The facility management services market is anticipated to grow from US$ 42.2 billion in 2021 to US$ 76.3 billion in 2026, with a CAGR of 12.6% during the forecast period.
The demand for cloud-based facility management solutions and a rise in the demand for facility management systems integrated with intelligent software are two factors that are likely to accelerate the adoption of facility management services.
Key Contributors to the Facility Management Services Market
A safe and secure way to host facilities management software is through cloud-based solutions. By improving security and communication among teams and subsidiaries dispersed across numerous locations, they help businesses lower operational costs.
The benefits of cloud-based facilities management solutions include safe hosting of sensitive data, improved security and scalability, and quick disaster recovery. Businesses can quickly access critical server data because the backups are kept on a public or private cloud hosting platform. Data can be accessed from any location that has a dependable internet connection thanks to secure logins.
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Customer satisfaction is increased and repair and maintenance costs are decreased thanks to cloud-based facilities management systems. As a result, there has been a rise in the adoption of cloud-based solutions for integrating facility management services, which is anticipated to fuel market growth.
Factors Limiting the Growth of the Facility Management Services Market
Facilities management offers benefits that organisations aren’t fully aware of. The problem is a result of inadequate adoption of necessary technology and knowledge. Many businesses are still using cloud computing technologies, but they have not yet developed an IoT ecosystem.
Additionally, their transition from conventional to contemporary workplace designs is still in its infancy. Businesses are unaware of the new options available even though facilities management is a crucial part of operations.
Because of this, it has been challenging for businesses to give their facilities management department equal weight without endangering their core operations.
Lack of consistency is another problem that arises, especially in operations with many buildings. To ensure access and security when issues arise, quick action is crucial.
Competitive Landscape of the Facility Management Services Market
The market for facility management services is highly competitive. One of the main tactics used by players is to invest in new technology for the creation of software. In addition, players use mergers and acquisitions as part of their inorganic growth strategy.
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Recent Developments in Facility Management Services Market
- Oracle teamed with Propre Japan Inc. in May 2020. Oracle Japan will assist Propre Japan Inc. in developing Propre’s real estate big data platform, which will be available in 17 countries across the world. Oracle’s client base would grow as a result of this agreement.
- Koch Industries, Inc. announced in April 2020 that it has finalised the purchase of the remaining share of Infor from Golden Gate Capital. Koch was a prominent client, integrating Infor solutions throughout its companies in areas including enterprise resource planning, human resources, supply chain, asset management, and finance, in addition to being an Infor investment since 2017.
- Trimble was bought by MRI Software in April 2021. Manhattan Real Estate and Workplace Solutions were acquired by MRI Software from Trimble.
- Fortive purchased ServiceChannel in July 2021. ServiceChannel is a prominent provider of multi-site software as a service (SaaS). Along with Accruent and Gordian, it increased Fortive’s portfolio of Facility and Asset Lifecycle workflow solutions.
Key Segments
By Type:
- Outsourced
- In-house
By Service:
- Hard Service
- Electrical
- Civil
- Mechanical
- Specialized Hard Services
- Others Hard Services
- Soft Service
- Cleaning
- Laundry
- Landscaping
- Security
- Others Soft Services
- Management Service
- Contract Management
- Energy & Utilities
- Maintenance Planning & Control
- Others Management Service
By Application:
- Government & Public Sector
- Industrial
- Commercial
- Education
- Transportation
- Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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