FACILITY MANAGEMENT MARKET TO REACH USD 77.3 BILLION BY 2027 | CAGR 10% – FORENCIS RESEARCH

Global Facility Management Market: Key Highlights

• According to the new market research report “Facility Management Market by Component (Solution, Services), by Deployment Type (Cloud, On-Premises), by Enterprises Size (Small and Medium Size Enterprises and Large Enterprises.), by End-User (IT and Telecommunication, Government, Healthcare, Education, Retail, Energy and Utilities and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Facility Management Market is estimated to reach USD 77.3 Billion by 2027 at a CAGR of around 10% during the review period.
• The facility management helps to encompasses various decision to ensure safety, efficiency, comfort and functionally of the environments through integrating people, process and technology.
• Moreover, it also analysis and understand different workplace cost drive effective business planning which will also play a key role in the growth of the market.

Global Facility Management Market: Key Market Dynamics

• With the growing demand for cloud based technologies is witness to boost the growth of the market in the projected period. Whereas, it helps to provides a centralized database which can access from any location through any device at any time.
• One of the major key concern of the facility management market is the lack of awareness which may hinder the growth of the market. Whereas, many of the organization are still not adopted Internet of Thing (IoT) based ecosystem.
• Rising growth for Artificial Intelligence (AI) lead to enhance reduce productivity and energy usage.
• Shortage of skilled professionals may lead to create a challenge to the growth of the facility management market in the forecast period.

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Global Facility Management Market: Regional Overview

• North America:

North America is witness to be one of the leading in the adoption of advance technologies. Whereas, the companies in the region have been being deployment various technologies and services of facility management. However, the major key player of facility management solutions and services, such as IBM, and Oracle in the North America is also the factor to boost the market growth. Whereas, US and Canada is projected to plays a major contribution for the growth of the market in the region.

Hence, it projected that region has a well-established economies, that will improve the invest in R&D platform for the growth and development of new technologies which includes AI, ML, cloud, and big data.

• Asia-Pacific:

The Asia-Pacific is witness to increase significant market growth during the forecast period as the region hold more than 50% of the world population. Whereas Indian government has taken an initiative for the economy growth with the Make in India project. The countries such as Japan and China is also projected major investments of the growth and development of the new emerging technologies such as Artificial Intelligence (AI), Blockchain and IoT.

Hence, the companies in China are also investing heavily in the intelligence manufacturing. These may lead to increase the demand of the market growth in the forecast period.

Global Facility Management Market: Key Players Overview

• IBM Corporation:

The International Business Machines Corporation is an American multinational technology company, which has a leading cloud platform and cognitive solutions and services. Whereas, in 2019, the company has collaborated with Sund & Bælt, a company which operates in some of the largest infrastructure globally for assist in IBM's development of an IoT solution as well as Artificial Intelligence designed to support, highways, tunnels, and railways. However, the facility management give a services to support the safety and efficiency of the environment such as infrastructure and real estate.

• Accruent:

The company is one of the world leading provider of the intelligent solutions as well as cloud-based software. Whereas, in 2020, the company has announced it improvement in its cloud-based manufacturing solutions. Also, the major company cloud-based manufacturing solution include API-based integration options for Meridian EDM software, as well as Single sign-on (SSO) for Accruent manufacturing solutions. Moreover, the facility Management Software lead to benefit with the reduce costs as well as enhance operational efficiency.

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