Facility Management Market worth over US$ 2 TN by 2027, Says Global Market Insights Inc.

SELBYVILLE, Del., Jan. 12, 2022 /PRNewswire/ -- The facility management market revenue is anticipated to exceed USD 2 trillion by 2027, as reported in a research study by Global Market Insights Inc. Continuous growth in urbanization and industrialization is proliferating market growth.

The growing popularity of cloud-based facility management solutions is driving the market growth. Cloud-based facilities management solutions reduce the operating cost of organizations and provide enhanced security. They include several key features such as faster disaster recovery, secure hosting of critical data, and others. Various companies are combining their operational efficiencies to develop advanced facility management solutions. For instance, in May 2021, Honeywell partnered with SAP to develop cloud-based solutions that streamline and combine the operation data for facility managers and building owners to support better decision-making.

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The outsourced segment is anticipated to grow at a CAGR of above 10% from 2021 to 2027 due to a growing demand for personalized services and an increasing focus on core competencies of business organizations. With the expansion of businesses, it gets tougher for organizations to manage the core & non-core business activities together. An increase in competition enables organizations to outsource their facility management services. It helps businesses to maximize their return on investment and establish long-term competitive advantages in the market.

The contract management segment is expected to capture over 20% of the market share by 2027. Growth is attributed to the growing demand for agile contact management and increasing complexity due to a variety of sales and licensing models. Contract management techniques involve the use of various software that automates the process of managing contracts and helps businesses to improve functional efficiency. It helps business organizations track their suppliers and access their performance based on the criteria mentioned in the contracts.

The government and public sector is forecast to register growth rate of nearly 10% from 2021 to 2027 owing to the growing adoption of various facility management services including waste management services, street & public areas, cleaning & maintenance, and others. The government and public sector organizations are responsible for maintaining the safety, security, and cleanliness of their assets including public grounds, land & buildings, vessels & aircraft, & historical monuments, etc. Furthermore, supportive government initiatives for the adoption of facility management solutions are providing significant growth opportunities to the market.

North America is projected to witness exponential growth in the global facility management market with around 5% gains till 2027. Growing tourism industry across countries such as the U.S., Canada, and others is boosting the regional market growth. In North America, businesses are focusing on outsourcing facility management services to third-party contractors to focus on their core services. Moreover, outsourcing FM helps the tourism service providers to reduce costs and expenses associated with businesses in the long run. Companies in the region are working on developing advanced facility management solutions.

Companies operating in the market are focusing on developing strategic partnerships to develop advanced and integrated facility management solutions. For instance, in June 2021, PostNord partnered with Caverion for facility management in the Nordics. Through this partnership, Caverion Smartview has provided a real-time view into activities and conditions for PostNord building to improve transparency. This partnership has also offered additional modernization and installation services to PostNord.

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Some major findings of the facility management market report include:

• Organizations are increasingly using facility management solutions to actively monitor office premises and develop an optimal working environment.
• Increasing investments in IoT technology due to the growing use of sensor-based devices and software are anticipated to support market growth.
• The North America facility management market is propelled by the growing adoption of advanced technologies such as AI, IoT, etc.
• Major players operating in the facility management market are Aramark Corporation, CBRE Group Inc., Compass Group Plc, EMCOR Group Inc., IBM Corporation, Interserve Plc, Oracle Corporation, SAP SE, Tenon Group, and Veolia Environment.
• Companies operating in the market are focusing on developing strategic partnerships to expand their product offerings.

Partial chapters of report table of contents (TOC):

Chapter 3 Facility Management Industry Insights

3.1  Introduction

3.2  Industry segmentation

3.3  Impact of COVID-19 outbreak

3.3.1  Global outlook

3.3.2  By region

3.3.3  Industry value chain

3.3.4  Competitive landscape

3.4  Facility management industry ecosystem analysis

3.5  Patent analysis

3.6  Investment portfolio

3.7  Technology & innovation landscape

3.8  Regulatory landscape

3.9  Industry impact forces

3.9.1  Growth drivers

3.9.2  Industry pitfalls & challenges

3.10  Growth potential analysis

3.11  Porter's analysis

3.12  PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights Inc.