FACILITY MANAGEMENT SERVICE MARKET TO REACH USD 74.9 BILLION BY 2027 | CAGR 9.6% – FORENCIS RESEARCH

Global Facility Management Service Market: Key Highlights

• According to the new market research report “Facility Management Service Market by Component (Solution, Service), by Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), by Deployment Mode (On-premise, Cloud-Based), by Industry (Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, Healthcare, Government & Public Administration, Retail, Education, Energy & Utilities, Construction & Real Estate, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global facility management service market is estimated to reach USD 74.9 Billion by 2027 at a CAGR of around 9.6% during the review period.
• Professional management focused on the efficient and effective delivery of support service of the organization is called as facility management service.
• It integrates places, people, processes, technologies, and asset the company to focus on its core competencies of the organization.
• Facility management services include inventory management, project management, operations management, maintenance management, and others which are focused on the delivery of services for enterprises in managing their facilities efficiently.

Global Facility Management Service Market: Key Market Dynamics

• Growing infrastructure development in various countries has expected to surge the demand for facility management service during the forecasted period.
• Growing inclination to use advanced technologies to maintain sustainability at workplaces has anticipated upsurging the market growth.
• Lack of understanding and adopting prerequisite technologies has expected to pose a major challenge to the facility management service growth.

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Global Facility Management Service Market: Regional Overview

• North America

North America is anticipated to witness prominent growth in facility management service market. This growth can be attributed to early adoption of facility management service. Well developed and sustainable economies are increasingly investing in research & development of new technology development such as ML, AI, Cloud, and big data. Moreover, the presence of vendors of facility management service such as IBM, Oracle, and Accruent has further expected to drive the market growth in the region.

• Asia-Pacific

Asia-Pacific is anticipated to hold the largest share in Facility Management Service market during the forecasted period. This is attributed by the presence of multiple organized and un-organized players in countries such as China, and India. Moreover, the key players are focusing on partnering with local market players to offer their services and also expand their geographical presence. Additionally, the increasing trend of outsourcing the country's non-core operations is expected to boost demand for Facility Management Services. 

Global Facility Management Service Market: Key Players Overview

• Accruent:

Accruent is engaged in providing technological solutions for the complex need for various industries. The company offers various products to education, healthcare, manufacturing & distributing, process manufacturing, public sector, retail, telecommunication, and utilities. Accruent has a strong client base located in more than 50 countries across the globe. BASF SE, Loreal, ProHealth Care, James Madison, and amongst others are some of their customers.  

• SMS Integrated Facility Services Private Limited:

SMS Integrated Facility Services Private Limited is one of the leading integrated facilities management company’s across India. The company offers the product to various to healthcare, commercial, BSFI, Industrial, Education, Retail, Life Science & Pharmaceutical, Hospitality & guest House, information technology, and residential sectors. ICICI Bank, TATA Housing, Vedanta, and Wockhardt are some of the major clients of the company.  SMS Integrated Facility Services Private Limited strong presence in India with around 2650 sites. 

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