Factors such as the rising trend of outsourcing facility management operations and surging demand for cloud-based facility management solutions propel the growth of the market However, the lack of awareness and standardization about facility management solutions hamper the market growth.
With the digital transformation, the use of cloud-based platform is increasing due to its simple deployment and reduced deployment time and cost. Further, the internet infrastructure has matured in developed countries and is flourishing in several developing countries, allowing end users to access the cloud-based platform. A few benefits of cloud-based facility management solutions are secure hosting of critical data, improved security and scalability, and quick recovery of files. The backups are stored on a private or shared cloud host platform. Therefore, organizations can easily recover critical server data. Also, with a stable internet connection, the data can be easily accessed anywhere via secure logins. Cloud-based facility management solutions also decrease repair and maintenance costs and enhance customer satisfaction. Thus, several businesses are adopting the cloud-based platform for facility management software across the region. For instance, companies such as Honeywell, QuickFMS, and Focus Softnet Pvt Ltd provide cloud-based facility management solution. Therefore, numerous benefits have propelled the use of cloud-based solutions for integrating facility management services, which is projected to create lucrative opportunities for the facility management solution market in the coming years. Also, the rising trend of outsourcing facility management operations would help create future demand for facility management solutions.
In APAC, India is the worst-hit country due to the COVID-19 outbreak. With stringent regulations in APAC, the COVID-19 pandemic has propelled the adoption of automation in facility management processes, such as energy management, service requests, move-ins, and workspace customization. Increasing government investments in the building infrastructure sector and rising technological advancements in facility management services would create new opportunities for facility management solution market players in the coming years. For instance, drones can be used for inspection and security, holograms can be used for doors and electronic equipment, and elevator maintenance can be accessed through microchip implants. In addition, IoT (internet of things) technology is being used for indoor navigation, maintenance, security, and smart meeting rooms. Further, using RTLS (real-time locating systems), companies can track the large numbers of supplies and people. Therefore, the COVID-19 pandemic positively impacts the facility management solution market in APAC.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 153.06 Million |
| Market Size by 2028 | US$ 307.89 Million |
| Global CAGR (2021 - 2028) | 10.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
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| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |