Integrated Facility Management Global Market Report 2022
The global integrated facility management market is expected to grow from $87.86 billion in 2021 to $94.18 billion in 2022 at a compound annual growth rate (CAGR) of 7.20%. The integrated facility management market is expected to grow to $119.55 billion in 2026 at a compound annual growth rate (CAGR) of 6.15%.
The integrated facility management market consists of sales of integrated facility management by entities (organizations, sole traders, and partnerships) that refer to the integration of all facility management activities under a single system and unified team.The facility management includes tools and services to support the functioning, security, and sustainability of buildings, landscapes, infrastructure, and real estate.
Integrated facility management (IFM) improves operational efficiency, produces savings, and harnesses program data throughout a firm to better fulfill corporate goals. The contracts, vendor partnerships, space management, and real estate planning are part of integrated facility management.
The main types of integrated facility management solutions include project management & real estate portfolio management & lease administration, asset & space management, maintenance management, energy & environment sustainability management, and others. The are deployed on-premise or cloud in industries ranging from real estate & infrastructure, healthcare, bfsi, telecommunication, manufacturing, aerospace & defense, supply chain & logistics, utilities, retail, energy & resources, and others
North America was the largest region in the integrated facility management market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the integrated facility management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The integrated facility management market research report is one of a series of new reports that provides integrated facility management market statistics, including integrated facility management industry global market size, regional shares, competitors with a integrated facility management market share, detailed integrated facility management market segments, market trends and opportunities, and any further data you may need to thrive in the integrated facility management industry. This integrated facility management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing development of sustainable infrastructure is driving the growth of the integrated facility management (IFM) market.The development of sustainable infrastructure is increasing due to the need for enabling economic and social development, as well as environmental sustainability while preserving human fairness, variety, and natural system performance.
The increasing development of sustainable infrastructure will drive the demand for integrated facility management as it provides solutions for responsible contact with the environment to minimize resource depletion or deterioration and ensure the long-term environmental quality of infrastructures.The integrated facility management follows a unique process to make structural, architectural, and operational changes in buildings to reduce the negative impact on their occupants and the environment.
For instance, according to The New Climate Economy, a flagship project of the Global Commission on the Economy and Climate, the world is expected to invest $90 trillion in sustainable infrastructure by 2030.These investments are crucial to boosting the economic growth in emerging markets and developing countries in addition to fighting against climate change.
Furthermore, the Organization for Economic Co-operation and Development (OCED) predicts that an annual average investment of $6.9 trillion in sustainable infrastructure is required until 2030 for global development. Both instances indicate the increased development of sustainable infrastructure globally. Hence, the increasing sustainable infrastructure development will propel the growth of the integrated facility management market.
Technological advancement is a key trend gaining popularity in the integrated facilities management market.Technological advancements such as artificial intelligence (AI) are being implemented into integrated facilities management solutions to enable optimum space management.
The AI-based technologies employ computer systems to do complex activities formerly performed by humans by their functionalities such as speech recognition, visual perception, and decision making.These tools can gather, store, and analyze large data sets in seconds, enabling facility managers to be more proactive in asset performance management, and send an automatic update in case of issues.
These tools replace many monotonous and time-consuming facility management duties.Key players are focusing on offering AI-based integrated facilities management solutions to strengthen their market position.
For instance, in January 2020, the American multinational technology corporation IBM incorporated artificial intelligence (AI) into its TRIRIGA solution to assist real estate and facilities management professionals in better use of office space and provide a more engaging work environment. One of the world’s top integrated workplace management systems TRIRIGA includes TRIRIGA Building Insights, as well as integrates occupancy data from WIFI and/or IoT sensors with freshly incorporated AI. It helps firms and facility managers gain insights into how more effectively they can utilize space across their enterprises.
In December 2019, FM:Systems Group, LLC, a North Carolina-based provider of facility management and workspace solutions acquired Asure Workplace Management’s portfolio of products for an undisclosed amount.This acquisition is expected to strengthen the workspace management portfolio of FM:Systems and strengthen its business position across the globe.
Asure Software is a USA-based provider of workspace management software and solutions.
The countries covered in the integrated facility management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.