Facility Management Solution Market Forecast by 2031
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.
Facility Management Solution Market Analysis
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.
Facility Management Solution Market Overview
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.
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Facility Management Solution Market: Strategic Insights
Facility Management Solution Market
-
CAGR (2023 - 2031)
9.6%
-
Market Size 2023
US$ 915.82 Million
-
Market Size 2031
US$ 1908.59 Million
Market Dynamics
GROWTH DRIVERS
- Increasing demand for cloud-based facility management
FUTURE TRENDS
- The growing inclination to use advanced technologies to maintain sustainability at workplaces
OPPORTUNITIES
- Surging adoption of IoT and AI in facility management solutions
Key Players
- Axonator Inc
- Facilitron Inc
- FacilityBot Pte Ltd
- FM Systems
- Vixxo
- IBM Corporation
- Infraspeak
- Quickbase Inc
- Servicechannel
- Upkeep Maintenance Management
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Software and Services
Deployment
- On-Premise and Cloud
Enterprise Size
- Large Enterprises and SMEs
Application
- BFSI
- Retail
- Transport and Logistics
- Pharmaceuticals
- Government
- IT and Telecom
- Manufacturing
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Facility Management Solution Market: Strategic Insights
-
CAGR (2023 - 2031)9.6% -
Market Size 2023
US$ 915.82 Million -
Market Size 2031
US$ 1908.59 Million
Market Dynamics
- Increasing demand for cloud-based facility management
- The growing inclination to use advanced technologies to maintain sustainability at workplaces
- Surging adoption of IoT and AI in facility management solutions
Key Players
- Axonator Inc
- Facilitron Inc
- FacilityBot Pte Ltd
- FM Systems
- Vixxo
- IBM Corporation
- Infraspeak
- Quickbase Inc
- Servicechannel
- Upkeep Maintenance Management
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Software and Services
- On-Premise and Cloud
- Large Enterprises and SMEs
- BFSI
- Retail
- Transport and Logistics
- Pharmaceuticals
- Government
- IT and Telecom
- Manufacturing
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Facility Management Solution Market Drivers and Opportunities
Growing construction industry
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.
Demand for cloud-based solutions.
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.
Facility Management Solution Market Report Segmentation Analysis
Key segments that contributed to the derivation of the facility management solution market analysis are the component, deployment, enterprise size, and application.
- Based on the component, the facility management solution market is segmented into software and services. The software segment held the largest share of the market in 2023.
- By deployment, the market is segmented into on-premise and cloud. The cloud segment is expected to grow with the highest CAGR.
- Based on the enterprise size, the facility management solution market is segmented into large enterprises and SMEs. The large enterprises segment is expected to grow with the highest CAGR.
- By application, the market is segmented into BFSI, retail, transport and logistics, pharmaceuticals, government, IT and telecom, manufacturing, and others. The IT and telecom segment held a significant share of the market in 2023.
Facility Management Solution Market Share Analysis by Geography
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.
Facility Management Solution Market Report Scope
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Facility Management Solution Market News and Recent Developments
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:
- Facility Vitals, a prominent provider of facility management solutions, announced the release of its innovative software solution, which promises to revolutionize the way facility managers handle their operations. The company's new software was designed to simplify facility management, providing facility managers with the tools they need to manage their facilities more efficiently and effectively. (Source: Newsfile Corp, Press Release, March 2023)
Facility Management Solution Market Report Coverage and Deliverables
The "Facility Management Solution Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Facility management solution market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Facility management solution market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Facility management solution market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the facility management solution market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Enterprise Size, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.