Facility Management Market Size (2022-2028) Business Outlook and Global Analysis by Deployment, Offering, Enterprise Size, Application and Geography
NEW YORK, June 10, 2022 /PRNewswire/ -- The Insight Partners adds "Facility Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise, Cloud); Offering (Software, Services); Enterprise Size (Large Enterprises, SMEs); Application (BFSI, Retail, Transport and Logistics, Pharmaceuticals, Government, IT and Telecom, Manufacturing, Others) and Geography" research report to the Technology, Media and Telecommunications category of its store.
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Surge in demand for cloud-based facility management solutions to boost Demand for Facility management Market:
Cloud-based solutions provide a safe and secure way to host facilities management software. They also assist firms cut costs by improving security and collaboration across teams and subsidiaries spread across numerous regions. Secure hosting of sensitive data, better security and scalability, and quick disaster recovery are all advantages of cloud-based facilities management solutions. The backups are saved on a public or private cloud hosting platform, allowing businesses to quickly retrieve vital server data. Secure logins allow data to be accessed from anywhere with a stable internet connection. Customer satisfaction is improved, and repair and maintenance expenses are reduced, thanks to cloud-based facilities management solutions. As a result of these advantages, the adoption of cloud-based solutions for integrating facilities management services is on the rise.
The growing installation costs of in-house facilities management teams, as well as the challenging task of managing a vast array of services, are driving the rise in outsourcing demand. Companies are under a lot of pressure to provide value to their clients, which forces them to constantly innovate and expand their core offerings in order to provide better customer service. Since a result, non-core facility management budgets are frequently cut, as employees and clients seek improved workplace experiences. Outsourcing is expected to become more appealing as a result of these considerations.
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Regional Insights: Facility management Market
In the facility management industry, North America is predicted to have the greatest market share in facility management market. The presence of economically and technologically advanced countries such as the United States and Canada, as well as the adoption of new and emerging technologies and market players' strong financial positions, are some of the major factors that help North American companies gain a competitive advantage over their competitors. The region is made up of developed countries with well-established infrastructure, which means that facility management solutions are in high demand. Companies in the BFSI and IT & telecom verticals, for example, are projected to contribute significant market share in global facility management market.
Impact of COVID-19 Pandemic on Facility management Market:
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities
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Key Recent Developments: Facility management Market
Sep 2020, Propre Japan Inc. worked with Oracle. Oracle Japan will assist Propre Japan Inc. in developing Propre's real estate big data platform, which will be available in 17 countries across the world. Oracle's customer base would grow as a result of this agreement.
April 2020. SAP teamed together with Honeywell to develop a cloud-based system that would boost building efficiency. Honeywell Forge enterprise performance management solution and SAP Cloud Platform will be used to build the solution. Customers would benefit from improved building performance, including a lower carbon footprint and cheaper energy expenses, as well as a better tenant experience, thanks to the solution.
The report segments the global facility management market as follows:
Global Facility management Market - By Deployment
- On-Premise
- Cloud
Global Facility management Market - By Offering
- Software
- Services
Global Facility management Market - By Enterprise Size
- Large Enterprises
- SMEs
Global Facility management Market - By Application
- BFSI
- Retail
- Transport and Logistics
- Pharmaceutical
- Government
- IT and Telecom
- Manufacturing
- Others.
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Australia
- South Korea
- Japan
- Rest of APAC
- Middle East and Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of SAM
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Facility Management Market - Company Profiles:
- Archibus Inc.
- FM Systems Group, LLC
- Fortive Corporation
- Trimble Inc.
- IBM Corporation
- SAP SE
- MRI Software, LLC
- Oracle Corporation
- Planon B.V.
- Ramco Systems Limited
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