According to the report published by Allied Market Research, the global facility management industry 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.
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 the growth to some extent. However, the rise in demand for service outsourcing is anticipated to create massive opportunities for the growth of the industry.
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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.
By region, the market across North America held the lion’ 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 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.
- Due to lockdown restrictions, many facility management services companies have to forfeit their services to commercial and industrial end users.
- The demand for facility management services has grown as organizations, hotels, and manufacturing plants begin their operations after lockdown restrictions being lifted off. The end users have been endeavoring to maintain the highest standard of hygiene and safety for their workers and customers.
- However, companies have been facing issues of lack of sufficient manpower as workers have not returned from their hometowns.
- With stringent regulations in place, the Covid-19 pandemic has arisen the need for automation in facility management processes such as move-ins, energy management, service requests, and workspace customization. The service providers need to leverage smart technologies.
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