The global facility management market is expected to witness CAGR of 10.9% during the forecast period. Facility management refers to a service that integrates people, place, processes, and technology so as to ensure the functionality of the built environment and helps companies to focus on their core competencies.

The rising demand for cloud-based solutions, the growing need to comply with regulatory and economic regulations such as ISO 41000, adoption of IoT and artificial intelligence will fuel the growth of the global facility management market. Various Industrial verticals like real estate, manufacturing, retail, public sector have high infrastructural growth due to the rising demand for integrated data from operational facilities into other business applications.

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Moreover, technological investment, development in the deployment of advanced concepts by key players are the factors that drive the growth of the global facility management market. The growing investment for the development of efficient management services to improve the overall business, resulting in an improved work environment and rising awareness about workplace safety are the opportunities for companies that will accelerate the growth of the global facility management market.

IBM collaborated with Sund & Bælt, a company that owns and operates some of the largest infrastructures in the world, to assist in IBM's development of an AI-powered IoT solution designed to help prolong the lifespan of aging bridges, tunnels, highways, and railways.

The COVID-19 outbreak is anticipated to provide some opportunities in the facility management market owing to the rising adoption of sanitized and safe workplaces.

Based on the mode, the global facility management market is bifurcated into in-house and outsourced. The outsourced segment is further segmented into single, bundled, and integrated. Integrated services are anticipated to hold a significant share as a large number of commercial and manufacturing facilities are focused on core competencies, resulting in outsourcing of facility management services to limit the complexity and reduce the number of service contractors.

Asia-Pacific is anticipated to be the fastest-growing region in the facility management market owing to the rising demand for FM offerings, presence of industry players, rising penetration of the internet, development in the construction industry, rising demand for better data management.

Some of the major players in the global facility management market include Oracle, Accruent, IBM, SAP SE, Planon, iOffice, Trimble Inc., FMX, FM:Systems, and Archibus.

Source: VynZ Research