Facilities Management Market to grow by USD 730.53 billion from 2022 to 2027 | Increasing emphasis on outsourcing building management services drives the market - Technavio

NEW YORK, Aug. 21, 2023 /PRNewswire/ -- The facilities management market size is growing by USD 730.53 billion from 2022 to 2027, at a CAGR of 9.29% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. Increasing emphasis on outsourcing building management services is notably driving the market growth. A growing tendency towards outsourcing business management facilities is one of the main drivers that contribute to growth in the facilities management market. Large organizations such as MNCs and certain SMBs are increasingly preferring outsourced facilities management services and solutions from third-party service providers. Nevertheless, they analyze the suitable mix of insourcing and outsourcing of the services based on parameters such as capability, cost, and service coverage. Moreover, outsourcing is having a considerable influence on the development of the facilities management (FM) market in several regions. Such a growing focus on outsourcing building management services will fuel the facilities management market during the forecast period.

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Facilities Management Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The facilities management market report covers the following areas:

• Facilities Management Market 2023-2027 Size
• Facilities Management Market 2023-2027 Trends
• Facilities Management Market 2023-2027 Industry Analysis

Facilities Management Market 2023-2027: Company Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market companies also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. ABM Industries Inc., Aramark, Atlas Facilities Management Ltd., Coor Service Management Holding AB, International Business Machines Corp., ISS AS, Johnson Controls International Plc, Mitie Group Plc., OCS Group Ltd., Prosegur Compania de Seguridad SA, SAP SE, SECURITAS AG, Serco Group Plc, SIS Ltd., Sodexo SA, and The Brinks Co. are among some of the major market participants.

Company Offerings

• International Business Machines Corp. - The company offers facilities management solutions through its IBM TRIRIGA Application Suite.
• ISS AS - The company offers integrated facility management, which uses a combination of data, insights, technology, and service excellence to deliver experiences at offices, factories, airports, and hospitals across the country.
• Johnson Controls International Plc - The company offers smart buildings and facilities management solutions such as Assurance services and Frictionless access and visitor management.

What`s New for 2023?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial
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Market Dynamics 

Trends

The adoption of green cleaning products is an emerging market trend. Chemicals such as hormone disruptors, carcinogens, and allergens are present in some cleaning products available on the market. Regular use of these chemicals can lead to respiratory disorders, depression, and allergies. In addition, some of the chemicals are harmful to the environment. Nevertheless, growing awareness of the advantages of green and eco-friendly products among commercial and industrial users has facilitated companies to deliver green and sustainable cleaning agents. The rising adoption of green and sustainable cleaning methods and products will have a favourable influence on the facilities management market during the forecast period.

Challenge 

The rise in budgetary constraints is a significant challenge hindering market growth. 

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Facilities Management Market 2023-2027: Segmentation

Facilities Management Market is segmented as below:

• End-user 
• Commercial
• Government
• Residential

• Service 
• Soft services
• Hard services
• Geography 
• APAC
• North America
• Europe
• South America
• Middle East And Africa

The commercial segment will account for a major share of the market's growth during the forecast period. The major request for facilities management arises from the business services sector, information technology (IT) sector, industrial and manufacturing sector, real estate sector, and healthcare sector. Office buildings are projected to occupy a large share of this segment, for a safe, secure, and convenient workplace due to the increased demand. This sector incorporates a range of facilities that include bank branches, brokerages and check-cashing outlets, credit unions, insurance outlets, and stand-alone automated teller machines (ATMs). Therefore, the commercial segment is one of the important contributors to the facilities management (FM) market. 

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Facilities Management Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist facilities management market growth during the next five years
• Estimation of the facilities management market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the facilities management market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of the facilities management market, vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio