Managing Facilities in the Future: Facility Management Market Analysis (2023-2028)

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 (FM) is a multidisciplinary field that focuses on the efficient operation and maintenance of an organization's physical assets and infrastructure, such as buildings, equipment, and grounds. It encompasses a wide range of activities, including building maintenance, space planning, utilities management, health and safety compliance, and environmental sustainability. The aim is to create and manage a conducive, safe, and cost-effective environment for the individuals who work, live, or visit these facilities. By streamlining processes and using resources more effectively, organizations can realize significant cost savings. Facility managers often implement eco-friendly practices, such as waste management and energy conservation programs, which not only benefit the environment but can also enhance an organization's reputation.

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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 increasing focus on operational efficiency is driving the global market. Moreover, continual technological advancements, particularly in the realm of building automation systems, the Internet of Things (IoT), and data analytics, are revolutionizing facility management services. These technologies help in real-time monitoring and maintenance, thereby impelling operational efficiencies and reducing costs. Besides, globalization and the resultant expansion of business operations across geographies necessitate uniform facility management services for seamless operations. This increases the need for facility management companies that can offer standardized services globally. Furthermore, sustainability is another major factor. Organizations are increasingly recognizing the importance of sustainable practices in building and facility management to meet environmental goals and regulatory requirements. This is leading to a rise in demand for facility management services that can provide green solutions, such as energy-efficient systems.

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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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