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Facility Management Market
Facility Management Market is projected to grow at CAGR of more than 4.5% during the forecast period from 2022-2029.
The factors driving the growth of Facility Management Market includes rise in the number of smart buildings around the world, growing demand for cloud-based facility management solutions, increase in the construction of mega projects. According to the report published by Statista, the Global Smart Building Market was calculated around USD 66.3 billion in 2020 and is estimated to reach USD 108.9 billion by the end of 2025, expanding at a CAGR of 10.5% over the forecast period, which will accelerate the Global Facility Management Market in the approaching years. Moreover, rise in Government expenditure on the infrastructure projects, integration of intelligent software with facility management solutions, increasing deployment of software-as-a-service (SaaS) and rapid growth in the tourism industry, are some of the additional factors supplementing the Facility Management Market size. In addition, the increasing investments by leading players on research and development, rise in the launch of innovative products, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
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However, the growth of Facility Management Market is hindered due to inadequate knowledge about facility management solutions.
The major player operating in the Facility Management Market are Cushman & Wakefield, Tenon, Aramark, Jones Lang LaSalle IP, Inc., Johnson Controls., Sodexo, CBRE, iSS, Dussmann Group and Compass Group PLC, among others.
Based on Type, the Outsource segment is predicted to capture the largest market share during the forecast period
As per the Facility Management Market Research, increase in the installation of in-house facilities management and difficulty in managing wide range of complex services, are some of the factors responsible for the segment’s growth.
Based on Service Line, Support segment is projected to grow at a remarkable CAGR over the forecast period
According to the Facility Management Market Report, increasing use of support services to enhance the working environment and growing competition, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
According to the Facility Management Market Analysis, growing adoption of advanced technologies, rise in the number of smart cities, rapid growth in the construction sector, increasing per capita income and high population growth rates are some of the important factors augmenting the Facility Management Market Share in Asia-Pacific.
Key Development
n 2020, Oracle entered into partnership with Propre Japan Inc. Oracle Japan will help Propre Japan Inc. with the development of Propre’s real estate big data platform, which will be accessible in 17 nations across the world.
In 2020, Koch Industries, Inc. procured remaining share of Infor from Golden Gate Capital. Koch was a leading client which integrated Infor solutions throughout its companies in areas such as human resources, enterprise resource planning, supply chain, asset management, and finance,
In 2020 – Sodexo collaborated with Bureau Veritas to launch a hygiene verification label for Sodexo service offering quality assurance to consumers. This partnership includes on-site facility management and catering services. The label was launched in the U.K., France, The U.S., Canada, and introduced in other nations worldwide.
Market Segmentation
Segmentation by Type
In House
Outsource
Segmentation by Service Line
Support
Catering
Security
Cleaning
Property
Segmentation by End-Use Industry
IT
Manufacturing
FMCG
Infrastructure
Healthcare
Retail
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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