Facility Management Solution Market Key Opportunities Forecast up to 2028 – The Insight Partners.
Posted by niket gore on July 26th, 2022
Facility Management Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, Application, and Geography,” the market was valued at US$ 768.71 million in 2021 and is projected to reach US$ 1,418.85 million by 2028; it is expected to grow at a CAGR of 9.2% from 2021 to 2028.
Facility management comprises tasks such as equipment maintenance, space planning, and portfolio forecasting. Emergency preparedness and business continuity, environmental sustainability, human aspects, communication, project management, quality, real estate and property management, and leadership and strategy are also the part of facility management. The growth of the facility management solution market can be attributed to the increasing spending on infrastructure, and growing emphasis on process optimization and energy efficiency improvements. Real estate, manufacturing, retail, and the public sector are a few of the sectors that have seen significant infrastructure development. Due to the rising requirement to integrate data from operational facilities to other business applications, these verticals are the key end-customers of the facility management solutions market.
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Growing Infrastructure Sector Boost the Demand for Facility Management Solution Market
Governments across the world invest in infrastructure growth. For instance, in Union Budget 2021 of India, the country’s government gave a massive push to the infrastructure sector by allocating US$ 32.02 billion to enhance the transport infrastructure. The government increased the National Infrastructure Pipeline to 7,400 projects. Approximately 217 projects worth US$ 15.09 billion were completed as of 2020. Through the National Infrastructure Pipeline, the government invested US$ 1.4 trillion in infrastructure development as of July 2021. Further, as per the Department for Promotion of Industry and Internal Trade, FDIs in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction activities stood at US$ 26.14 billion and US$ 25.38 billion, respectively, between April 2000 and June 2021. In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.72 billion. Also, there are several investments observed in the construction of railways, ports, and airports.
Significant growth in the real estate sector due to the rising focus on a safe, clean, and secure environment is one of the primary factors bolstering the growth of the facility management solution market. Additionally, the growing concept of a green building along with the enactment of the Real Estate (Regulation and Development) Act 2016, which protects home buyers and helps boost the real estate sector, stimulates the facility management solution market growth.
Key Findings of Study:
Geographically, the facility management solution market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. Based on deployment, the market is bifurcated into on-premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020. Based on enterprise size, the facility management solution market is bifurcated into small and medium enterprises, and large enterprises. In 2020, the large enterprises segment led the market globally.
One of the key factors of the facility management solution market's growth can be attributed to greater spending on infrastructure. Furthermore, the growing emphasis on process optimization and energy efficiency improvements are the primary driving drivers behind the growth of the facility management industry. Real estate, manufacturing, retail, and the public sector are just a few of the industry sectors that have seen significant infrastructure development. Because of the rising requirement to integrate data from operational facilities into other business applications, these verticals are the key end-customers of facility management solutions.
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Joined: July 6th, 2022
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