Facility Management Market is expected to reach USD 99.22 Billion by 2029 : Cognitive Market Research

As per Cognitive Market Research analysis, the global Facility Management market size was valued at USD 41.43 Billion in 2022 and is expected to grow at a CAGR of 13.29 % during the forecast period, reaching USD 99.22 Billion by 2029.

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Facilities management is a daily operation required to ensure that the physical environment supports the needs and core functions of the organization. A facility manager's aim is to create a comfortable working environment for employees. This helps with broader goals such as attracting and retaining top talent, improving efficiency and productivity, and building a positive work culture. Facilities managers support employees in various ways, including adjusting desk placement and managing of the employee directory. Facility managers act in the dual role of identifying governance areas and adjusting processes to cover them. Demand for the facility management market is anticipated to increase rapidly during the forecast period with the increasing demand for management solutions that helps in the daily operations of organizations. Most companies integrate facility management systems such as HVAC, fire protection, and alarm systems, as these systems are typically operated on-site. Additionally, the rapid adoption of new technologies in the manufacturing sector increases cost efficiency, safety, sustainability, and the overall effectiveness of the organization's operations, which is another factor boosting the growth of this market. However, a lack of skilled knowledge may obstruct the growth of the facility management market. Moreover, digital transformation in commercial buildings is enabling people, processes, and technology to work efficiently which could represent a great opportunity for the market.

Regional Analysis of the Facility Management Market:
• North America is anticipated to account for a considerable revenue share in the facility management market during the forecast period, 2022-2029. The growth of the market is mainly attributed to the growing industrialization along with the rapid adoption of new technologies in the region. In the United States, facility management is an important function for businesses and organizations of all sizes. For example, The International Facility Management Association (IFMA) is the largest professional association for facility management professionals in the United States, offering its members education, certification, and networking opportunities.

Top players involved in the Global Facility Management Market:
- Major players involved in the facility management market
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Trimble Inc.
• Fortive
• MRI Software LLC
• Planon, Infor
• Service Works Global
• Facilities Management eXpress
• Causeway Technologies
• FM Systems
• Spacewell International
• Archidata Inc.
• Jade Track Energy Management Software
• UpKeep Maintenance Management
• Apleona GmbH
• FacilityONE Technologies LLC
• OfficeSpace Software Inc.
• Facilio
• Nuvolo
• Quick FMS
• ZLink
• Others.

News
- Strategies incorporated by the companies
• The companies in this industry are committed to integrating technology and expertise, partners, and even competitors to meet the urgent needs of clients who now see hybrid cloud and AI as key sources of competitive advantage. Additionally, the company's business strategy is focused on helping clients increase the power of the hybrid cloud and Artificial Intelligence (AI) to resonate with clients who must innovate and redefine their businesses with technology.

• Furthermore, another business strategy is to focus on the hybrid cloud market, enabling enterprises to connect public cloud providers and private cloud infrastructure. Hybrid cloud solutions provide significant advantages in terms of control, speed, security, cost, and speed.

Segment Analysis:
• Based on the Organization Size, the market is segmented into large enterprises and small and medium-sized Enterprises (SMEs). Large enterprise holds a major revenue share in the type segment. In large enterprises, facility management plays an important role in ensuring the efficient operation of the organization's buildings and facilities. This includes maintaining and repairing equipment, managing cleaning, and security services, and ensuring compliance with regulations and industry standards.

• Based on the Component, the market is segmented into solutions and services. Solutions hold a significant share of the component segment in 2022. There are various solutions that can be used in facility management to improve efficiency, reduce costs, and ensure compliance with regulations and industry standards. Some of these solutions include building automation systems (BAS) which are used to monitor and control various building systems such as HVAC, lighting, and security.

• Based on the Deployment Modes, the market is segmented into on-premises and cloud-based deployment modes. Cloud-based deployment model holds a significant share of the deployment segment in 2022. A cloud-based solution that helps all industry professionals make strategic business decisions by analyzing, enriching, and visualizing data sets from multiple sources.

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