Report : North America Facility Management Solution Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Deployment (On Premise and Cloud-Based), Enterprise Size (Small and Medium Enterprises and Large Enterprises), and Application (BFSI, Retail, Transport and Logistics, Pharmaceuticals, Government, IT and Telecom, Manufacturing, and Others)
The software segment by component is estimated to lead the market growth during the forecast period.
According to a new market research study of “North America Facility Management Solution Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Deployment, Component, Enterprise Size, Application and Country.” The North America facility management solution market is expected to reach US$ 624.29 million by 2028 from US$ 349.0 million in 2021; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028. The report highlights trends prevailing in the North America facility management solution market and the factors driving market along with those that act as hindrances.
Governments across the world invest in infrastructure growth. For instance, as per the Department for Promotion of Industry and Internal Trade, FDIs in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction activities stood at US$ 26.14 billion and US$ 25.38 billion, respectively, between April 2000 and June 2021. In FY2021, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.72 billion. Also, there are several investments observed in the construction of railways, ports, and airports. Significant growth in the real estate sector due to rising focus on a safe, clean, and secure environment is one of the primary factors bolstering the growth of the facility management solution market. Additionally, the growing concept of a green building along with the enactment of the Real Estate (Regulation and Development) Act 2016, which protects home buyers and helps boost the real estate sector, stimulates the market growth. In addition, the booming information technology industry and the growing popularity of e-commerce platforms propel the need for infrastructure and organized spaces, which also fuels the market growth. Apart from this, several companies are using AI (artificial intelligence) and IoT (internet of things) technologies to automate facility management services for energy efficiency audits. Furthermore, the post-pandemic rising emphasis on hybrid workspaces and return-to-the-workplace strategies augment the demand for facility management services to maintain safety and productivity in companies across the region. Therefore, the growing infrastructure sector across North America propels the demand for facility management solutions.
The North America facility management solution market suffered considerable economic losses in the first two quarters of 2020, owing to the high count of COVID-19 positive cases, especially in the US. The economic growth was slowed, which negatively impacted the logistics and supply chain across the region. The COVID-19 pandemic has resulted in economic turmoil owing to subsequent lockdowns. The increasing awareness of clients and rising need for maintenance and security management are expected to drive the North America facility management solution market growth in the coming years. Moreover, governments in the region are investing in facility management services to make the containment zones COVID-19 free. Further, market players are offering end-to-end facility management services to businesses and government sectors, allowing them to work efficiently in restricted areas. Hence, the contribution of facility management service providers during the COVID-19 pandemic boosts the government-initiated schemes for combating the virus spread across North America. Therefore, the market in North America is experiencing a positive impact during the COVID-19 outbreak.
Based on component, the North America facility management solution market is bifurcated into software and services. Based on application, the North America facility management solution market is segmented into government, retail, pharmaceuticals, BFSI, transportation and logistics, IT and telecom, manufacturing, and others. Based on deployment, the North America facility management solution market is bifurcated into on-premise and cloud-based. Based on enterprise size, the North America facility management solution market is bifurcated into small and medium enterprises and large enterprises. Geographically, the North America facility management solution market is sub-segmented into U.S, Canada and Mexico.
Axonator Inc., Facilitron, Inc., FM:Systems, Hippo CMMS, IBM Corporation, Infraspeak, Quickbase, Inc, ServiceChannel and Upkeep Maintenance Management are among the leading companies operating in the North America facility management solution market.
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