Artificial Intelligence
The Facility Management Service Market Growth Will Be Aided By Government Initiatives For Developing Smart Cities As Per The Business Research Company’s Facility Management Services Global Market Report 2023
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LONDON, April 06, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Facility Management Services Global Market Report 2023, increasing smart city initiatives are expected to drive future growth in the facility management services market. Several government initiatives for the development of smart cities are being launched by various countries. Facility management services contribute to smart cities by bringing innovative information and communication technologies (ICTs) to the field of Urban Facility Management (UFM), as well as new opportunities for optimising existing services and developing new ones based on the Internet of Things (IoT), Big Data, information sharing, and smart applications. According to IBEF, the Government of India invested a total of Rs 205,018 crore (US$ 28.31 billion) in 2020 for the smart city mission. Furthermore, according to the Smart América Challenge, a presidential innovation fellows organisation, city governments in the United States will invest over $41 trillion over the next 20 years to improve infrastructure and use IoT technology in January 2020. With these massive investments, the Internet of Things will significantly improve the quality of life for city dwellers. As a result, growing adoption of the smart city concept propels the facility management services market.
The global facility management services market size is expected to grow from $1,361.7 billion in 2022 to $1,562.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 14%. The facility management market size is expected to reach $2,557.5 billion in 2027 at a CAGR of more than 13%.
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Major players in the facility management services market are Atalian Servest AMK Limited, BVG India Limited, CBRE Group Inc., EMCOR Group Inc., ISS A/S World, Knight FM, Quess Corporation Ltd., Sodexo Inc.
Technological advancements have emerged as a key trend gaining traction in the facility management services market. Facility management service providers are expanding their service portfolios by incorporating technologies into their offerings. Large businesses frequently use innovative technologies, such as BIM (Building Information Modeling), to deliver hard and soft services, allowing them to provide better and upgraded services. For example, Compass Group, a UK-based facility management services provider, introduced Saarthi-FX, a fully digital one-stop solution, in March 2022. This solution reimagines workplace interactions with facility management and seeks to transform the conventional workspace through artificial intelligence and predictive modelling to improve office asset management and provide employees with a smarter, safer, and more effective workspace.
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North America was the largest region in the facility management services market in 2022. The regions covered in the facility management service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global facility management services market is segmented by service type into hard services, soft services, other services; by component into solutions, services; by deployment mode into cloud, on-premises; by organization size into small and medium enterprises (SMEs), large enterprise; by industry vertical into healthcare, government, education, military and defense, real estate, other industry verticals.
Facility Management Services Global Market Report 2023 by The Business Research Company provides insights on the facility management services market size, facility management services market segments, facility management services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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