Global Facility Management Market: Trends, Drivers, and Challenges
The global facility management market is expected to grow at a CAGR of 5.0% from 2024 to 2031, driven by outsourcing trends, technological advancements, and sustainability.
Facility ManagementMarket ResearchTrendsDriversChallengesReal Estate NewsSep 08, 2024
Facility management (FM) is the administration and maintenance of buildings, infrastructure, and facilities to ensure their proper operation. This comprises a variety of services such as maintenance, cleaning, security, catering, and space management. The basic purpose of facilities management is to establish an efficient and safe workplace that supports an organization’s essential activities.
The Facility Management Market looks promising, fueled by technical improvements and the growing trend of smart buildings. The integration of IoT devices, sensors, and AI-powered analytics will allow facility managers to collect real-time data, predict equipment breakdowns, and better optimize resource utilization.
The key market dynamics that are shaping the global Facility Management Market include outsourcing trends, technological advancements, and sustainability. However, the market also faces challenges such as technological integration and adoption, talent shortage and skills gap, and sustainability and regulatory compliance.
The Facility Management Market is undergoing a substantial transition toward technological integration as IoT, AI, and data analytics are adopted. These technologies enable facility managers to collect data in real-time, forecast maintenance requirements, and maximize resource utilization.
The market is segmented into solutions and services, with the solutions segment expected to account for the highest proportion of the market. The solutions segment is further broken into IWMS, BIM, facility operations and security management, facility environment management, and facility property management.
The market is also segmented by deployment mode, with the on-premises category expected to increase at the fastest rate over the projection period. The market is further segmented by end-user, with the banking, financial services, and insurance (BFSI) segment expected to experience the highest growth during the forecast period.
The global facility management market is expected to dominate the market, with North America expected to be the largest market. The region has a well-established economy, which provides an ideal environment for the expansion of facility management services.
The major players in the market are CA Technologies, IBM Corporation, Oracle Corporation, SAP SE, Archibus, Trimble, Accruent, Planon, FM Systems, Ioffice, and Planon.
The report scope includes a study period of 2020-2031, with a base year of 2023 and a forecast period of 2024-2031. The report also includes a detailed analysis of the market, including key drivers, challenges, and trends.
The report also includes a regional analysis of the market, with a focus on North America, Europe, Asia-Pacific, and the Rest of the World. The report also includes a competitive landscape, with a focus on the major players in the market.
The report also includes a section on recent developments, with a focus on the latest news and trends in the market. The report also includes a section on the research methodology, with a focus on the approach used to gather and analyze the data.
The report also includes a section on the reasons to purchase, with a focus on the benefits of purchasing the report. The report also includes a section on the customization of the report, with a focus on the options available for customization.
FAQs
Q What is the expected growth rate of the global facility management market?
A The global facility management market is expected to grow at a CAGR of 5.0% from 2024 to 2031.
Q What are the key drivers of the global facility management market?
A The key drivers of the global facility management market include outsourcing trends, technological advancements, and sustainability.
Q What are the major players in the global facility management market?
A The major players in the market are CA Technologies, IBM Corporation, Oracle Corporation, SAP SE, Archibus, Trimble, Accruent, Planon, FM Systems, Ioffice, and Planon.
Q What is the expected market size of the global facility management market by 2031?
A The global facility management market is expected to reach USD 1993.31 Billion by 2031.
Q What is the report scope of the global facility management market?
A The report scope includes a study period of 2020-2031, with a base year of 2023 and a forecast period of 2024-2031.
Frequently Asked Questions
What is the expected growth rate of the global facility management market?
The global facility management market is expected to grow at a CAGR of 5.0% from 2024 to 2031.
What are the key drivers of the global facility management market?
The key drivers of the global facility management market include outsourcing trends, technological advancements, and sustainability.
What are the major players in the global facility management market?
The major players in the market are CA Technologies, IBM Corporation, Oracle Corporation, SAP SE, Archibus, Trimble, Accruent, Planon, FM:Systems, Ioffice, and Planon.
What is the expected market size of the global facility management market by 2031?
The global facility management market is expected to reach USD 1993.31 Billion by 2031.
What is the report scope of the global facility management market?
The report scope includes a study period of 2020-2031, with a base year of 2023 and a forecast period of 2024-2031.
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