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Research delivers insight into the facility management market projected to reach USD 59.33 billion by 2023

IT Market Research

The overall facility management market revenue stream has been estimated based on the revenues generated by vendors, offering facility management solutions and associated services, inclusive of deployment and integration, consulting, support and maintenance, SLA management and auditing and quality assessment offered by professional service providers, including Managed Service Providers (MSPs).

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The global facility management market size is expected to grow from USD 34.65 billion in 2018 to USD 59.33 billion by 2023, at a CAGR of 11.4% during the forecast period.

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The key players in the Facility Management Market include –    IBM (US), Oracle (US), SAP (Germany), MCS Solutions (Belgium), ARCHIBUS (US), Trimble (US), CA Technologies (US), Accruent (US), Planon (Netherlands), FM:Systems (US), iOFFICE (US), Maintenance Connection (US), JadeTrack (US), Metric Stream (US), Facility Management eXpress (US), eMaint (US), Hippo CMMS (Canada), FSI (England), Indus Systems (US), Autodesk (US), Nemetschek (Germany), Archidata (Canada), OfficeSpace (US), FacilityONE Technologies (US), and Apleona (Germany).

The report includes an in-depth competitive analysis of the key players in the facility management market along with their company profiles, recent developments, and key market strategies.The report segments the facility management market by solution, service, organization size, deployment type, vertical, and region.

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The global facility management market size is expected to grow from USD 34.65 billion in 2018 to USD 59.33 billion by 2023, at a CAGR of 11.4% during the forecast period.

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Growth in the development of sustainable infrastructure and in the adoption of IoT and connected devices for building automation is a major driving factor for the facility management market. An increasing need to meet environmental and regulatory compliance is also driving the facility management market.

However, lack of managerial awareness and dependency on the in-house facility management team could be a major restraining factor for the market growth.

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Waste management solutions enable facility management teams to weigh and manage multi-stream wastes from a wide range of buildings and facilities, such as office blocks, hospitals, hotels and restaurants, universities, retail stores, care homes, airports, and exhibition centers. These solutions help facility management teams precisely monitor different waste streams, such as chemicals, food, plastics, ink, batteries, and papers, in facilities.

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