According to a research report “Facility Management Market Offering (Solutions (IWMS, BIM, Facility Operations & Security Management) and Services), Vertical (BFSI, Retail, Construction & Real Estate, ,
The facility management market is estimated at USD 49.6 billion in 2023 to USD 94.8 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.8%.
Organizations across various industries are increasingly adopting facility management solutions as they play pivotal role in optimizing operations, streamlining processes, and ultimately reducing costs. By implementing strategic facility management practices, businesses are achieving a range of operational benefits which is boosting the market.
By Vertical, BFSI segment is estimated to account for the largest market share in 2023.
The adoption of facility management practices within the Banking, Financial Services, and Insurance (BFSI) vertical has gained traction over time, driven by its potential to bolster operational effectiveness and customer satisfaction. This encompasses a diverse range of physical assets, including bank branches, corporate offices, data centers, ATMs, and call centers. Facility management in the BFSI sector entails the strategic upkeep and management of these facilities to ensure smooth operations and positive interactions with customers.
By solution, facility environment management is expected to register the fastest growth rate during the forecast period.
Facility environment management systems consist of different kinds of software solutions that simplify and optimize the sustainability of facilities. Facility environment management solutions are further categorized into sustainability management solutions and waste management solutions. These solutions help facility management teams identify significant environmental effects, such as carbon footprint and waste generation, related to their business.
Facility management solution adoption in the Africa region,Nigeria specific has been on the rise due to the region’s rapid economic growth, urbanization, and increasing emphasis on efficiency and sustainability. Organizations across various industries in Africa Nigeria specific have recognized the benefits of adopting facility management solutions to enhance operational effectiveness, reduce costs, and provide better experiences for employees and customers.