Global Facility Management Market by Types, End Users, and Regions, Market Size, Share and Trends, Forecasts 2020–2026

Global Facility Management Market is valued to reach USD 58.24 Billion by 2023, growing at CAGR of 11.8% over the forecast from 2020–2026. Changing focus to virtual workplace and mobility, adoption of IoT and smart connected devices for building automation and reduction in operational costs owing to optimal utilization of resources are driving the market.

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The global facility management market is segmented on the basis of component, deployment, organization size, industry vertical, and geography. Based on component, the market is bifurcated into solution and services. Solution segment includes asset management, workplace & relocation management, strategic facility planning, real estate & lease management, maintenance management, and others (sustainability management, project management, program management, and technology management). As per deployment platform, the market is categorized into cloud-based and on-premise. Web-based solutions have been included in cloud-based segment, while software for mobile including iOS and Android are included in on-premise segment. By organization size, the market is studied across large organizations and SMEs. Based on industry vertical, it is classified into banking, financial services & insurance (BFSI), IT & telecom, public sector, healthcare, manufacturing, retail, real estate, and others (energy & utility and travel & hospitality). Geographically, the facility management market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Market Trends, Drivers, Restraints, and Opportunities:

Increase in regulatory requirements forcing companies to seek facility management service providers to ensure the safety of the built environment while taking risks associated with providing services. This is likely to propel the growth of the market.
Rise in the demand for energy-efficient infrastructure is expected to drive market growth.
Cost control, mutual understanding between teams, and improving space utilization are major factors restraining the market growth.
Rise in sustainable built environment, Internet of Things, connected devices for building automation in nearly all industries and increase in demand for businesses to ensure environmental and regulatory compliance are some factors that are likely to create opportunities in the market.