Facility Management Market Size is valued at USD 47.71 Bn in 2023 and is predicted to reach USD 120.08 Bn by the year 2031 at a 12.35% CAGR during the forecast period for 2024-2031.
Facility management refers to the resources and expertise that keep structures, outdoor areas, utilities, and other real estate operating smoothly, safely, and sustainably. Facility management software and services that increase their efficiency and effectiveness are the initial focus of this research. These services include emergency planning and business continuity, environmental sustainability, human resources, communication, project management, quality assurance, real estate and property management, and strategic planning and leadership.
The need for these services and solutions has been on the rise, and it will continue to rise rapidly in the years to come. Government spending in sectors including transportation, energy, construction, and others has contributed to the rise in demand. Furthermore, In order to provide their services, its service providers enter into agreements with the building management. Management of contracts includes securing resources, including labour, tools, and services.
However, the market growth is hampered by the need for more technology expertise at the executive and managerial levels of facility management and skill sets necessary for managing large-scale facility operations. Several large facilities management service providers with a heavy initial investment in facility services hardly face challenges regarding limited utilization of technology due to the long contracts.
Competitive Landscape
Some Major Key Players In The Facility Management Market:
- IBM Corporation (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- CBRE Group, Inc. (US)
- Jones Lang LaSalle Inc (US)
- Trimble Inc. (US)
- Nemetschek SE (Germany)
- Fortive (US)
- Infor Inc. (US)
- MRI Software LLC (US)
- Eptura (US)
- Planon (Netherlands)
- Johnson Controls International (Ireland)
- Apleona GmbH (Germany)
- Cushman & Wakefield plc (US)
- Causeway Technologies Limited (UK)
- Service Works Global Limited (UK)
- Facilities Management eXpress LLC. (US)
- Archidata International Inc (Canada)
- UpKeep Technologies, Inc. (US)
- FacilityOne Technologies (US)
- OfficeSpace Software, Inc. (US)
- Inc (US)
- efacility (Switzerland)
- InnoMaint (India)
- Nuvolo (US)
- QuickFMS (India)
- zLink (US)
Market Segmentation:
The facility management market is segmented based on offering and vertical. As per the offering, the market is segmented into solutions and services. The solutions segment comprises Integrated Workplace Management System (IWMS), Building Information Modeling (BIM), Facility Environment Management (Sustainability Management and Waste Management), Facility Property Management (Lease Accounting & Real Estate Management, Asset Maintenance Management, Workspace & relocation Management, Reservation Management), Facility Operations & Security Management (Lighting Control, HVAC Control, Video Surveillance & Access Control, Emergency & Incident Management. Also, Services include Professional Services (Deployment and integration, Consulting and training, Auditing and quality Assessment, Support and maintenance, and Service-Level Agreement Management) and Managed Services. The vertical segment consists of BFSI (Banking, Financial Services, And Insurance), IT & IETS, Government and Public Sector, Healthcare and Life Sciences, Education, Retail, Manufacturing, Telecom, Construction & Real Estate, Travel & Hospitality, and Other Verticals.
Based On The Offering, The Services Facility Management Market Segment Is A Major Contributor To The Facility Management Market.
The services facility management market is expected to hold a significant global market share in 2024. The fastest growth is expected to occur in the services sector as a result of the trend toward treating IT as a service within businesses. Due to its ability to meet the strategic and operational requirements of businesses, this model of IT service delivery is likely to grow at significantly higher rates than the industry average over the coming years.
Healthcare And Life Sciences Segment To Witness Growth At A Rapid Rate.
The prominent segment, healthcare and life sciences, is projected to grow rapidly in the global facility management market because of the rising demand for preventative facility management services in many countries. The healthcare and life sciences industry is expected to expand rapidly throughout the projection period, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Facility Management Market Holds A Significant Revenue Share.
The North American facility management market is expected to record the maximum market share in revenue in the near future. It can be attributed to because of the widespread adoption of cutting-edge technology like the Internet of Things, AI, robotics, and others. Throughout the projection period, the market is projected to expand significantly due to the popularity of government-backed initiatives. That's because people are starting to realize how crucial it is to prevent the spread of coronavirus by maintaining a clean environment. In addition, Asia Pacific is estimated to grow rapidly in the global facility management market because formal and informal businesses are operating in the market. Facility management solutions are in high demand, and cloud computing is becoming increasingly popular to deliver these services.
Recent Developments:
- In May 2023, SAP and Planon jointly declared an extensive collaboration pertaining to the software market for facilities management. The partnership facilitated a more comprehensive integration of processes and technology by combining Planon's superior real estate and smart building management solution with SAP's market-leading ERP capabilities.
- In Jan 2020, IBM integrated artificial intelligence (AI) into its TRIRIGA solution to enhance the efficiency of real estate and facility management professionals in optimizing office space and providing a more immersive workplace environment. TRIRIGA incorporates TRIRIGA Building Insights, integrating occupancy data from many sources, such as WIFI and/or IoT sensors, with newly integrated artificial intelligence.
Facility Management Market Report Scope
Report Attribute |
Specifications |
Market Size Value In 2023 |
USD 47.71 Bn |
Revenue Forecast In 2031 |
USD 120.08 Bn |
Growth Rate CAGR |
CAGR of 12.35% from 2023 to 2031 |
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
By Offering, and Vertical |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia |
Competitive Landscape |
IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), CBRE Group, Inc. (US), Jones Lang LaSalle Inc (US), Trimble Inc. (US), Nemetschek SE (Germany), Fortive (US), Infor Inc. (US), MRI Software LLC (US), Eptura (US), Planon (Netherlands), Johnson Controls International (Ireland), Apleona GmbH (Germany), Cushman & Wakefield plc (US), Causeway Technologies Limited (UK), Service Works Global Limited (UK), Facilities Management eXpress LLC. (US), Archidata International Inc (Canada), UpKeep Technologies, Inc. (US), FacilityOne Technologies (US), OfficeSpace Software, Inc. (US), Facilio.Inc (US), efacility (Switzerland), InnoMaint (India), Nuvolo (US), QuickFMS (India), and zLink (US). |
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |