According to MS 16 research on facility management, the global market size to grow from USD 34.65 Billion in 2018 to USD 59.33 Billion by 2023.
The significant growth factors for the market include growth in the development of sustainable infrastructure, and in the adoption of IoT (internet of things) and connected devices for building automation across industry verticals. Moreover, an increasing need to meet environmental and regulatory compliance, and spur demand for integrated facility management to achieve economies of scale are also driving the market. The facility management market is segmented from solutions, services, organisation size, deployment types, verticals, and regions.
In the solutions segment, the facility property management subsegment is expected to hold the largest market share. Facility property management solutions help enterprises derive tangible value from their business operations, by enhancing their efficiency and effectiveness. These solutions are further segmented into lease accounting and real estate management, asset maintenance management, workspace and relocation management, and reservation management.
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