Facility Management Market Exclusive Report with Detailed Study Analysis

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Facility Management Market- (By Offering (Solutions (Integrated Workplace Management System (IWMS), Building Information Modeling (BIM), Facility Environment Management, Facility Property Management, Facility Operations & Security Management), Services (Professional Services, Managed Services)), By Vertical (Banking, Financial Services, And Insurance (BFSI), IT & IETS, Government & Public Sector, Healthcare & Life Sciences, Education, Retail, Manufacturing, Telecom, Construction & Real Estate, Travel & Hospitality, Other Verticals)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Facility Management Market is valued at US$ 42.93 Bn in 2022, and it is expected to reach US$ 120.08 Bn by 2031, with a CAGR of 12.23% during a forecast period of 2023-2031.

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Facility management is the process through which a company's physical workplace is integrated with its people and work. This includes but is not limited to routine duties like equipment upkeep, space planning, and investment portfolio projections. Organizations can benefit from facilities management services by contracting with an outside company to take care of day-to-day operations and maintenance at their buildings as well as other, less crucial tasks. The FM provider's offerings included hard services, business support services, and energy management services. Modernizing office premises and expanding cities have raised the need for FM services. In addition, customer companies are improving their operations by reducing their infrastructure and procedures. The increasing efficiency of business processes is dependent on the facilities' ability to work as expected. FM service providers have their jobs cut out for them in energy management. However, the poor retention of skilled manpower is a limitation on the worldwide Facility Management Services Market's growth, making it one of the most difficult markets to maintain a stable workforce.

List of Prominent Players in the facility management market:
• IBM Corporation (US)
• Oracle Corporation (US)
• SAP SE (Germany)
• CBRE Group, Inc. (US)
• Jones Lang LaSalle Inc (US)
• Trimble Inc. (US)
• Nemetschek SE (Germany)
• Fortive (US)
• Infor Inc. (US)
• MRI Software LLC (US)
• Eptura (US)
• Planon (Netherlands)
• Johnson Controls International (Ireland)
• Apleona GmbH (Germany)
• Cushman & Wakefield plc (US)
• Causeway Technologies Limited (UK)
• Service Works Global Limited (UK)
• Facilities Management eXpress LLC. (US)
• Archidata International Inc (Canada)
• UpKeep Technologies, Inc. (US)
• FacilityOne Technologies (US)
• OfficeSpace Software, Inc. (US)
• Facilio.Inc (US)
• efacility (Switzerland)
• InnoMaint (India)
• Nuvolo (US)
• QuickFMS (India)
• zLink (US)

Market Dynamics:
Drivers-
The growing demand for facility management market is fueled because the industry is positioned advantageously to profit from increases in global infrastructure spending. The majority of work done and new business generated in this sector is associated with enhancing preexisting structures. Governments in these countries are therefore recruiting private organizations, including service providers and a number of foreign companies, to assist in the upkeep of a green and clean infrastructure.

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Challenges:
The prime challenge is insufficient technological knowledge, a shortage of competent individuals and a lack of norms and protocol because the lack of technical ability to run and maintain these solutions discourages their adoption, limiting the number of users of facility management solutions. Facility management is viewed as something other than a legitimate occupation by most companies. As a result, there needs to be more skilled workers to implement facility management strategies. Large firms sometimes need more management and executive-level technological expertise to implement sophisticated facilities management solutions. Experts are working on a solution, but training enough people to run the facilities management solutions will take years. The acceptance and expansion of the worldwide facility management market are expected to be deterred by worries about the availability of technical talent.

Regional Trends:
The North American facility management market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR in the near future because of the growing research and development activities of both small and major companies. Businesses in North America are thriving because their leaders are adopting integrated enterprise and business solutions, which allow for more adaptability and speed in daily operations. Besides, Europe had a considerable share in the market due to proactive actions taken by governments in several countries in the region. Service providers can boost their workforce, output, and revenue by implementing these safety procedures.

Recent Developments:
• In May 2023, SAP and Planon jointly declared an extensive collaboration pertaining to the software market for facilities management. The partnership facilitated a more comprehensive integration of processes and technology by combining Planon's superior real estate and smart building management solution with SAP's market-leading ERP capabilities.
• In Jan 2020, IBM integrated artificial intelligence (AI) into its TRIRIGA solution to enhance the efficiency of real estate and facility management professionals in optimizing office space and providing a more immersive workplace environment. TRIRIGA incorporates TRIRIGA Building Insights, integrating occupancy data from many sources, such as WIFI and/or IoT sensors, with newly integrated artificial intelligence.

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Segmentation Of Facility Management Market-
By Offering-
• Solutions
o Integrated Workplace Management System (IWMS)
o Building Information Modeling (BIM)
o Facility Environment Management
 Sustainability Management
 Waste Management
o Facility Property Management
 Lease Accounting & Real Estate Management
 Asset Maintenance Management
 Workspace & Relocation Management
 Reservation Management
o Facility Operations & Security Management
 Lighting Control
 HVAC Control
 Video Surveillance & Access Control
 Emergency & Incident Management
• Services
o Professional Services
 Deployment & Integration
 Consulting & Training
 Auditing & Quality Assessment
 Support & Maintenance
 Service-Level Agreement Management
o Managed Services
By Vertical-
• Banking, Financial Services, And Insurance (BFSI)
• IT & IETS
• Government & Public Sector
• Healthcare & Life Sciences
• Education
• Retail
• Manufacturing
• Telecom
• Construction & Real Estate
• Travel & Hospitality
• Other Verticals
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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