Newark, May 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the facility management market will grow from USD 56.92 billion in 2022 to USD 244.46 billion by 2032. Throughout the projection period, the growing market for facility management would be propelled by favourable government initiatives for smart city initiatives and investments in the real estate industry.
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Key Insight of the Facility Management Market
North American region will account for the largest market size during the forecast period.
The North American region will hold a significant market share due to the growth of the BFSI and the telecommunication and healthcare industries. Increasing focus on maintaining the efficiency of operations and infrastructure maintenance in these industries has positively impacted the regional market. The increasing investments in the smart city initiative are leading to the deployment of facility management.
The in-house segment is expected to augment the market during the forecast period.
The type segment is divided into in-house and outsourced. The in-house segment is expected to augment the market during the forecast period. An organization that manages its infrastructure and facilities using its personnel and resources is said to practise in-house facility management. Internal facility managers may possess supplementary knowledge relevant to the business and area. Additionally, they may be simpler to reach and manage during regular business hours.
The soft segment is expected to augment the market during the forecast period.
The application segment is divided into soft and hard. The soft segment is expected to augment the market during the forecast period. Soft services are facilities and services that improve the quality of life at work by enhancing security, creating a more enjoyable atmosphere, or increasing productivity.
The government segment is expected to augment the market during the forecast period.
The end-use segment is divided into healthcare, government, IT and telecommunication, BFSI, education, travel and hospitality, retail, military and defense and others. The government segment is expected to augment the market during the forecast period. Matching government priorities and department service delivery outcomes with building and facility resource requirements is known as facilities management in the public sector. It entails organizing and supervising the reasonably priced purchase, upkeep, renovation, and retirement of facilities.
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Market Dynamics
Driver: Increased efficiency of end-user
An outsourced integrated facilities management solution can help raise productivity levels across the organization and improve programme efficiencies. Results include less equipment downtime, more first-time fixes, and time savings, all of which add to financial savings. Although in-house tech upgrades are feasible, they are typically massive, complex projects with lengthy implementation and audit timelines, major disruptions, and large expenses. Procuring and scheduling contractors and service providers is another way a competent facility management partner may boost productivity. The staff can concentrate more on strategic projects that will advance the business when they outsource these and other time-consuming tactical activities.
Restraint: Quality issues
Depending on the provider, the work product may be of lower quality. Before entrusting a vendor with outsourced work, it is essential to establish clear, quantifiable objectives. Concrete procedures must be used to accomplish these objectives. The facilities management contractors may only meet the expectations for quality and service if these are clearly stated and agreed upon.
Opportunity: Increasing investment in the BFSI industry
The majority of banks will need to adopt cross-industrial platforms to compete. These new platforms break down the boundaries that traditionally separated traditional businesses, changing consumer behaviour and creating ecosystems that meet customer requirements in novel ways from once-linear value chains. Technological advancements have reduced the advantage of size in delivering superior gaining repeat business, customer service, gathering and analyzing data, and creating capital networks. These strategies must address shifting customer expectations, new business models, and emerging technology. Banks have been forced to improve their facilities and infrastructure due to their constantly expanding customer base and changing needs. In the BFSI sector, facility management is difficult since operating procedures, customer service offerings, and administrative service costs are prioritized over all other costs. Banks are progressively adopting automation technology to enhance their infrastructure and meet escalating needs.
Challenges: Security risks
The organizations are reluctant to share information related to their business with third-party service providers. The cases of cyber data hacking have increased a lot in the recent decade, and many organizations are thus not willing to invest in facility management. Thus, all these factors highlight the risk of sharing crucial data with service providers. This also overlaps the benefit of using these platforms on a long-term basis.
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Some of the major players operating in the Facility Management market are:
• Trimble Inc.
• IBM Corporation
• Oracle Corporation
• Sap Se
• FM System Inc.
• Accruent LLC
• Ioffice Corporation
• Planon Corporation
• Archibus Inc.
• Ca Technologies Inc.
Key Segments Cover in the Market:
By Type:
• In-House
• Outsourced
By Service:
• Soft
• Hard
By End-use:
• Healthcare
• Government
• IT and Telecommunication
• BFSI
• Education
• Travel and Hospitality
• Retail
• Military and Defense
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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