Facility Management Market is Expected to Reach US$ 81.51 Billion by 2027

The Global Facility Management Market was valued at US$ 40.39 Billion in 2020 is expected to reach US$ 81.51 Billion by 2027, with a growing CAGR of 12.61% during the forecast period (2021-2027).

Rising adoption of the Internet of Things (IoT) and cloud-based software to foster Global Facility Management Market growth

Facility Management (FM) refers to a service that encompasses a wide range of fields to maintain the functionality, safety, comfort, and efficiency of the work environment by integrating people, locations, processes, services, and technologies. It is the integration of processes within an organisation, to develop and maintain the agreed services which support and improve the effectiveness of its core activities. Facility management systems helps in identifying underutilized and underperforming facilities, assets, procedures, and staff and strengthen facility assets. Facility management encompasses various competencies such as environmental sustainability, emergency preparedness & business continuity, human factors, communication, leadership & strategy, project management, quality, real estate & property management and others. Effective facilities management is essential for improving the performance of any organization.

The need for facility management services has increased in recent years and is expected to continue to rise during the forecast period. The prominent factors that drive the market growth are increase in adoption of cloud-based solutions, change in organization structure & work management and introduction of novel solutions by key players in the market. Cloud-based software provides a reliable means of hosting facility management software. It also helps in reducing the operating costs of organizations, as they enhance collaboration and security among teams and subsidiaries present in multiple locations.

However, it is to be noted that the increasing demand is also due to the increase in investments by government in industries such as transport, energy construction and others. The emergence of Integrated Facility Management (IFM) is acting yet another driving force for the market. IFM is a process of combining all the office related processes and services under one management team or vendor. It helps in internal and vendor-related communication, improves productivity in an organization and simplifies day to day operation management.

Key Findings in Facility Management Market:

• Based on Deployment Model, the cloud-based solution has dominated the Facility management market and is expected to witness higher growth trends in the forecast period.
• Based on the Organization Size, Large scale enterprises are going to show significant growth in the forecasted period
• Based on the Industry Vertical, Health Sector will be growing with highest CAGR in the global facility management during the forecast period
• Based on Regions, North America is growing with a highest CAGR and is expected to show similar growth trends in the forecasted period

Recent News in Facility Management Industry:

• In June 2020, Sodexo collaborated with Bureau Veritas to introduce a hygiene verification label for Sodexo services which gives quality assurance to consumers. This collaboration covers on-site facility management services and catering services. This label was introduced in France, U.K., Canada, USA, and then gradually rolled out in other countries.
• In January 2019, Quality Solutions, Inc. (QSI) was acquired by Cushman & Wakefield has to improve its facilities management capabilities. This collaboration helped the Cushman & Wakefield company to expand its reach across North American markets through Quality Solutions, Inc.’s strong supply chain of more than 75 facilities traders. And 50,000 qualified suppliers.
• In November 2018, SAP launched Intelligent Asset Management, a set of solutions bringing prediction, collaborative asset intelligence, planning and simulation to equipment maintenance and operations.
• In July 2018, Trimble collaborated with Viewpoint, a leading provider of scalable construction management software, to offer customers a central workflow platform for delivering integrated and end-to-end construction management solutions.