According to a comprehensive research report by Market Research Future (MRFR), “Facility Management Market information by End-User, by Service, by Deployment and Region – forecast to 2027” market size to grow at a compound annual growth rate of 7%.
The facility management market is growing rapidly. The market is witnessing increasing demand even amid the recent COVID 19 crises. With organizational safety taking center stage, organizations are investing more than ever in maintaining the health & well-being of their employees. Spurring rise in numbers of enterprises and growth in the IT sector bolsters the market growth.
Facility management software solutions are being implemented across small and medium-sized enterprises to manage their business operations better while enhancing collaboration, productivity and simplifying related work requirements. Moreover, the rising demand for solutions and increasing investments escalates the facility management software market growth.
Besides, large technological advances and the early adoption of advanced technology drive the growth of the market. Moreover, the growing adoption of facility management software in enterprises and government and public sectors boosts the market growth.
Dominant Key Players on Facility Management market covered are:
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Market USP Exclusively Encompassed:
Rising Uptake of Facility Management Solutions Pushes Market Value
Facility management solutions help organizations to maintain the upkeep of premises, integrating all complex and demanding management activities. Over the past few years, the increasing uptake of facility management solutions in healthcare, education & academics, community centers, municipality centers, and sports training centers influences the market growth.
Besides, technological advances in facility management software as a service and platform escalate market growth. The increasing numbers of service and solution providers impact the FM solution market growth positively. Rising pressure to enhance efficiency and productivity boosts the growth of the market, fostering the implementation of facility management solutions.
Lack of Awareness Hamper Market Growth
Despite significant growth prospects, the facility management market still witnesses major setbacks, such as the lack of awareness for the advantages of FM software solutions. Nevertheless, the implementation of facility management solutions and services in various commercial sectors such as academic institutions and sports training centers would support the growth of the market.
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Segmentation of Market covered in the research:
The market is segmented into services, deployment, end-users, and regions. The service segment is sub-segmented into project management, inventory management, operation management, and others. The deployment segment is sub-segmented into on-reason and cloud.
The end-user segment is sub-segmented into retail, healthcare, manufacturing, education, BFSI, real bequest, IT and telecom, government, and others. The region segment is sub-segmented into Europe, Americas, APAC, and the Rest-of-the-World.
North America dominates the global facility management market. The largest market share attributes to the rising adoption of facility management in various enterprises. Besides, large technological advances and the early adoption of advanced technology drive the growth of the market. Moreover, the growing adoption of facility management software in enterprises and government and public sectors boosts the market growth.
Furthermore, the presence of a number of key players and well-developed technology foster the facility management market size. Augmenting demand for advanced facility management software from the increasing number of health and wellness centers drives the regional market. The US and Canada are prominent markets in the region. The North American facility management market is projected to retain its dominance throughout the estimated period.
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COVID-19 Impact on the Global Facility Management Market
COVID 19 pandemic has positively impacted the facility management market, fostering market revenues. The global pandemic brought some drastic changes in the buildings, construction, and facility management industry. Factors such as the rising demand for improved efficiency & operations and health and wellness of building occupants.
Facility management solutions are playing an increasingly important role in helping navigate through a project. In the wake of the Covid-19 disruption, many organizations identified the need to implement project management tools, construction management software, and other mobile tools.
Resultantly, facility management software implementation increased rapidly in all sizes or organizations. With the help of facility management solutions, construction companies are managing to cope with the current unpredictable environment.
The facility management market witnesses significant product launches and implementations of several strategies, such as partnerships, collaborations, mergers & acquisitions, expansion, and product launches. Major market players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on August 03, 2021, Programmed Facility Management announced the acquisition of Pindan Asset Management, a former public housing maintenance provider. The acquisition would enable Programmed Facility Management to minimize disruption to critical government services in maintaining thousands of public housing properties in the Gascoyne, Mid-West, and Pilbara regions.
Besides, the acquisition would also provide stability and security to a significant number of trades, ensuring continued services to some of Western Australia’s most vulnerable people while a longer-term solution was enacted.
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