Latest News- Facilities Management Market: Soft services is expected to lead the Service segment during 2025-2029

The Facilities Management Market is being driven by Increasing demand for cloud-based facilities management solutions

The Facilities Management Market is expected to grow at a CAGR of 8.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 722 billion. The global facilities management market is experiencing significant growth due to the integration of technological innovations, specifically smart facilities management solutions. IoT technology, a key component of these solutions, connects various devices such as sensors, thermostats, and actuators, enabling data collection and evaluation. This data is utilized to optimize energy usage, resulting in cost savings. Moreover, IoT facilitates predictive maintenance through real-time data collection and equipment condition monitoring, reducing operational costs and enhancing productivity. Industry 4.0, another technological advancement, further bolsters the market by promoting automation and remote monitoring capabilities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • Soft services
  • Hard services
• End-user
  • Commercial
  • Government
  • Residential
• Solution
  • Integrated workplace management system
  • Building information modeling
  • Facility operations & security management
  • Facility environment management
  • Facility property management
  • Integrated workplace management system
  • Building information modeling
  • Facility operations & security management
  • Facility environment management
  • Facility property management
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for cloud-based facilities management solutions
• Increasing demand for smart facilities
• Increase in sustainable cleaning products in facility management

However, the market also witnesses some limitations, which are as follows:

• Rise in budgetary constraints
• Concerns associated with data security
• Regulatory challenges related to facilities management

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Market Scope in Facilities Management Market Research Report

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Research Analysis Overview

The Facilities Management market encompasses various services and technologies, including Facility Services, Property Services, Building Operations, Infrastructure Management, Maintenance Services, Cleaning Services, Janitorial Services, Security Services, Building Automation Systems, Building Controls, Smart Building Technology, Facility Technology, Building Performance Optimization, Workplace Technology, Space Planning, Occupancy Analytics, Workplace Analytics, Property Portfolio Management, Facility Portfolio Management, Building Performance Monitoring, Facility Performance Management, Energy Performance Management, Sustainability Management, Environmental Management, Building Code Compliance, Building Regulations, Facility Standards, Project Management, Construction Management, Facility Management Software, Workplace Management Software, Building Management Software, Property Management Software, Asset Management Software, Facility Maintenance Software, Contract Management Software, Vendor Management Software, Data Analytics Software, Predictive Maintenance Software, and Sustainability Software. These offerings cater to diverse needs, from managing building operations and infrastructure, to ensuring compliance with codes and regulations, optimizing energy use and workplace performance, and providing security and cleaning services.

Market Research Overview

The global environmental and facilities services market encompasses businesses offering solutions in building management systems, property management, real estate management, asset management, space management, energy management, and LEED certification. According to Technavio, market size is determined by the consolidated revenue generated by companies specializing in environmental and facilities maintenance services, which include waste management, facilities management, and pollution control services. Key growth drivers for this market include the increasing emphasis on sustainability and environmental stewardship. Companies are prioritizing eco-friendly practices to reduce their carbon footprint and enhance their corporate social responsibility. This trend is expected to fuel market expansion in the coming years.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/