The facility management solution market size is projected to reach US$ 1908.59 million by 2031 from US$ 915.82 million in 2023. The market is expected to register a CAGR of 9.6% during 2023–2031. Increasing demand for cloud-based facility management solutions and surging adoption of IoT and AI in facility management solutions are likely to remain key trends in the market.
The adoption of facility management solutions results in labour and energy cost reduction. Therefore, several businesses and organizations across industries such as BFSI, Retail, transport and logistics, pharmaceuticals, government, IT and telecom, manufacturing, and others are adopting this solution that fosters its market growth globally.
Facilities management utilizes tools and services to ensure the operational effectiveness, safety, and environmental sustainability of buildings, infrastructure, and real estate. The solution focuses on supporting individuals and organizations by ensuring that the built environment, including the buildings and surrounding infrastructure, offers optimal functionality, comfort, safety, sustainability, and efficiency. The primary goal of facility management is to integrate people, places, and processes within the built environment to enhance the quality of life for occupants and improve the productivity of the core business operations. Organizations can create a conducive environment that promotes well-being, productivity, and success by effectively managing facilities.
Growing urbanization and population are the major factors driving the commercial, residential, and industrial infrastructures. The benefits of digitalization in the construction industry have encouraged its market players to adopt software solutions to efficiently manage their business operations and workflow. The adoption of facility management solutions in the construction industry can help the market players maintain and manage the new infrastructure efficiently. The features of software such as preventive maintenance, space management, and others can also help to build the new infrastructure efficiently. Thus, the growing construction industry can create lucrative opportunities for the facility management solution market.
The scalability and flexibility offered by cloud solutions are leading to the adoption of the cloud-based facility management solution market. Cloud-based cost-effective solution helps organizations to handle their facilities and assets. It offers improved data management capabilities by centralizing storage and management in the cloud. Various market players are providing cloud-based facility management solutions to cater to the demand for cloud-based solutions. For example, QuickFMS provides cloud-based facility management software that enables the organization to manage and track maintenance requests, schedule preventive maintenance, manage inventory, track assets, monitor energy consumption, and more.
Key segments that contributed to the derivation of the facility management solution market analysis are the component, deployment, enterprise size, and application.
The geographic scope of the facility management solution market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific region held the largest market share and is expected to grow with the highest CAGR. The growing digitalization and rise in the adoption of software solutions are driving market growth. The growing digitalization among SMEs and the need for efficient facility management are some of the major driving factors of the facility management solution market.
The regional trends and factors influencing the Facility Management Solution Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Facility Management Solution Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 915.82 Million |
| Market Size by 2031 | US$ 1908.59 Million |
| Global CAGR (2023 - 2031) | 9.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Facility Management Solution Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Facility Management Solution Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The facility management solution market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the facility management solution market are listed below:
The "Facility Management Solution Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The estimated value of the facility management solution market will be US$ 1908.59 million by 2031.
Axonator Inc.; Facilitron, Inc.; FacilityBot Pte Ltd; FM:Systems; Vixxo; IBM Corporation; Infraspeak; Quickbase, Inc.; Servicechannel; and Upkeep Maintenance Management are some of the key players operating in the facility management solution market.
The growing inclination to use advanced technologies to maintain sustainability at workplaces is considered a key trend in the online exam-proctoring market.
Increasing demand for cloud-based facility management solutions and surging adoption of IoT and AI in facility management solutions are the key driving factors impacting the facility management solution market.
The global facility management solution market is estimated to register a CAGR of 9.6% during the forecast period 2023–2031.