Will Advent of Cloud Computing and IIoT in BFSI and IT Sectors Benefit Facility Management Providers?
Fact.MR in its latest study offers an unbiased analysis on the global facility management market from 2022 to 2032. It also explicates key factors such as latest trends, challenges, and opportunities influencing demand for facility management across various segments including component type, deployment mode, organization size, vertical, and regions.
NEW YORK, June 21, 2022 /PRNewswire/ -- Total sales in the facility management market are poised to reach around US$ 47.5 Bn in 2022. Exhibiting growth at a CAGR of 12.5%, the global facility management market is projected to be valued around US$ 153 Bn by 2032.
Advent of Industrial Internet of Things (IIoT) is boosting the requirement for advanced business technologies and new regulatory policies in emerging economies. This is likely to create lucrative opportunities for facility management players.
In addition to this, rising workflow in across various industries is propelling the demand for technologies such as big data analytics and cloud computing to manage operational activities and private details. This is expected to increase investments in facility management services in the forthcoming years.
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Rising focus on improving operation efficiency, client experience, and protecting vital information is compelling industries to adopt management services, thereby propelling the demand for facility management.
Also, ongoing establishment of smart city projects in developing countries increases the demand for cleaning and maintenance services, thereby creating prospects for growth in the market.
Growing demand for data management and security in the IT and telecom, banking, financial services, and insurance (BFSI), real estate, and healthcare industries is expected to bolster sales in market.
Key Takeaways:
- The facility management market is poised to offer an absolute $ opportunity of US$ 153.7 Bn until 2032.
- The U.S. is estimated to dominate the market, creating an absolute $ opportunity worth US$ 53.4 Bn during the assessment period.
- Sales in the China facility management market are estimated to increase at a CAGR of 12.2% through 2032.
- By vertical, manufacturing, construction and real estate segment is projected to grow at a CAGR of 12.4% from 2022 to 2032.
- The IT & telecom vertical is estimated to register a growth of 5.7% CAGR over the forecast period.
Growth Drivers:
- Rising adoption of cloud computing and automation in organizations to enhance their productivity and operational activities is anticipated to fuel sales of facility management.
- Growing demand for maintaining a formalized workflow across various industries will boosting applications of facility management.
Restraints:
- Ongoing amendments in industrial policies to meet changing business needs result in improper documentation. This limits the adoption of modern technologies due to high cost and time constraints, thereby restraining sales in the market.
- Lack of skilled and trained experts in developing countries is estimated to hinder the implementation of facility management.
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Competitive Landscape:
Key manufacturers profiled in the global facility management market are incorporating modern technologies such as cloud computing and automation into their product line to expand their business. They are also adopting inorganic strategies such as collaborations, partnerships, and mergers to strengthen their global footprint.
For instance,
- In 2022, BVG India uses a combination of both man and machine to provide high-quality services across various sectors. The company majorly focuses on providing services such as integrated services and facility management services.
- In May 2020, Oracle Japan and Propre Japan Inc. together developed Propre's, which is a real estate big data platform that is available in 17 countries across the world. This deal is projected to help Oracle increase its client base in the coming years.
Key Companies Profiled by Fact.MR
- Facilities Management Express (FMX)
- Trimble
- Oracle
- IBM
- SAP
- Fortive
- MRI Software
- Infor
- Planon
- Service Works Global
More Valuable Insights on Facility Management Market
Fact.MR in its latest study analyses key drivers, opportunities, and other factors promoting the growth in the facility management market during the forecast period of 2022 to 2032. This study also offers a detailed analysis of the facility management market through segmentation as follows:
By Component Type:
- Solution
- Integrated Workplace Management System
- Building Information Modeling
- Facility Operations and Security Management
- Facility Environment Management
- Facility Property Management
- Services
- Professional Services
- Managed Services
By Deployment Mode:
- Cloud
- On-premises
By Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
By Vertical:
- BFSI,
- IT and Telecom
- Government and Public Administration
- Healthcare, Education
- Retail
- Energy and Utilities
- Manufacturing, Construction and Real Estate
- Other Verticals [Media and Entertainment, Transportation and Logistics, and Hospitality]
By Region:
- North America
- Europe
- APAC
- MEA
- Latin America
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Key Questions Covered in the Facility Management Market Report
- At what rate will the global facility management market grow during 2022-2032?
- What is the expected revenue of the facility management system during 2022-2032?
- Which are the challenges restraining growth in the facility management market?
- What are the expected sales of the facility management system in 2022?
- Which are the factors driving the facility management market during 2022-2032?
- Which region is expected to dominate the global business rules management system market during the forecast period?
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