According to The Insight Partners’ research, the global facility management solution market accounted for US$ 722.47 million in 2020 and is expected to reach US$ 1,418.85 million by 2028 to rise at an annual growth rate of 9.2% from 2021 to 2028. Rising infrastructure sector and managing productivity and efficiency with multiple facility management solutions are the potential factors aiding the market expansion.
Facility management solutions maintain a wide range of processes that ensure productivity, safety, and efficiency of a built environment and its occupants. Managing a residential or commercial facility is a function of asset management & tracking, building & equipment maintenance, security, health & safety management, and catering & hospitality. The adoption of multiple facility management solutions helps increase the productivity and efficiency of enterprises. In September 2021, Kontakt.io integrated IBM TRIRIGA to enhance real estate management with real time, AI-driven space occupancy. All these conducive aspects boost the global facility management solution market.
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According to the entrepreneurial size, the facility management solution market is arrayed into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment occupied 68.2% market share in 2020. It was evaluated at US$ 492.87 million in 2020 and is slated to accrue US$ 921.51 million by 2028, exhibiting a CAGR of 8.5% along the forecast period.
In 2020, the COVID-19 pandemic positively impacted the growth of the facility management solution market. The sudden outbreak pandemic has led to the increasing adoption of facility management solutions across diverse industries such as manufacturing, BFSI, retail, transport & logistics, and pharmaceuticals for automating numerous operations, limiting the workforce, ensuring the availability of essential tools to maximize productivity, and improving asset tracking.
Upkeep Maintenance Management; Servicenow; FM:Systems; Quickbase Inc.; IBM (TRIRIGA); Axonator Inc.; Facilitron, Inc.; FacilityBot Pte Ltd.; Hippo CMMS; Infraspeak; and Servicechannel.Com, Inc. are among the key players operating in the global facility management solution market.
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