ID: MRFR/ICT/4496-HCR | February 2021 | Region: Global | 100 pages
The Global Facility Management Services Market is expected to grow from USD 42.2 billion which was during the historic period to USD 61 billion during the Facility Management Services Market predicted forecast period, at a CAGR of 12% during the forecast period. Facility management encompasses an organization's building and infrastructure management strategies and procedures for ensuring the physical environment's functionality. It helps the organization focus on its core competencies by integrating people, places, processes, and technologies. Project management, inventory management, maintenance management, operations management, and other facility management services are all focused on providing services to help businesses manage their facilities more efficiently. The growing need to maintain environmental and regulatory compliance, as well as the growing demand for single integrated facility management to balance the economies and financial regulations of companies adopting automation in their facilities, are major factors driving the growth of the facility management services market. The evolution of the physical workplace is another important aspect driving market expansion. Because of the rapid growth in cloud service usage, many businesses are focusing on virtual workforces and enterprise mobility management. Apart from cloud deployment, there has been an increase in the development of sustainable infrastructure and software as a service deployment.
Even the well-managed organizations were thrown off course by the COVID-19 pandemic, which turned routine on its head. Facilities managers have fought back since the pandemic began by investigating new opportunities for remote work or socially distant workplaces. Facility Management Services Business is critical in dealing with COVID-19 and ensuring a safe working environment. Sanitization is the first step. Janitorial schedules, daily cleaning techniques, spot sterilization, and workplace-specific sanitization standards must all be evaluated by Facility Management Services Industry. Building sanitization requires experimenting with innovative goods and techniques that solve COVID-19's unique issues for many facility managers. For facility managers, COVID-19 has an impact on facility policies as well. Facility Management Services Market Company is faced with the difficult duty of re-educating employees and visitors on how to interact with the workplace, which includes everyone and everything.
Cloud-based solutions provide a safe and secure way to host facilities management software. They also help firms cut costs by improving security and collaboration across teams and subsidiaries spread across numerous regions. Secure hosting of sensitive data, better security and scalability, and quick disaster recovery are all advantages of the cloud-based Facility Management Services (FMS) Market. The backups are saved on a public or private cloud hosting platform, allowing businesses to quickly retrieve vital server data. Secure logins allow data to be accessed from anywhere with a stable internet connection. Customer satisfaction is improved, and repair and maintenance expenses are reduced thanks to the cloud-based Facility Management Services (FMS) Market. As a result of these advantages, the use of cloud-based solutions for integrating the Facility Management Services Market has increased, which is expected to fuel market expansion and increase Facility Management Services Market Size.
Enterprises aren't fully aware of the advantages of the Facility Management Services (FMS) Market. The issue stems from a lack of knowledge and the adoption of prerequisite technology. Many companies are still implementing cloud computing technologies and have yet to implement an IoT ecosystem. Furthermore, their move from traditional workplace layouts to a modern one is still in its early stages. Even though Facility Management Services Market Analysis is a vital element of operations, businesses are ignorant of the new options available. This has made it difficult for businesses to give their Facility Management Services Industry comparable weight without jeopardizing their main Facility Management Services Business processes.
Another issue that occurs, particularly in operations with many buildings, is a lack of standardization. When problems occur, immediate action is essential to ensure access and security. Standardization can lower costs, reduce reaction times, and eliminate the need for workers to learn how to maintain and replace a diverse range of components. As a result, both of these problems are expected to limit the Facility Management Services Market Size.
The rising installation costs of in-house facilities management teams, as well as the challenging task of managing a vast array of services, are driving the rise in outsourcing demand. Companies are under a lot of pressure to provide value to their customers, which forces them to constantly innovate and expand their core offerings to provide better customer service. As a result, non-core facility management budgets are frequently cut, as employees and clients seek improved workplace experiences. Outsourcing is expected to become more appealing as a result of these considerations and Global Facility Management Services Market is growing because of the technology.
The Facility Management Services Market has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period and help in proving Facility Management Services Market Analysis true. The Facility Management Services Market Segments are as follows:
Based on the Deployment
Based on the Organization Size
Based on the industry Vertical
Based on the Region
Due to the necessity to maintain environmental and regulatory compliance, the worldwide Facility Management Services Market Segments is expected to rise at a substantial rate over the forecast period. The study covers regions such as North America, Europe, Asia-Pacific, and the rest of the world in its geographical analysis of the facility management services market (including the Middle East, Africa, and South America). North America, among these areas, leads the market due to technological improvements and early acceptance of the technology. In North America, the United States is the leading contributor to the facility management market. The increased adoption of software in firms, governments, and public sectors is one of the primary reasons driving the growth of the facility management market in North America. Because of its early adoption of this technology, North America has a large market share in facility management services. The Asia-Pacific region, which is experiencing tremendous changes in infrastructure and manufacturing sectors, has a significant demand for facility management software due to the growing demand for automation in manufacturing and production facilities. This region has the highest growth rate in the market.
Due to the presence of a small number of competitors concentrated in a few countries, the Facility Management Services Market Company is approaching a consolidated stage. To enhance their position in this market, these key competitors have used a variety of growth methods, including mergers and acquisitions, new product releases, expansions, joint ventures, partnerships, and others. Key market players are International Business Machines Corp. (U.S.), Oracle Corporation (U.S.), SAP AC (Germany), MCS Solutions Pvt. Ltd. (India), ARCHIBUS, Inc. (U.S.), Trimble Inc. (U.S.), CA Technologies (U.S.), Accruent (U.S.), Planon Ltd. (Netherlands), and Systems Group, LLC. (U.S.), etc.
Facility management is a multidisciplinary field that integrates people, location, process, and technology to assure the physical environment's functionality. Facility management also refers to the coordination of a facility's operations to improve the organization's overall effectiveness. Facility management is used in a variety of industries, including retail, education, and healthcare, among others, depending on the needs of the company. For market players in the global facility management sector, a detailed analysis of geographical regions enables the identification of profitable segments.
Frequently Asked Questions (FAQ) :
The global market is expected to grow at a CAGR of 12% by the end of the forecast period in 2023.
North America leads the market due to technological improvements during the forecast period.
The expected value is USD 61 billion during the forecast period.