DUBLIN--(BUSINESS WIRE)--The "Facility Management Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On Premise and Cloud-Based), Enterprise Size (Small and Medium Enterprises, and Large Enterprises), and Application" report has been added to ResearchAndMarkets.com's offering.
The global facility management solution market is expected to grow from US$ 768.71 million in 2021 to US$ 1,418.85 million by 2028; it is estimated to grow at a CAGR of 9.2% during 2021-2028.
Facilities management solutions help manage and maintain a wide range of processes that ensure the productivity, safety, and efficiency of a built environment and its occupants. Various tools are involved while managing any facility (such as residential & commercial buildings) include, asset management & tracking, equipment & building maintenance, project management, security, health & safety management, and catering & hospitality.
To manage these processes, the facility management solution provides strategic planning and project management solution, workplace and relocation management solution, sustainability management solutions, and maintenance management solutions. Thus, the adoption of multiple facility management solutions helps increase the productivity and efficiency of an enterprise.
For instance, in September 2021, Kontakt.io integrated IBM TRIRIGA to transform real estate management with actual-time, AI-driven space occupancy. TRIRIGA (Workplace Management Systems) includes TRIRIGA Building Insights and combines occupancy data from sources, such as WIFI and IoT sensors, with newly embedded artificial intelligence.
The integration of Kontakt.io with IBM TRIRIGA is expected to deliver AI-powered utilization insights across portfolios, actual-time occupancy monitoring, and space management tools supporting existing IoT infrastructure used in many offices. Such initiatives help in increasing the productivity and efficiency of real estate businesses. Therefore, with multiple facility management solutions, the productivity and efficiency of any organization increases. Therefore, this factor drives the growth of the facility management solution market.
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.
Key Market Dynamics
Market Drivers
- Growing Infrastructure Sector
- Managing Better Productivity and Efficiency with Multiple Facility Management Solutions
Market Restraints
- Lacking Awareness and Standardization about Facility Management Solutions
Market Opportunities
- Surging Demand for Cloud-Based Facility Management Solutions
Future Trends
- Rising Trend of Outsourcing Facility Management Operations
Company Profiles
- Axonator Inc.
- Facilitron, Inc.
- FacilityBot Pte Ltd
- FM: Systems
- Hippo CMMS
- IBM Corporation
- Infraspeak
- Quickbase, Inc.
- ServiceChannel
For more information about this report visit https://www.researchandmarkets.com/r/pmfgv0
