Emergence of Smart Building among Large Enterprise facilitating Spending on Integrated Facility Management (IFM) Through 2031 : PMR

NEW YORK, Sept. 2, 2021 /PRNewswire/ -- Demand for integrated facility management (IFM) is expected to close in on US$ 730 Bn in 2021. As per Persistence Market Research analysis, the market will register steady growth at 4.2% CAGR from 2021 to 2031.

According to the International Facility Management Association (IFMA), facility managers, must, in their capacity, "ensure functionality, comfort, safety, and efficiency of the built environment by integrating people, place, process, and technology."

Advanced organizations are getting advisory and transaction services, facilities management, and project services under one supplier, and while offering a single point of control. For large corporations, integrated facility management is a proven way for the streamlining of operations and efficient management of tasks.

Companies such as Wipro are providing IFM solutions combining the organization's functions and facility services into a single platform. This helps in streamlining the communication between business leaders and facility managers, further aiding in increasing the efficiency of buildings and simplifying everyday operations.

Companies are also entering into partnerships with facility managers and operators in order to identify new opportunities, reimagine their businesses, create a digital roadmap, and integrate people, process, and technology.

In evaluation with managing every independent stakeholder and every task numerous times, integrated facility management offers increased visibility leading to quicker responses to requests, effective management of teams, reduction of operation costs, and less downtime for employees. Hence, there has been a rise in demand for IFM solutions and services across different industry verticals.

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Key Takeaways from Market Study

• North America was the leading market in 2020 in terms of value for IFM. Over the coming years, South Asia and Pacific is expected to be a key market for sustainable revenue.
• Large enterprises are expected to offer higher incremental opportunity during the forecast period.
• There has been a rise in demand for IFM owing to increasing popularity of smart buildings and cloud-based solutions.
• With growing popularity of IFM services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
• The market in the U.S. is projected to expand at a CAGR of 4.2% through 2031, and is expected to continue its dominance over the coming years.
• The market in China and India is expected to progress at impressive CAGR of 4.8% and 5.3%, respectively, through 2031.

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"Growing popularity of smart buildings is anticipated to drive demand for IFM in mature markets," says a Persistence Market Research analyst.

COVID-19 Pandemic Impact Analysis

The COVID-19 pandemic outbreak has disrupted many industries, including the integrated facility management market. The spread of COVID-19 has affected industries in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America.

A lot of industry verticals have been affected during the pandemic. However, there has been a positive impact on the adoption of IFM solutions and services during this crisis. Increase in demand for all facilities under one platform is anticipated to drive market growth. However, factors such as higher cost of management are anticipated to hamper market growth to some extent.

Market Drivers

• Increasing focus on optimization of processes and reduction in operating costs
• Growth in commercial and residential real estate
• Smart buildings driving demand for IFM solutions and services
• Rise in demand for high-quality workplace experiences and reduced operating costs

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Find More Valuable Insights

Persistence Market Research puts forward an unbiased analysis of the global Integrated Facility Management market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.

To understand the opportunities in this space, the market is segmented on the basis of solution (integrated facility management (IFM) platforms (cloud-based and on-premise) and services, (professional services, facilities management services, consulting services, integration & implementation services, and support & maintenance), managed services), enterprise size (SMEs and large enterprises), and industry (government, manufacturing, healthcare, retail & CPG, IT & telecom, education, BFSI, travel & hospitality, and others), across six major regions of the world.

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SOURCE Persistence Market Research Pvt. Ltd.