PUBLISHER: SkyQuest | PRODUCT CODE: 1165245
PUBLISHER: SkyQuest | PRODUCT CODE: 1165245
Global Facility Management Market was valued at USD 42.2 billion in 2021, and it is expected to reach a value of USD 109.05 billion by 2028, at a CAGR of 12.60% during the forecast period(2022-2028).
The facility management market will grow rapidly during the forecast period as building construction and renovation has increased massively in the past decade. Urbanization and industrialization are bolstering the demand for facility management across the globe. It is gaining momentum due to the rising importance of project management, user management, and maintenance assistance.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Facility Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Facility Management Market is segmented based on Service Type, End-User, Component, Deployment, Organization Size, and Region. Based on Service Type, it is categorized into hard Services, Soft Services, and Other Servcies. Based on End-User, it is categorized into Public Sector, BFSI, Manufacturing, IT, Telecom, Healthcare, Retail, Education, Others. Based on Component, it is categorized into Public Sector, BFSI, Manufacturing, IT, Telecom, Healthcare, Retail, Education, Others. Based on Deployment, it is categorized into On-premises and Cloud. Bases on Organization Size, it is categorized into Large Enterprise, Medium Enterprise, and Small Enterprise. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Rising investment in infrastructure development is bolstering the demand for the market. Government bodies across the globe are investing heavily in developing infrastructure by building new construction, renovating existing buildings, or civil engineering. The popularity of smart buildings is also fueling the demand for the market during the forecast period.
Restraint
The global facility management market is likely to face hindrances during the forecast period as numerous companies in emerging economies are unaware of technology utilization and lack guidance related to data requirements and delivery.
Market Trends
The growing popularity of cloud-based solutions will bring lucrative revenue generating opportunities for players operating in the market. As cloud-based solutions ensure safe and secure ways to operate, an increasing number of companies are adopting and implementing these novel solutions. They are also known to be cost-effective, provide security to sensitive data, quick disaster management, and improve scalability.