CHICAGO, Oct. 26, 2021 /PRNewswire/ -- According to a new market research report "Facility Management Market by Component (Solutions (IWMS, BIM, Facility Operations and Security Management) and Services), Deployment Mode (Cloud, On-premises), Organization Size, Vertical (BFSI, Retail), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size to grow from USD 42.2 billion in 2021 to USD 76.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.
Various factors such as a surge in demand for cloud-based facility management solutions and rise in demand for facility management solutions integrated with intelligent software are expected to drive the adoption of facility management solutions and services.
Browse in-depth TOC on "Facility Management Market"
Facility management plays an important role in dealing with COVID-19 to create a safe work environment. This starts with sanitization. Facility managers need to evaluate janitorial schedules, daily cleaning practices, spot sterilization, and workplace-specific sanitization standards. For many facilities managers, building sanitization means exploring new products and practices that address COVID-19 specific concerns. The impact of COVID-19 for facility managers also extends to facility policies. FMs face the tedious task of re-educating employees and visitors about how to interact with the workplace consisting of everyone and everything in it. To survive this pandemic, companies need to focus on customer care and concerns, stay connected to customers as per their channel choice, build agile capabilities for fluid times, and adapt to situation-based circumstances. Organizations would need to rethink their business and operating models. Consumers' search for value for money is a fundamental change in purchase priorities and will be prevalent in the upcoming years.
The solutions segment to hold a larger market size during the forecast period
The solutions segment includes an integrated workplace management system (IWMS), building information modeling (BIM), facility operations and security management, facility environment management, and facility property management solutions. The factor supporting the growth of the Facility Management Market is the significant requirement of enterprises to deliver a highly personalized solution and enhance customer experience, as well as redesign the traditional facility management model by leveraging advanced software, IoT, and analytics. An effective facility management solution must be multi-level, which would enable the management of all facility management processes, from lighting, HVAC, security, emergency and incident, sustainability, waste, and lease accounting to real estate management, asset maintenance, workspace and relocation, and reservation management. Companies have realized the importance of improving efficiencies and streamlining processes within real estate and facility functions to reduce operating costs, improve energy consumption, and support sustainable objectives.
Cloud segment to account for higher CAGR during the forecast period
Cloud-based deployments involve on-demand requirements provided as software-as-a-service (SaaS) solutions offered by facility management providers. These solutions can be accessed through the internet using web-based tools. They can be accessed anytime from any place on-demand via the pay-per-usage platform. The market for cloud-based solutions is gaining popularity due to multiple advantages offered by the cloud model. Some of these benefits are low operational costs, adaptability, simple deployment, and easy collaboration.
Large enterprises segment to hold a larger market size during the forecast period
Enterprises with 1,000 and more than that are considered large enterprises. Large enterprises are among the early adopters of facility management solutions due to the large size of the facility infrastructure and a large number of human resources and assets these enterprises have to manage. Moreover, large enterprises are involved in several projects, and they rely on manual management processes to carry out daily business activities and coordinate diverse sets of assets. Large enterprises use facility management solutions to monitor and regulate complex and huge facility infrastructures
Retail segment to have a higher growth rate during the forecast period
Based on vertical, the Facility Management Market has been segmented into BFSI, IT and telecom, government and public administration, healthcare, education, retail, energy and utilities, manufacturing, construction and real estate, and others. Facility management solutions assist in managing the entire retail life cycle, from location, capital planning, operation planning, and project management to lease administration, contract management, and dispositions. New technologies have revolutionized retail facility automation leading to the higher growth of retail segment.
MEA to hold higher CAGR during the forecast period
MEA has witnessed high adoption of tech-savvy solutions across various verticals. Increasing construction activities and government plans for improving education systems and healthcare facilities are the major factors expected to drive the Facility Management Market growth in the region. Moreover, the growing private sector, investments in transportation and logistics, and the need to enhance asset life cycle are expected to further increase the demand for effective facility management and automation solutions. Mega infrastructure developments, such as Mohammed Bin Rashid City, Dubai Creek Harbor, Dubai Expo Site in UAE, Japan Industrial City in KSA, QP District, and Doha Festival City in Qatar, have opened investment avenues for facility management providers
Major Players of Facility Management Market International Business Machines Corporation (US), Oracle Corporation (US), SAP SE (Germany), Trimble Inc. (US), Fortive (US), MRI Software LLC (US), Planon (US), Infor (US), Service Works Global (UK), Facilities Management eXpress (US), Causeway Technologies (UK), FM:Systems (US), Spacewell International (Belgium), iOFFICE + SpaceIQ (US), Archidata Inc. (Canada), JadeTrack Energy Management Software (US), UpKeep Maintenance Management (US), Apleona GmbH (Germany), FacilityONE Technologies LLC (US), OfficeSpace Software Inc. (US), Facilio (US), eFACiLiTY (India), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US).
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