Market Forecast for 2021 – 2026 by world’s largest revenue impact company
Facility management(FM) is a set of functions that can enhance the value of specific organizational processes. Markets and Markets, a research firm providing quantified B2B research headquartered in Pune, India, and having an office in the USA currently holding 80% of global Fortune 1000 companies, as clients, has published the results of its laborious forecast. It reveals a promising upcoming silent revolution in the global facility management market. According to the survey, the Facility Management(FM) Market presently valued at 42.2 US$ is projected to grow at a CAGR of 1.6% to reach 76.3 US $ in 2026.
InnoMaint adjudged to be a major vendor in the market
In the painstaking process, Markets & Markets arrived at the profiles of key players cutting across geographic boundaries comprehensively by scrutinizing their features, market rankings, core competencies, global presence, etc. The revenue figures were sourced from annual reports of companies. It had access to the latest financial information of key vendors in the context of FM until 2020-21. It adjudged InnoMaint as a major vendor in both Facility Management Software 2021 and Enterprise Asset Maintenance Software 2021 categories.
Tap into the booming Facility Management market by subscribing to Innomaint which is a one-stop CAFM solution for all your Facility Management needs including
- A practicable alternative to traditional approaches paving for effective communication on work orders
- Quicker and easier audits on maintenance to identify areas of improvement and training requirements
- Meticulous & customizable instant reports for quick meetings & well-informed decisions
- Ability to catch up with maintenance teams while on the move 24×7 and assign tickets based on the current workload of technicians & quicker dispatch of technicians based on Geo-Fencing
- Greater visibility into operations for better technician engagement
- Deeper cost-cutting on capital expenditure, utility & service expenditure, etc and much more…
Facility Management Market Forecast – The efforts behind
The need for a Facility Management System is more pronounced over time. The entire globe suffered a 4% decrease in GDP, on average. The effect of the pandemic spillover is felt in countries not hard hit by the pandemic as well. The world economy is expected to recover steadily by the end of 2021 but the process will take longer for U.S, Germany, Italy, England & Russia.
Markets & Markets have defined, described, and forecasted the trend in the Facility Management market by component, size of the organization, industry vertical, deployment mode & region. It analyzed opportunities in the market and outlined the competitive landscape for key stakeholders and market leaders.
The B2B software review firm considered five regions across the globe where the FM market was ruling. They were North America, Asia Pacific, Middle East, Europe, Africa & Latin America. It also took into account the marked impact of the pandemic on the FM market. These regions consist of developed countries with well-established infrastructure, which generates huge demand for facility management solutions.
Markets & Markets perceived growth in trend of outsourcing facility management operations. On the Demand front, it interviewed Chief Executive Officers, Chief Operating Officers of MNC’s etc. On the Supply-side, it interviewed Chief Executive Officers and Co-founders of Key Companies. The research organization consulted FM associations such as
- Facility Management Association of Australia
- Japan Facility Management Association
- Facility Management Association of India (FMAI)
Revolution in Facility Management
The growth of the facility management market can be attributed to several revolutionary technologies and concepts such as cognitive computing, augmented reality, virtual reality, IoT and analytics, robots, etc into facility management solutions.
The proliferation of technology along with intelligent software solutions in businesses is a major driving force to the growth of the facility management market. The fact that IT spending has increased considerably in the last 5 years stands as a testimony to this statement. The future demand in the IT and Telecom vertical would be due to demographic and economic factors.
Digital Solution to Facility Management
A Facility Manager automates and simplifies routine planned preventive maintenance to avert any unexpected failure. He also automates predictive maintenance to keep a check on service expenses and frequency of services. In the event of a breakdown, he rises up to the occasion for coordinating the team efforts to make the communication clear and effective driving and tracking the work orders till completion.
He aligns the workforce for constant knowledge sharing and keeps them up-to-date with technological advancements. He streamlines maintenance by keeping your equipment status and maintenance records in an easy-to-use system.
The more consistent an organization’s day-to-day operations are, then the easier it will be to maximize efficiency and productivity. In turn, these changes can lead to improved customer satisfaction, lower costs, and less waste.
The ray of hope in the long-term outlook for Facility Management
Facility management has been evolving as a thriving business that continues to grow across verticals pushing aside the economic setbacks triggered by the pandemic. Enterprises have started realizing that FM can no more be looked down upon as a set of back-office activities. They are of the notion that their organization can achieve success and steady growth only through the efficient and effective management of complex operational business processes in their facilities.
With the growing receptivity to technological advancements, it is no wonder that Facility Management Solutions are in a high demand in the I.T, Telecom & Health Care Sectors to meet regulatory requirements and sustain critical projects and life saving procedures. Facility Management, these days, has extended its scope to cover numerous business functions and processes and hence the complexity. But the sophistication should come with simplicity to end-users. InnoMaint has modeled its CAFM solution around this core concept to evolve and update itself to meet the challenges of today and tomorrow !