decision-making.

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Key Findings of Market Report

  • Facilities management is embracing a new model, namely, software-as-a-service (SaaS). Cloud-based facility management systems provide more dependability, cheaper prices, more functionality, and more customization options, allowing organizations to upgrade operations in ways that were never available before. Utilizing cloud-based facility management software has a number of benefits, including cloud-based security and the prevention of cyber-attacks.
  • Use of facilities management software assists in the resolution of these issues by centralizing all data in one location, allowing it to maintain everything updated in real time and making all data accessible from any smart phone. Anyone on the team is viewing the same information, which they can access from any location. Data can also be easily turned into actionable information utilizing facilities management software. By 2031, it is expected that the use of facilities management will increase in governments and the public domain.
  • Maintenance and operations, planning, real estate management, space and occupancy management, energy management, and lease management, comprising accounting and lease administration are all examples of facilities management. This aspect is projected to boost the global facilities management market in the years to come.

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Facilities Management Market: Growth Drivers

  • Facilities management enables companies to oversee their whole repair and maintenance schedule from a central web-based dashboard. This sort of software aids businesses in saving time and money by allowing them to manage their facilities, tenants, and assets more effectively. The facilities management market is estimated to grow due to increasing acceptance of facilities management by different business, educational and residential domains.
  • The Asia Pacific facilities management market is likely to grow at a fast pace during the forecast period. Rising number of facilities management companies in China and India are looking to improve support solutions to provide better client experiences, which is expected to open up profitable prospects. Firms are focusing on professional as well as managed service operations in Asia Pacific, which comprises developing countries. The regional facilities management market is likely to develop as a result of this factor.

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Facilities Management Market: Key Competitors

  • Planon International B.V.
  • OfficeSpace Software Inc.
  • Spacewell International
  • Broadcom Inc.
  • Oracle Corporation
  • Trimble Inc.

Facilities Management Market: Segmentation

Component

  • Software
  • Service

Deployment

  • Cloud
  • On-premises

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Enterprise Size

  • SMEs
  • Large Enterprises

End User

  • BFSI
  • Government & Public Sector
  • Healthcare
  • Manufacturing
  • Retail
  • Education
  • IT & Telecom
  • Hospitality
  • Others

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