PUBLISHER: The Business Research Company | PRODUCT CODE: 1392728
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392728
“Integrated Facility Management Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on integrated facility management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for integrated facility management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The integrated facility management market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Integrated Facility Management (IFM) refers to the integration of all facility management activities under a unified system and team. This comprehensive approach involves tools and services to support the functioning, security, and sustainability of buildings, landscapes, infrastructure, and real estate. IFM is designed to enhance operational efficiency, generate cost savings, and leverage program data across an organization to better align with corporate goals. Contract management, vendor partnerships, space management, and real estate planning are integral components of integrated facility management.
The primary types of integrated facility management solutions include project management, real estate portfolio management, lease administration, asset and space management, maintenance management, and energy and environmental sustainability management, among others. These solutions can be deployed either on-premise or in the cloud, catering to industries such as real estate and infrastructure, healthcare, BFSI (Banking, Financial Services, and Insurance), telecommunications, manufacturing, aerospace and defense, supply chain and logistics, utilities, retail, energy and resources, and others.
The integrated facility management market research report is one of a series of new reports from The Business Research Company that provides integrated facility management market statistics, including integrated facility management industry global market size, regional shares, competitors with an 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 integrated facility management market size has grown steadily in recent years. It will grow from $95. 19 billion in 2023 to $99. 29 billion in 2024 at a compound annual growth rate (CAGR) of 4. 3%. The expansion observed during the historical period can be attributed to factors such as increased cybersecurity measures, globalization and outsourcing practices, a focus on cost optimization and efficiency, concerns related to health and safety, and the adoption of cloud-based solutions in the field of integrated facility management.
The integrated facility management market size is expected to see strong growth in the next few years. It will grow to $122. 58 billion in 2028 at a compound annual growth rate (CAGR) of 5. 4%. The anticipated growth in the forecast period can be attributed to the adoption of low-code or no-code platforms, the use of mobile facilities management apps, a continued focus on cost optimization, resilience and business continuity planning, and the promotion of agile workspaces and flexibility. Key trends expected in the forecast period include technological advancements, an increased focus on sustainability and green practices, the emergence of remote facility management, the integration of building information modeling (BIM), a rising demand for cloud-based IFM solutions, and an emphasis on user experience and workplace well-being.
The growth of the integrated facility management (IFM) market is being propelled by the increasing development of sustainable infrastructure. The rising focus on sustainable infrastructure is driven by the necessity to facilitate economic and social progress while maintaining environmental sustainability and ensuring fairness, diversity, and natural system functionality. As sustainable infrastructure development expands, there is a growing demand for IFM solutions, which facilitate responsible environmental interaction, minimizing resource depletion, and ensuring long-term environmental quality. IFM involves a unique process that incorporates structural, architectural, and operational changes in buildings to mitigate negative impacts on occupants and the environment. Notably, The New Climate Economy projects a global investment of $90 trillion in sustainable infrastructure by 2030, highlighting the crucial role of these investments in economic growth and climate change mitigation. Additionally, the Organization for Economic Co-operation and Development (OECD) underscores the need for an annual average investment of $6. 9 trillion in sustainable infrastructure until 2030 for global development. Both instances underscore the worldwide increase in sustainable infrastructure development, consequently propelling the growth of the IFM market.
The integrated facility management market is experiencing growth due to the proliferation of smart city projects worldwide. Smart cities leverage information and communication technology (ICT) to enhance operational efficiency and provide improved infrastructure for residents. These projects encompass diverse and complex infrastructure, such as intelligent transportation systems, energy-efficient buildings, and public safety networks. Effective management and maintenance of these facilities are vital, driving the demand for integrated facility management. For example, the U. S. federal government's Investment and Jobs Act allocated $500 million to accelerate its smart city initiative, emphasizing the growing focus on smart city projects. Similarly, the Indian government increased its allocation for smart city development to $868 million in Financial Year 21-22, up from $457 million in Financial Year 2020-2021. The rising number of smart city initiatives globally is a significant driver for the integrated facility management market.
Technological advancement is a prominent trend in the integrated facility management market, with a focus on implementing artificial intelligence (AI) for optimal space management. AI-based technologies enhance facility management solutions by automating complex tasks, such as speech recognition, visual perception, and decision-making, traditionally performed by humans. These technologies enable proactive asset performance management, automated issue updates, and streamline time-consuming facility management tasks. Key players are incorporating AI into their integrated facility management solutions to strengthen their market presence. For example, Disrupt-X, a UAE-based IoT cloud platform, collaborated with Imdaad to launch Ignite Shield, an IoT technology leveraging Intel's cutting-edge technology for enhanced FM services. Ignite Shield monitors air and water quality, providing solutions for smart outdoor and indoor air quality monitoring, water infrastructure monitoring, and more.
Major companies in the integrated facility management market are pursuing strategic partnerships to expand their operations and capabilities. Strategic partnerships involve leveraging complementary strengths and resources for mutual benefits and success. For instance, Saned Facility Management LLC, a UAE-based facility management company, partnered with Greenhouse, Chalhoub Group's innovation and entrepreneurship space. This collaboration resulted in the launch of the Innovation in Integrated Facilities Management Center and Program, aiming to enhance innovation and efficiency in the industry by promoting the use of technology, artificial intelligence, and creative ideas.
In April 2023, Lessen, a property technology company based in the United States, completed the acquisition of Blue Skyre IBE for an undisclosed sum. This strategic move is anticipated to facilitate the expansion of Lessen's property services platform, further solidifying its presence in the real estate market. Blue Skyre IBE, a commercial real estate advisory and service company located in the United States, specializes in providing integrated facility management (IFM) services.
Major companies operating in the in the integrated facility management market report are JLL (Jones Lang LaSalle Incorporated), ISS A/S, CBRE Group Inc., Cushman & Wakefield plc, Sodexo S. A., CBM Qatar LLC, International Business Machines Corporation (IBM), Siemens Healthcare Private Limited, ScienceSoft USA Corporation, Biofourmis Care Solutions Pte. Ltd., i2i Systems Inc., Phytel Inc., Wellcentive Inc., TriZetto Corporation, Mediware Human & Social Services Inc., MINES and Associates Inc., Pegasystems Inc., ZeOmega Inc., Atos SE, Happiest Minds Technologies Limited, Infostretch Corporation, Katalon LLC, Larsen & Toubro Infotech Limited (LTI), Nagarro Inc., Tech Mahindra Limited, Compass Group PLC, AHI Facility Services Inc., EMCOR Facility Services, Oracle Corporation, SAP SE, Trimble Inc., Nemetschek SE, Archidata International Inc., UpKeep Technologies Inc., FacilityOne Technologies, OfficeSpace Software Inc.
North America was the largest region in the integrated facility management market in 2023. 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, Africa
The countries covered in the integrated facility management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The integrated facility management market includes revenues earned by entities by providing FM automation / IOT Services in FM (Smart FM) Soft, hard engineering services, property management services, guest house management services, warehouse management services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.