What is the global market size of Facility Management Market?

Facility Management Market size was valued at USD 43.5 billion in 2021 and is poised to grow from USD 54.05 billion in 2022 to USD 119.4 billion by 2030, growing at a CAGR of 11.8% in the forecast period (2023-2030).

Facility Management Market Size, Share, Growth Analysis, By Service Type(Hard Services, Soft Services, Other Services), By End-User(Public Sector, BFSI, Manufacturing, IT), By Component(Solutions (IWMS, BIM, Facility Operations, Security Management)), By Deployment(Cloud, On-premises), By Enterprise Size(Large Enterprises, Medium Enterprises, Small Enterprises), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20L2037 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 151 | Figures: 78

Facility Management Market News

In June 2022, Imdaad, a group of businesses with headquarters in Dubai that provides integrated, sustainable facilities management services that increase the operational effectiveness of physical assets, has formally established a new joint venture with LMD, a well-known Egyptian real estate company, to offer a full selection of high-quality facility management solutions throughout all of Egypt.
In February 2022, The facilities management (FM) company Farnek, based in the United Arab Emirates, has developed a new business that offers smart technology solutions for FM. The internally developed HITEK solution 4.0 was first introduced in Q3 of last year. It connects people, assets, and spaces from various remote sites using intelligent analytical platforms for cleaning, security, and maintenance. By utilising the Internet of Things (IoT), Building Management Systems (BMS), Cloud, Machine Learning (ML), and Artificial Intelligence (AI) based technologies, these platforms can be intelligently centrally managed and monitored.

Facility Management Market Report Snapshots

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Facility Management Market size was valued at USD 43.5 billion in 2019 and is poised to grow from USD 54.05 billion in 2023 to USD 119.4 billion by 2031, growing at a CAGR of 11.8% in the forecast period (2024-2031).

The Facility Management Market is extremely fragmented, and both domestic and foreign competitors have extensive industry knowledge. By utilising their experience, FM vendors are implementing a potent competitive strategy. Additionally, a sizable portion of the money is going toward advertising. The technology that the FM firms are adopting into their offerings are strengthening their service offering. 'IBM Corporation', 'Oracle Corporation', 'SAP SE', 'Trimble, Inc.', 'Archibus, Inc.', 'Accruent LLC', 'CA Technologies', 'Planon Corporation', 'FM:Systems Group LLC', 'iOFFICE, Inc.', 'Autodesk, Inc.', 'Johnson Controls International PLC', 'JLL', 'CBRE Group, Inc.', 'ISS World Services A/S', 'Sodexo', 'Compass Group PLC', 'Aramark Corporation', 'G4S plc', 'Mitie Group plc'

Solutions that use the cloud provide a dependable way to host facilities management software. They improve security and collaboration across teams and subsidiaries present in various places, which helps firms lower operating costs. Secure hosting of sensitive data, enhanced security and scalability, and quick disaster recovery are some other benefits of cloud-based facilities management solutions. Because the backups are kept on a private cloud host platform, businesses may quickly retrieve important server data from them.

Rise in Cloud Hosting: Currently, hosting facilities management software on the cloud is safe and secure. By fostering greater security and co-operation among teams and subsidiaries spread out over different regions, they also help businesses cut costs. Other benefits of cloud-based facilities management solutions include secure hosting of sensitive data, enhanced security and scalability, and quick disaster recovery.

Owing to the inclusion of several organised and unorganised businesses in China and India, Asia Pacific is predicted to have the largest market presence. Additionally, established businesses are focusing on forging alliances with regional companies to expand their geographic reach and offer their services to end users. Additionally, the market in the nation is being impacted by the expanding use of novel technologies including business strategies and Internet of Things (IoT) evolutions. The facilities management industries in Qatar and Saudi Arabia are expanding significantly, and businesses must reinvent their products to maintain growth and profitability. However, the major sectors most likely to propel the market under study are the residential, commercial, industrial, and public infrastructure sectors.

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