NEW
YORK, May 23, 2024 /PRNewswire/ -- The
global facilities management market size is
estimated to grow by USD 826.91
billion from 2024-2028, according to Technavio. The market is
estimated to grow at a CAGR of 9.61% during the forecast
period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Request a sample
report!
Facilities
Management Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.61%
|
Market growth
2024-2028
|
USD 826.91
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.97
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, China, India,
Germany, and France
|
Key companies
profiled
|
ABM Industries Inc.,
Atlas Facilities Management Ltd., CBRE Group Inc., Coor Service
Management Holding AB, Cushman and Wakefield Plc, International
Business Machines Corp., ISS AS, Johnson Controls International
Plc, Jones Lang LaSalle Inc., Mitie Group Plc, OCS Group
International Ltd., Quess Corp. Ltd., Securitas AG, Serco Group
Plc, ServiceMax Facility Management Pvt. Ltd., SIS Ltd., SMS
Integrated Facility Services Pvt. Ltd., The Brinks Co., Aramark,
and Sodexo SA
|
Market Driver
The facilities management market is experiencing significant
growth due to the integration of IoT and Industry 4.0 technologies.
IoT networks, comprised of sensors, thermostats, and actuators,
enable data-driven decisions, enhancing performance and extending
asset lifespan. Predictive maintenance, a key IoT application, uses
real-time data for equipment condition monitoring, reducing
operational costs and boosting productivity.
Facilities management encompasses hard services like HVAC
systems, electrical installations, and plumbing, as well as soft
services such as management and compliance. AI-Powered solutions
streamline operations, ensuring quick response to emergencies and
maintaining regulatory compliance. Investments in efficient
facilities management contribute to organizational success,
fostering employee satisfaction and retention. Outsourcing to
specialized firms can optimize resources and enhance
cost-effectiveness, promoting sustainability and industry
growth.
Market Challenges
- In the facilities management market, small organizations in
growing economies confront significant budget limitations,
compelling them to seek investment in strategic assets aligned with
their organizational goals. Despite this, they may forego
professional facilities management services from reputable
providers, leading to subpar services. Consequences include
increased maintenance and operational costs, negatively impacting
profitability.
- Additionally, escalating labor costs, particularly in the
North American region, hinder market expansion during the forecast
period. To refine and optimize operations, organizations prioritize
operational excellence, customer satisfaction, and innovation.
Advanced technologies, such as AI-enabled solutions, predictive
analytics, and automation, are adopted to streamline processes,
promote sustainable practices, and enhance the overall client
experience.
- SPIE and optimization measures are implemented to ensure
superior technical facility performance, utilizing cutting-edge
technologies and digital building operations for transparent energy
control systems and hazard management. The transformative shift
towards advanced facilities management practices aims to reduce
costs, improve efficiency, and address client needs
effectively.
Research report provides comprehensive data on
impact of trend, driver and challenges - Request
a sample report!
Segment Overview
- Service
- 1.1 Soft services
- 1.2 Hard services
- End-user
- 2.1 Commercial
- 2.2 Government
- 2.3 Residential
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Soft services- In the Facilities Management
Market, the service segment represents a significant investment and
strategic asset in achieving organizational goals. This segment,
which includes soft services such as housekeeping, transportation,
catering, and security, refines and optimizes operational
excellence by enhancing customer satisfaction and promoting
innovation and improvement.
Soft services contribute to a superior facility environment,
enabling businesses to streamline processes, adopt sustainable
practices, and leverage advanced technologies like AI-enabled
solutions, predictive analytics, and automation. These measures aim
to optimize operations, reduce costs, and enhance the overall
client experience.
The market for outsourced facilities management continues to
grow and develop, with a transformative shift towards digital
building operations, transparent energy control systems, hazard
management, and optimization measures. SPIE, a leading player in
this field, focuses on the adoption of cutting-edge technologies
and management practices to meet client needs and improve
efficiency.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Facilities Management (FM) market encompasses organizations
that specialize in managing and optimizing the operational
excellence of an entity's physical assets. These firms focus on
refining and improving efficiency, productivity, and
cost-effectiveness in various industries through the implementation
of advanced technologies and sustainable practices.
By offering management services for both hard services, such as
maintenance and repairs, and soft services, like employee
satisfaction and customer service, these solution providers
contribute significantly to organizational goals. The FM industry's
growth is driven by the need for outsourcing non-core activities,
the pursuit of strategic assets, and the desire for innovation and
improvement to meet client needs. Sustainability and control are
essential benefits of FM, ensuring long-term performance, service
delivery, and adherence to industry growth.
Market Research Overview
The Facilities Management (FM) market encompasses the
optimization and maintenance of physical workplaces and
infrastructure. This includes operations such as real estate
management, building maintenance, and essential services like
security, catering, and cleaning. The FM industry leverages
technology to improve efficiency and productivity, with solutions
like Internet of Things (IoT) sensors, computerized maintenance
management systems (CMMS), and building automation systems (BAS)
gaining popularity.
The market is driven by factors such as increasing demand for
energy efficiency, the need for workplace safety, and the growing
trend towards outsourcing FM services. Additionally, the
integration of artificial intelligence (AI) and machine learning
(ML) technologies is expected to revolutionize the industry by
enabling predictive maintenance and optimizing resource
utilization.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Service
-
- Soft Services
- Hard Services
- End-user
-
- Commercial
- Government
- Residential
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio