Facility Management Market is Expected to See Impressive Growth, Attain USD 119.4 Billion by 2030

According to the report published by Allied Market Research, the global facility management market generated $39.9 billion in 2020 and is projected to reach $119.4 billion by 2030, growing at a CAGR of 11.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

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An increase in the number of small and medium enterprises (SMEs) across the globe, a surge in the adoption of innovative technologies such as cloud-based solutions, and a rapidly transforming organizational culture and work style are expected to drive the growth of the global facility management market. On the other hand, a lack of awareness about facility management solutions among people is predicted to hinder growth to some extent. However, the rise in demand for service outsourcing is anticipated to create massive opportunities for the growth of the industry.

COVID-19 Scenario

1. The outbreak of COVID-19 has had a positive impact on the growth of the global facility management market, owing to the prevalence of lockdowns in various countries across the globe.

2. Lockdowns significantly increased the demand for facility management as teams were required to ensure and maintain a productive, safe and a hygienic environment.

3. In addition, facility management staff were required to create new cleaning and disinfection solutions that further surged the demand for facility management during the pandemic.

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The key players analyzed in the global facility management report include CA Technologies, iOFFICE, FM System, IBM Corporation, Accruent, Archibus, Oracle Corporation, PLANON, Trimble Inc. and SAP SE.

The report offers detailed segmentation of the global facility management market based on component, solution type, deployment model, enterprise size, industry vertical, and region.

Based on components, the solution segment held the largest market share in 2020, holding nearly three-fifths of the total facility management industry. The service segment, on the other hand, is anticipated to cite the fastest CAGR of 12.8% during the forecast period.

By deployment model, the on-premise segment held the majority share in 2020, garnering more than three-fifths of the total market. The cloud segment, on the other hand, is predicted to exhibit the fastest CAGR of 13.0% during the forecast period.

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By region, North America's market held the lion's share in 2020, accumulating more than one-third of the total market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 13.3% during the forecast period.

The Facility Management Market encompasses services and solutions that support the operations, safety, and efficiency of large buildings and properties, such as office spaces, hospitals, schools, and industrial facilities. This market includes both hard services (e.g., electrical, plumbing, HVAC maintenance) and soft services (e.g., cleaning, security, catering).

Key drivers in this market include:

1. Increasing demand for smart building solutions - IoT, AI, and automation are transforming facility management to optimize energy efficiency, security, and predictive maintenance.

2. Focus on sustainability - Green building initiatives and energy-efficient facilities are driving the need for sustainable facility management practices.

3. Outsourcing trends - Many organizations are outsourcing their facility management needs to reduce costs and focus on core business operations.

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