Facilities Management Market to Record Ascending Growth By 2031

Transparency Market Research delivers key insights on the global facilities management market. In terms of revenue, the global facilities management market is estimated to expand at a CAGR of 12.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global facilities management market.

Facilities management (FM) enables organizations to manage the entire repair and maintenance program from a web-based dashboard. This type of software is designed to help businesses save time and money by properly managing their buildings, assets, and occupants more efficiently and effectively. Facilities management is mostly used in planning, energy management, space and occupancy management, real estate management, maintenance and operations, and lease management, including accounting and lease administration. This factor is likely to fuel the facilities management market.

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Facilities Management Market: Dynamics

The growing accountability due to government mandates has generated the need for facilities professionals to offer insights into the operational management of government real estate property assets throughout the entire lifecycle. The best way to develop facilities management in public and government buildings is to add smart devices, combine systems and software layers to optimize efficiency, and optimize insights and performances. Unifying building or smart building systems is a composite project mainly when a building or multi-building campus includes legacy systems. An analytics platform with machine learning proficiencies can help to understand how a building works to continue and install to build on that knowledge over time to make more precise predictions, improve automation, and detect anomalies faster. This includes allowing variables such as air quality, occupancy, outside temperature, peak hours, and expected weather events to guide equipment setting, decreasing waste while maintaining safety and comfort. This is anticipated to fuel the facilities management market.

Facilities management solutions are used to reduce operating costs and improve efficiency for the entire enterprise in a centralized location. Cross-border mergers and acquisitions (M&A) are expected to provide opportunities for the facilities management market in the coming years due to the expansion of business activity across the world. In addition, M&A facilitate the expansion of organizations in multiple regions with extended coverage of services. This is linked to the increasing demand for facilities management services to enhance safety, security, and maintenance of business infrastructure and processes. These growing business activities are expected to provide significant opportunities for the facilities management market.

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Facilities Management Market: Prominent Regions

The facilities management market in North America is estimated to hold a leading share of the market by the end of 2021. This can be attributed to a rise in rate of adoption of professional and managed services in industries.

The facilities management market in Asia Pacific is expected to expand at a rapid pace during the forecast period. An increasing number of facilities management firms in India and China are seeking enhanced support solutions to deliver better customer experiences, which is projected to create lucrative opportunities for the market. Asia Pacific has emerging economies, and companies are emphasizing on professional and managed service activities. This is anticipated to fuel the growth of the facilities management market.

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Facilities Management Market: Key Players

Key players operating in the global facilities management market are Accruent, Broadcom Inc., Causeway Technologies, Cryotos, FM:Systems, IBM Corporation, MRI Software, LLC, OfficeSpace Software Inc., Oracle Corporation, Planon International B.V., SAP SE, Smarten Spaces, Spacewell International, Trimble Inc., and WorkInSync.