Facility Management Market Report 2023-2028, Industry Growth Opportunity, and Forecast

How BIg is the Facility Management Market ? :

IMARC Group's latest research report, titled "Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global facility management market size reached US$ 62.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 132.1 Billion by 2028, exhibiting a growth rate (CAGR) of 13.52% during 2023-2028.

What is Facility Management ? :

Facility management is a comprehensive profession encompassing multiple disciplines to ensure the built environment's functionality, comfort, safety, and efficiency. It involves the coordination of space, infrastructure, people, and organization, often associated with office blocks, arenas, schools, sporting complexes, convention centers, shopping complexes, hospitals, and hotels. It includes managing responsibilities, including security, maintenance, cleaning, catering, as well as utilities and communications infrastructure.

Additionally, it extends to property strategy, emergency planning, workspace configuration, and environmental sustainability. This broad range of tasks and disciplines requires efficient organization and planning, which can be facilitated by facility management software, which assists in automating tasks, scheduling routine activities, and managing resources effectively. It is crucial to any organization's success, contributing to its people's operational efficiency, productivity, and well-being.

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Top Facility Management Companies Worldwide:

• IBM
• Oracle
• Trimble
• CA Technologies
• SAP
• Archibus
• Accruent
• Maintenance Connection
• MCS Solutions
• Planon
• Ioffice
• Jadetrack
• Metricstream
• Emaint
• Facilities Management Express etc.

Global Facility Management Market Trends:

The global facility management market is witnessing substantial growth, driven by the increasing demand for efficiency and productivity in businesses, coupled with the need for a safe and comfortable environment. Along with this, the trend towards outsourcing facility management services to concentrate on core business activities further bolsters this growth. In addition, the rise of smart buildings and workplaces, driven by technological advancements such as IoT, AI, and automation, is significantly influencing the market.

Moreover, the integration of these technologies in facility management processes results in more efficient space utilization, energy conservation, and improved overall facility management. Apart from this, the growing focus on sustainability is promoting the adoption of green practices in facility management, such as energy-efficient building operations and waste management. Furthermore, the emergence of sophisticated software solutions and increasing investment in smart buildings are creating a positive market outlook.

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Market Breakup by Solution:

• Integrated Workplace Management System
• Facility Operations and Security Management
• Building Information Modeling
• Facility Property Management
• Facility Environment Management

Market Breakup by Service:

• Deployment and Integration
• Auditing and Quality Assessment
• Support and Maintenance
• Consulting
• Service Level Agreement Management

Market Breakup by Deployment Type:

• On-Premises
• Cloud

Market Breakup by Organization Size:

• Small and Medium Size Enterprises
• Large Enterprises

Market Breakup by Vertical:

• Banking, Financial Services, and Insurance
• IT and Telecom
• Government and Public Administration
• Healthcare
• Education
• Retail
• Energy and Utilities
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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