Facility Management Market worth $76.3 billion by 2026
According to a research report "Facility Management Market by Component (Solutions (IWMS, BIM, Facility Operations and Security Management) and Services), Deployment Mode (Cloud, On-premises), Organization Size, Vertical (BFSI, Retail), and Region - Global Forecast to 2026", size to grow from USD 42.2 billion in 2021 to USD 76.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. Various factors such as a surge in demand for cloud-based facility management solutions and rise in demand for facility management solutions integrated with intelligent software are expected to drive the adoption of facility management solutions and services. Facility management plays an important role in dealing with COVID-19 to create a safe work environment. This starts with sanitization. Facility managers need to evaluate janitorial schedules, daily cleaning practices, spot sterilization, and workplace-specific sanitization standards. For many facilities managers, building sanitization means exploring new products and practices that address COVID-19 specific concerns. The impact of COVID-19 for facility managers also extends to facility policies. FMs face the tedious task of re-educating employees and visitors about how to interact with the workplace consisting of everyone and everything in it. To survive this pandemic, companies need to focus on customer care and concerns, stay connected to customers as per their channel choice, build agile capabilities for fluid times, and adapt to situation-based circumstances. Organizations would need to rethink their business and operating models. Consumers’ search for value for money is a fundamental change in purchase priorities and will be prevalent in the upcoming years. The solutions segment to hold a larger market size during the forecast period The solutions segment includes an integrated workplace management system (IWMS), building information modeling (BIM), facility operations and security management, facility environment management, and facility property management solutions. The factor supporting the growth of the facility management market is the significant requirement of enterprises to deliver a highly personalized solution and enhance customer experience, as well as redesign the traditional facility management model by leveraging advanced software, IoT, and analytics. An effective facility management solution must be multi-level, which would enable the management of all facility management processes, from lighting, HVAC, security, emergency and incident, sustainability, waste, and lease accounting to real estate management, asset maintenance, workspace and relocation, and reservation management. Companies have realized the importance of improving efficiencies and streamlining processes within real estate and facility functions to reduce operating costs, improve energy consumption, and support sustainable objectives. Cloud segment to account for higher CAGR during the forecast period Cloud-based deployments involve on-demand requirements provided as software-as-a-service (SaaS) solutions offered by facility management providers. These solutions can be accessed through the internet using web-based tools. They can be accessed anytime from any place on-demand via the payper-usage platform. The market for cloud-based solutions is gaining popularity due to multiple advantages offered by the cloud model. Some of these benefits are low operational costs, adaptability, simple deployment, and easy collaboration. Large enterprises segment to hold a larger market size during the forecast period