Facility Management Solution Market Growth, Size, Share, Trends, Key Players Analysis, and 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

Market Size Value in	US$ 768.71 million in 2021
Market Size Value by	US$ 1,418.85 million by 2028
Growth rate	CAGR of 9.2% from 2021 to 2028.
Forecast Period	2021-2028
Base Year	2021

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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

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