The global facility management market has been on the rise, with a significant growth rate projected in the coming years. According to a report by Allied Market Research, the market generated $39.9 billion in 2020 and is expected to reach $119.4 billion by 2030, growing at a CAGR of 11.8% from 2021 to 2030. This growth is attributed to various factors such as the increase in small and medium enterprises (SMEs) worldwide, the adoption of innovative technologies like cloud-based solutions, and the evolution of organizational culture and work styles.
The COVID-19 pandemic also played a role in boosting the demand for facility management services. Lockdowns imposed in many countries led to a greater need for maintaining safe and hygienic environments in facilities, driving up the demand for facility management solutions. Additionally, facility management staff had to develop new cleaning and disinfection protocols to ensure the safety of occupants, further contributing to the market growth.
Key players in the global facility management market include CA Technologies, iOFFICE, FM System, IBM Corporation, Accruent, Archibus, Oracle Corporation, PLANON, Trimble Inc., and SAP SE. The market is segmented based on components, solution types, deployment models, enterprise sizes, industry verticals, and regions. The report indicates that the solution segment held the largest market share in 2020, while the service segment is expected to grow at the fastest CAGR during the forecast period.
In terms of deployment models, the on-premise segment dominated the market in 2020, but the cloud segment is forecasted to exhibit the highest CAGR. Regionally, North America led the market in 2020, with Asia-Pacific expected to show the fastest growth rate during the forecast period.
The Facility Management Market encompasses a wide range of services and solutions that support the operations, safety, and efficiency of large buildings and properties. This includes both hard services like electrical and plumbing maintenance, as well as soft services like cleaning and security. Key drivers in the market include the increasing demand for smart building solutions, a focus on sustainability, and outsourcing trends among organizations.
For more information and detailed insights on the global facility management market, interested parties can access the full report from Allied Market Research. The report provides a comprehensive analysis of market trends, opportunities, competitive landscape, and future growth prospects in the industry.
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