Facility Management Market Drivers Shaping Future Growth, Revenue USD 119.4 Billion by 2030 | CAGR 11.8%
The increasing demand for office space in the country is one of the factors which is driving the market
PORTLAND, PORTLAND, OR, UNITED STATE, November 9, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Facility Management Market Drivers Shaping Future Growth, Revenue USD 119.4 Billion by 2030 | CAGR 11.8%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Increase in the number of small and medium enterprises (SMEs) across the globe, surge in the adoption of innovative technologies such as cloud-based solutions, and rapidly transforming organization culture and work style are expected to drive the growth of the global facility management market. By component, the solution segment held the largest market share in 2020. By region, the Asia-Pacific region is expected to cite the fastest CAGR by 2030.
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The report offers detailed segmentation of the global facility management market based on component, solution type, deployment model, enterprise size, industry vertical, and region.Based on components, the solution segment held the largest market share in 2020, holding nearly three-fifths of the total facility management industry. The service segment, on the other hand, is anticipated to cite the fastest CAGR of 12.8% during the forecast period.
By deployment model, the on-premise segment held the majority share in 2020, garnering more than three-fifths of the total market. The cloud segment, on the other hand, is predicted to exhibit the fastest CAGR of 13.0% during the forecast period.
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By region, the market across North America held the lion’ share in 2020, accumulating more than one-third of the total market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 13.3% during the forecast period.
The key players analyzed in the global facility management report include CA Technologies, iOFFICE, FM System, IBM Corporation, Accruent, Archibus, Oracle Corporation, PLANON, Trimble Inc. and SAP SE.
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COVID-19 Scenario
• The outbreak of COVID-19 has had a positive impact on the growth of the global facility management market, owing to the prevalence of lockdowns in various countries across the globe.
• Lockdown significantly increased the demand for facility management as teams were required to ensure and maintain a productive, safe and a hygienic environment.
• In addition, facility management staff were required to create new cleaning and disinfection solutions that further surged the demand for facility management during the pandemic.
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