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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
206 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.6% |
Market growth 2025-2029 |
USD 722 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
7.9 |
Key countries |
US, China, India, Germany, Canada, France, Japan, UK, Italy, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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.
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
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