The facility management market is experiencing significant growth, with a projected CAGR of over 12% through 2028. This growth is driven by increasing investments in infrastructure development and rising construction activities worldwide.
According to a recent study conducted by strategic consulting and market research firm Report Ocean, the global facility management market was valued at USD 43.4 billion in 2021. It is forecast to grow at a CAGR of 12.20%, reaching revenues of around USD 94.1 billion by 2028. The market’s growth is attributed to the increasing investments in infrastructure development, construction activities, and the flourishing tourism industry in different parts of the world. Additionally, the adoption of advanced technologies such as cloud computing, SaaS, IoT, and artificial intelligence (AI) is creating lucrative growth opportunities for the facility management market.
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The flourishing tourism industry is a significant driver of the facility management market. Governments and private players are investing in the development of commercial spaces such as hotels, restaurants, and public houses, as well as the management of historical sites, to attract tourists. This has led to an increased demand for facility management services in the hospitality sector.
Rising business collaborations and partnerships are propelling the facility management market. Players in the market are adopting various competitive strategies, including partnerships, mergers, and collaborations, to leverage the growth potential of the market. For example, Dexterra Group Inc. recently acquired TRICOM Facility Services group of companies to expand its integrated facility management business unit.
Based on end-users, the commercial segment holds the largest market share due to the growing number of commercial spaces worldwide. These facilities, including offices, hospitals, airports, and sports facilities, are opting for in-house facility management services to comply with safety and hygiene regulations. However, the manufacturing and industrial segment is expected to witness the highest growth rate during the forecast period.
Geographically, the Asia-Pacific region dominates the facility management market, followed by the Middle East & Africa. The economic diversification in Middle Eastern countries and the establishment of commercial facilities are driving market growth in that region.
Key players in the facility management market include Archibus Inc., Trimble Navigation Ltd, Broadcom Inc., SAP SE, IBM Corporation, Oracle Corporation, CB Richard Ellis, Veolia Environment, Colliers International, Compass Group, Cushman & Wakefield, and Jones Lang LaSalle Incorporated, among others. These players focus on expanding their service offerings and engage in competitive strategies such as partnerships and acquisitions to gain a market edge.
The facility management market presents significant business opportunities. Companies can consult analysts to gain crucial insights and facilitate their business growth. The in-depth analysis provided by the report offers information on growth potential, upcoming trends, and statistics of the facility management market. It also highlights the driving factors, challenges, and competitive dynamics of the market, enabling decision-makers to make strategic decisions based on industry insights and recent technology trends.
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Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Component
Solutions
Services
By Deployment Mode
Cloud
On-premises
By Organization Size
Large Enterprises
Small and Medium Enterprises
By Vertical
BFSI
IT and Telecom
Government and Public Administration
Healthcare
Education
Others
By Region
North America
Europe
Asia-Pacific
Latin America
Middle-East and Africa
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