Surging Demand for Cloud-Based Facility Management Solutions to Provide Growth Opportunities for Facility Management Solution Market during 2021–2028
According to our latest market study on “Facility Management Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, and Application,” the market was valued at US$ 768.71 million in 2021 and is projected to reach US$ 1,418.85 million by 2028; it is expected to grow at a CAGR of 9.2% from 2021 to 2028.
With the digital transformation, the use of the 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. These benefits have propelled the use of cloud-based solutions for integrating facility management services. Further, several businesses are adopting the cloud-based platform for facility management software across the world. For instance, companies such as Honeywell, QuickFMS, and Focus Softnet Pvt Ltd provide cloud-based facility management solution. Therefore, the multiple benefits of cloud-based facility management solutions would help businesses to adopt this technology for future growth, which is projected to create lucrative opportunities for the facility management solution market in the coming years.
Facility Management Solution Market – by Geography, 2020 and 2028 (%)
Facility Management Solution Market Size and Forecasts (2021 - 2028), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Software and Services); Deployment (On-Premise and Cloud); Enterprise Size (Large Enterprises and SMEs); and Application (BFSI, Retail, Transport and Logistics, Pharmaceuticals, Government, IT and Telecom, Manufacturing, and Others)
Facility Management Solution Market Size Report, Trends and Forecast-2028
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The facility management solution market is segmented on the basis of component, deployment, enterprise size, application, and geography. Based on components, the market is bifurcated into software and services. The software segment held a larger revenue share in 2020. Based on deployment, the market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. By enterprise size, the facility management solution market is bifurcated into small and medium enterprises, and large enterprises. In 2020, the large enterprises segment led the market globally. Based on application, the market is segmented into government, retail, pharmaceuticals, BFSI, transportation and logistics, IT and telecom, manufacturing, and others. The manufacturing segment held the largest revenue share in 2020. Geographically, the facility management solution market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The market in APAC is projected to grow at the fastest rate from 2021 to 2028.
Impact of COVID-19 Pandemic on Facility Management Solution Market
The COVID-19 pandemic has shaken several industries across the world. The tremendous growth in the spread of the novel coronavirus has urged governments worldwide to impose strict restrictions on the movement of vehicles and humans. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has negatively affected economies and countless industries in various countries. The lockdown imposition has resulted in less production of commodities, goods, and services.
In 2020, the COVID-19 pandemic positively impacted the growth of the facility management solution market. The sudden outbreak pandemic has led to the increasing adoption of facility management solutions across diverse industries such as manufacturing, BFSI, retail, transport & logistics, and pharmaceuticals for automating numerous operations, limiting the workforce, ensuring the availability of essential tools to maximize productivity, and improving asset tracking.
In 2021, with the uplifting of lockdown and vaccination processes, the manufacturing and construction companies have started working again. The logistics and supply chain industry players are focusing on adopting digital technologies to curb the adverse effects of the COVID-19 pandemic on logistics operations based on traditional logistics concepts. This is boosting the logistics supply chain. Further, the increasing awareness of clients and rising need for maintenance management and security are expected to drive the facility management solution market growth in the coming years.
Upkeep Maintenance Management; Servicenow; FM:Systems; Quickbase Inc.; IBM (TRIRIGA); Axonator Inc.; Facilitron, Inc.; FacilityBot Pte Ltd.; Hippo CMMS; Infraspeak; and Servicechannel.Com, Inc. are among the key players operating in the global facility management solution market.
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