Facility Management Market Size [2023-2030] Worth USD 2,031.4 Billion | Exhibiting a CAGR of 6.7%
Fortune Business Insights
Updated 5 min read
Fortune Business Insights
Cloud-based Facility Management Solutions to Witness Explosive Growth: Fortune Business Insights™
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global facility management market size was valued at USD 1,260.0 billion in the year 2022 and is forecast to grow from USD 1,291.6 billion in 2023 to USD 2,031.4 billion by the end of the year 2030, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period 2023-2030. Fortune Business Insights™ presents this information in a report titled, “Facility Management Market, 2023-2030."
The International Facility Management Association (IFMA) defines facility management as integrating a real workplace with an organization's workforce and work, which include activities such as equipment upkeep, space planning, and portfolio forecasting. These services include leadership & strategy, real estate & property management, project management, quality, human aspects, emergency planning & company continuity, environmental sustainability, and others. This industry, which is described as offering maintenance assistance, user management, and project management, has seen significant growth over the past 20 years as a result of the initial increase in urbanization and industrialization.
By Service Type, By Industry Vertical, and By Region
Growth Drivers
Growing Infrastructure Spending to Boost Market Growth
COVID-19 Impact:
Despite Initial Disruption, the Market Saw Robust Recovery Post-pandemic
Due to consecutive lockdowns brought on by the COVID-19 pandemic, the economy has been in turmoil. The industry has also been affected, but facilities managers have battled back since the pandemic started by looking into new opportunities for remote work or socially isolated workplaces. In contrast, it is anticipated that in the future, the market will be driven by rising consciousness of cleanliness, management, maintenance, and security. These factors steadied the market dynamics to some extent during the pandemic.
Hard Services Segment to Command Major Market Share through 2030
The market is divided into hard services, soft services, and other services based on service type. A significant facility management market share will likely belong to the hard services category as a result of the global infrastructure market's continued expansion. This industry also includes cleaning, plumbing and drainage, building fabric maintenance, and other hard services.
Real Estate Segment to Capture Maximum Market Share during 2023-2030
The market is divided into healthcare, government, education, military & defense, real estate, and others. Over the foreseeable period, it is anticipated that the real estate segment would be driven globally attributable to the building and development industry's ongoing global expansion.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Growing Infrastructure Spending to Boost Market Growth
Government organizations worldwide make significant investments in the building and infrastructure industries. Three factors — renovation of existing structures, new building construction, and civil engineering — are crucial for infrastructure development. However, in the current global environment, the sector is well-positioned to benefit from infrastructure expenditures. The majority of the services associated with this industry's performances and market expansion are linked to the market tendency for renovating existing buildings. To maintain the infrastructure clean and green, smart building construction, governmental bodies in emerging nations engage in contracts with a variety of private contractors, including service providers and several foreign players. These factors augment the facility management market growth.
Regional Insights
Asia Pacific to Dominate as Facility Management Requirements Grow
Due to the existence of several organized and unorganized businesses in China and India, Asia Pacific is predicted to have the largest market presence. Established businesses are focusing on forging alliances with regional companies to expand their geographic reach and offer their services to end-users.
The introduction of new technologies such as the Internet of Things, artificial intelligence, robotics, and others is expected to cause the North America market to grow gradually.
Europe is anticipated to grow significantly during the coming years. It is a result of governments in numerous countries in the region implementing preventative measures.
Competitive Landscape
Key Players Adopt Merger & Acquisition Strategies to Keep Pace with Growing Demand
Multinational firms concentrate on mergers and acquisitions to increase their presence in developing countries. Additionally, these companies are integrating cutting-edge technology to offer their clients better and more complete property management services. For instance, in October 2019, CBRE Group Inc. unveiled "Plans Pro," a business Software-as-a-Service (SaaS) 3D visualization tool that enables users to decide more quickly on new and existing custom design standards and provide a wider range of integrated services such as facility management, project management, and transaction management.
May 2022: NHS Shared Business Services unveiled a second-gen facility management solution designed to enable innovative, cost-effective, and high-quality solutions.
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