Report : Europe 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 “Europe Facility Management Solution Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Deployment, Component, Enterprise Size, Application and Country.” The Europe facility management solution market is expected to reach US$ 371.74 million by 2028 from US$ 196.02 million in 2021; it is estimated to grow at a CAGR of 9.6% from 2021 to 2028. The report highlights trends prevailing in the Europe facility management solution market and the factors driving market along with those that act as hindrances.
Facilities management solutions help manage and maintain a wide range of processes that ensure the productivity, safety, and efficiency of a built environment and its occupants. Various processes such as asset management and tracking; equipment and building maintenance; project management; security, health, and safety management; and catering and hospitality are involved while managing any facility, such as residential and commercial buildings. To manage these processes, the facility management solution offers strategic planning and project management, workplace and relocation management, sustainability management, and maintenance management. Thus, the adoption of multiple facility management solutions helps increase the productivity and efficiency of an enterprise. For instance, in September 2021, Kontakt.io integrated IBM TRIRIGA (Workplace Management Systems) to transform real estate management with actual-time, AI-driven space occupancy. TRIRIGA consists of TRIRIGA Building Insights and combines occupancy data from sources, such as WIFI and IoT sensors, with newly embedded artificial intelligence. TRIRIGA provides insights to customers operating in large real estate portfolios, which help them make smarter data-driven decisions. The integration of Kontakt.io with IBM TRIRIGA is expected to deliver AI-powered utilization insights across portfolios, actual-time occupancy monitoring, and space management tools supporting existing IoT infrastructure used in many offices. Such initiatives help in increasing the productivity and efficiency of real estate businesses. Therefore, such factors drive the demand for facility management solutions across Europe.
Russia, France, Italy, Germany, Spain, and the UK are among the worst-hit countries in Europe, considering the count of COVID-19 positive cases. During the COVID-19 outbreak, the facility management solution plays an important role in dealing with the outbreak by helping to create a safe work environment in Europe. For many facilities managers, building sanitization means exploring new products and practices that address COVID-19 specific concerns. Due to the impact of the pandemic, facility managers face the tedious task of re-educating employees and visitors about how to maintain social distancing and follow COVID-19-related safety norms. To survive the pandemic, companies need to focus on customer care and concerns by staying connected to them as per their channel choice, building agile capabilities for fluid times, and adapting to situation-based circumstances. Organizations also need to rethink their business and operating models. Consumers’ search for value for money is a fundamental change in purchase priorities and will be prevalent in the coming years. For this, facility management solution is beneficial for organizations. Therefore, the Europe facility management solution market witnesses a positive impact of the pandemic.
Based on component, the Europe facility management solution market is bifurcated into software and services. Based on application, the Europe facility management solution market is segmented into government, retail, pharmaceuticals, BFSI, transportation and logistics, IT and telecom, manufacturing, and others. Based on deployment, the Europe facility management solution market is bifurcated into on-premise and cloud-based. Based on enterprise size, the Europe facility management solution market is bifurcated into small and medium enterprises and large enterprises. Geographically, the Europe facility management solution market is sub-segmented into Germany, UK, France, Italy, Russia and Rest of Europe.
FM:Systems, IBM Corporation, Infraspeak, Quickbase, Inc, ServiceChannel and Upkeep Maintenance Management are among the leading companies operating in the Europe facility management solution market.
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