Facility Management Market to Hit USD 94.1 billion by 2032; Market.us

Facility Management Market Expected to Grow at a CAGR of Over 12% by 2028

The global facility management market is experiencing significant growth, driven by increased investments in infrastructure development and rising construction activities worldwide. A recent study by market research firm Report Ocean indicates that the market was valued at USD 43.4 billion in 2021 and is projected to reach around USD 94.1 billion by 2028, growing at a CAGR of 12.20%. The market's expansion is attributed to the surge in infrastructure investments, construction projects, and the flourishing tourism industry across various regions. Additionally, the adoption of advanced technologies like cloud computing, SaaS, IoT, and artificial intelligence (AI) presents lucrative growth opportunities for the facility management market.

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Flourishing Tourism as a Key Driver for Facility Management Market

The facility management market is benefiting from the growth of the tourism sector, which has emerged as a significant factor driving market demand worldwide. The tourism industry plays a crucial role in generating foreign exchange and promoting economic growth. Governments, along with private players, are investing heavily in commercial spaces such as hotels, public houses, restaurants, and the management of historical sites, fueling the demand for facility management services.

Rising Business Collaborations and Partnerships Propel Market Growth

With the growing potential of facility management, market players are adopting various competitive strategies to capitalize on the market's growth. Partnerships, mergers, and collaborations have become increasingly common in the industry. For example, Dexterra Group Inc. recently acquired the privately-owned TRICOM Facility Services group of companies to expand its integrated facility management business unit.

Facility Management Market by End-User and Regional Insights

The global facility management market is categorized by end-users into commercial and retail, manufacturing and industrial, government, infrastructure, public entities, institutional, and others. The commercial segment holds the largest market share due to the increasing number of commercial spaces globally, such as offices, hospitals, hotels, airports, and sports facilities. Compliance with safety and hygiene regulations is driving the adoption of in-house facility management services in commercial facilities. The manufacturing and industrial segment is expected to witness the highest growth rate during the forecast period.

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Geographically, the facility management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region currently dominates the market, but the Middle East & Africa is experiencing substantial growth due to economic diversification and the establishment of commercial facilities in countries like Saudi Arabia, Israel, Iran, and Turkey.

Impact of COVID-19 on the Facility Management Market

The facility management market was severely affected by the COVID-19 pandemic. Lockdowns and social distancing measures implemented worldwide led to the closure of various end-user industries such as construction, manufacturing, retail, and commercial spaces. The demand for facility management services experienced a significant decline during the pandemic period.

Segment-
By Type (Hard Services, Soft Services)
By Service (In-House, Outsourced)
By End User (Commercial And Retail, Manufacturing And Industrial, Government, Infrastructure, And Public Entities, Institutional, Others)
By Region (North America, Europe, Asia-Pacific (Apac), Latin America (Latam), Middle-East & Africa (Mea)

Competitive Landscape

Key players in the facility management market include Archibus Inc., Trimble Navigation Ltd, Broadcom Inc., Satnav Technologies, FM System Inc., SAP SE, IBM Corporation, Planon Corporation, iOffice Corporation, Oracle Corporation, CB Richard Ellis, Veolia Environment, Colliers International, Compass Group, Cushman & Wakefield, Jones Lang LaSalle Incorporated, GDI Integrated Facility Services, Inc., EMCOR Group, Inc., and other prominent companies. The market is consolidated, with a few players dominating the industry. These key players focus on expanding their service offerings and frequently engage in partnerships, mergers, acquisitions, and joint ventures to gain a competitive edge.

Don't Miss the Business Opportunity in the Facility Management Market

Consulting analysts and accessing detailed market reports can provide crucial insights to facilitate business growth in the facility management market. The report offers in-depth analysis, growth potential, upcoming trends, statistics, and recent technology trends. Decision-makers can benefit from the report's industry insights, growth drivers, challenges, and competitive dynamics when making strategic decisions.

Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary

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This release was published on openPR.