Revolutionizing Operations: Global Integrated Facility Management Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Integrated Facility Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to cybersecurity measures, globalization and outsourcing, cost optimization and efficiency, health and safety concerns, cloud-based solutions..

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 growth in the forecast period can be attributed to adoption of low-code or no-code platforms, mobile facilities management apps, focus on cost optimization, resilience and business continuity planning, agile workspaces and flexibility.. Major trends in the forecast period include technological advancements, focus on sustainability and green practices, remote facility management, integration of building information modeling (bim), demand for cloud-based ifm solutions, user experience and workplace well-being..

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Market Drivers and Trends:

The increasing development of sustainable infrastructure is driving the growth of the integrated facility management (IFM) market. The development of sustainable infrastructure is increasing due to the need for enabling economic and social development, as well as environmental sustainability while preserving human fairness, variety, and natural system performance. The increasing development of sustainable infrastructure will drive the demand for integrated facility management as it provides solutions for responsible contact with the environment to minimize resource depletion or deterioration and ensure the long-term environmental quality of infrastructures. The integrated facility management follows a unique process to make structural, architectural, and operational changes in buildings to reduce the negative impact on their occupants and the environment. For instance, according to The New Climate Economy, a flagship project of the Global Commission on the Economy and Climate, the world is expected to invest $90 trillion in sustainable infrastructure by 2030. These investments are crucial to boosting the economic growth in emerging markets and developing countries in addition to fighting against climate change. Furthermore, the Organization for Economic Co-operation and Development (OCED) predicts that an annual average investment of $6.9 trillion in sustainable infrastructure is required until 2030 for global development. Both instances indicate the increased development of sustainable infrastructure globally. Hence, the increasing sustainable infrastructure development will propel the integrated facility management market growth.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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.

Integrated Facility Management Market 2024 Key Insights:

• 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 Increasing Development Of Sustainable Infrastructure Driving The Integrated Facility Management Market
• Technological Advancement Is Gaining Popularity
• North America was the largest region in the integrated facility management market in 2023

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