Allied Market Research Forecasts Remarkable Growth in Facility Management Market, Projecting $119.4 Billion by 2030

According to the recent report by Allied Market Research titled "Facility Management Market," the market reached a value of $39.9 billion in 2020 and is anticipated to reach $119.4 billion by 2030, with a compound annual growth rate (CAGR) of 11.8% from 2021 to 2030.

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Facility management involves various professional disciplines focused on delivering efficient support services for organizations, ensuring the functionality of the built environment through the integration of place, people, processes, and technology. The evolution of technological solutions in facility management has progressed from basic building and asset data registration systems to sophisticated tools aiming for improved efficiency in planning and execution. These solutions include business analytics, extensive reporting, and workflow management, often integrated with other IT systems such as building technology, enterprise resource planning software, geographic information system solutions, and building information modeling models or CAD software. They are designed to perform functions such as asset management, maintenance cost management, enhanced asset efficiency, handling recurring tasks, and reducing space and maintenance costs.

The market's growth is driven by the increasing adoption of cloud-based solutions and shifts in organizational culture and work styles. Additionally, innovative product introductions and strategic initiatives by key vendors positively impact market growth. However, a lack of awareness about facility management solutions poses a hindrance to market expansion. Conversely, the rising demand for services outsourcing presents lucrative opportunities for market expansion.

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In terms of enterprise size, large enterprises currently dominate the facility management market due to their substantial investments and heightened focus on facility management compared to small and mid-size organizations. However, the SMEs segment is expected to experience the highest growth during the forecast period. This is attributed to the momentum gained by the facility management market in mid-size and small organizations, offering them the capability to efficiently manage various facilities in a time and energy-efficient manner.

Geographically, North America led the facility management market in 2020, housing major players that provide advanced solutions in the industry. The well-developed nature of North America and the booming construction industry in the U.S. contribute to the region's dominance. Nevertheless, Asia-Pacific is anticipated to witness significant growth, driven by its high diversity and projected rapid growth. In China, the facility management industry is expected to experience substantial growth due to the dynamic construction market and increased awareness among end-users regarding the benefits of facility management solutions and services.

The COVID-19 pandemic has impacted the facility management industry, causing disruptions in supply chains, workforce planning, and demand sensing. Issues such as changes in office layouts, supplier interactions, and performance management agreements were affected by the pandemic. In response, facility managers are encouraged to view this crisis as an opportunity to play a crucial role in supporting organizations through strategic policies, potentially boosting the overall facility management market size.

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The key players that operate in the facility management market forecast are Accruent, Archibus, CA Technologies, iOFFICE, FM System, IBM Corporation, PLANON, Oracle Corporation, SAP SE, and Trimble, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the facility management industry.

KEY ADVANTAGES FOR STAKEHOLDERS:

• This study offers a comprehensive analysis of the projected global facility management market, presenting current and future trends to elucidate potential investment opportunities.

• The report furnishes insights into the crucial drivers, constraints, and opportunities, providing an impact analysis on emerging trends in the global facility management market.

• Utilizing Porter's five forces analysis, the report showcases the influence and strength of buyers and suppliers operating in the industry.

• A quantitative analysis of the facility management market from 2021 to 2030 is included to assess its market potential.

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