Facility Management Market to Grow at over 12% through 2028
Published | 25 April 2022
The facility management market is growing at a high CAGR because of the rising investments towards infrastructure development and increasing construction activities across different parts of the world…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global facility management market was worth USD 43.4 billion in the year 2021. The market is forecast to grow at a CAGR of 12.20%, reaching revenues of around USD 94.1 billion by 2028. The growth of the facility management market is attributed to rising investment towards infrastructure development and increasing construction activities along with flourishing tourism in different parts of the world. Furthermore, the rising adoption of advanced technologies such as cloud computing, SaaS, IoT, artificial intelligence (AI), etc., is also offering lucrative growth opportunities to the facility management market.
Flourishing Tourism is Significantly Driving Facility Management Market
Growing tourism is emerging as the major driving factor for the growth of the facility management market across the globe. The tourism sector is the largest generator of foreign exchange and, therefore, is very crucial for economic growth. Therefore, the government takes various initiatives to develop this sector and attract tourists. The government, along with private players, significantly invests in developing commercial spaces such as hotels, public houses, restaurants, etc., along with the management of historical sites, which is fueling the demand for facility management services.
Rising Business Collaborations and Partnerships is Propelling Facility Management Market
With the increasing potential of facility management, several players are adopting various competitive strategies to exploit the growth potential of the market. Strategies such as partnerships, mergers, collaborations, etc., are increasingly becoming common. For instance, Dexterra Group Inc. recently announced the acquisition of the privately-owned TRICOM Facility Services group of companies. This acquisition is aimed at expanding the integrated facility management business unit of the Dexterra Group.
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Facility Management Market - By End-User
Based on end-user, the global facility management market is segmented into commercial and retail, manufacturing and industrial, government, infrastructure, public entities, institutional, and others. The commercial segment accounts for the largest market share owing to the rising number of commercial spaces such as offices, hospitals, hotels, airports, sports facilities, restaurants, etc., in different parts of the world. These commercial facilities are opting for in-house facility management services to comply with regulatory guidelines regarding safety and hygiene. However, the manufacturing and industrial segment are projected to witness the highest growth rate during the forecast period.
Facility Management Market - Regional Insights
Geographically, the facility management market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the facility management market. However, the Middle East & Africa is also growing at a substantial rate during the forecast period. The economic diversification in Middle Eastern countries such as Saudi Arabia, Israel, Iran, Turkey, etc., and the rising establishment of commercial facilities such as offices, manufacturing plants, hotels, etc., is significantly propelling the growth of the facility management market.
Impact of COVID-19 on Facility Management Market
The facility management market was among the worst affected industries due to the COVID-19 pandemic outbreak. The rapidly escalating COVID-19 cases around the world prompted the government of various countries to impose strict lockdown and social distancing measures. This resulted in the operations of different end users industries of facility management including construction, manufacturing, retail, commercial, etc. The commercial spaces including offices, hotels, airports, etc., were forced to close to prevent the community transmission of the virus. Due to this, the demand for facility management services witnessed a significant drop during the COVID-19 period.
The leading market players of the facility management market are Archibus Inc., Trimble Navigation Ltd, Broadcom Inc., Satnav Technologies, FM System Inc., SAP SE, IBM Corporation, Planon Corporation, iOffice Corporation, Oracle Corporation, CB Richard Ellis, Veolia Environment, Colliers International, Planon Corporation, Compass Group, Cushman & Wakefield, Jones Lang LaSalle Incorporated, GDI Integrated Facility Services, Inc., EMCOR Group, Inc., and other prominent players. The facility management market is consolidated with the presence of a handful of players operating in this industry. Key market players are focusing on expanding their offerings with different types of services to support the needs of different types of industries. They also often engage in various competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to gain a market edge.
Don’t miss the business opportunity of the facility management market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the facility management market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the facility management market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Facility Management Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Type (Hard Services, Soft Services), By Service (In-House, Outsourced), By End User (Commercial and Retail, Manufacturing and Industrial, Government, Infrastructure, And Public Entities, Institutional, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: April 2022
The global facility management market is growing at a high rate owing to increasing construction activities around the world, especially in emerging economies, on account of rising focus on infrastructure development...
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