Facility Management Market Products, Share, Growth, Insights, and Forecasts Report 2028

Facility Management Market Products, Share, Growth, Insights, and Forecasts Report 2028

Market Analysis and Insights : Global Facility Management Market
The facility management market is expected to witness market growth at a rate of 10.30% in the forecast period of 2021 to 2028. Data Bridge Market Research report on facility management market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on its growth. Rapid digitization across various industries is escalating the growth of the facility management market.

Facility management refers to the type of management that consists of multiple disciplines for ensuring the functionality of the built environment by incorporating people, place, process, and technology. The coordination of a facility's operations is meant to make the organization efficient and effective in its work.

The increase in demand for cloud-based facility management solutions across various industry verticals acts as one of the major factors driving the growth of the facility management market. The surge in adoption of disruptive technologies, such as augmented reality, IoT, cognitive computing, and analytics, and drones and robots in the facility management area and the rise in focus of enterprises to comply with regulatory policies accelerate the market growth. The use of the management solution to develop sustainable buildings and optimize functions at the most efficient level by the facility management team and high utilization of the technology by facility managers for identifying poor and underutilized performing facilities, processes, resources, and assets and improving them, further influence the market. Additionally, an increase in demand for facility management solutions integrated with intelligent software, regulatory policies, inclination to use advanced technologies to maintain sustainability at workplaces, and adoption of IoT and AI in facility management solutions positively affect the facility management market. Furthermore, the integration of BIM with facility management solutions and the growing popularity of outsourcing facility management operations Vertical extend profitable opportunities to the market players in the forecast period of 2021 to 2028.

On the other hand, lack of managerial awareness and standardization and issues with integration of facility management with legacy ERP systems are expected to obstruct the market growth. Lack of skilled or expert workforce is projected to challenge the facility management market in the forecast period of 2021-2028.
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