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Facility Management Market Boom Expected Due to Cloud and Changing Work Culture

San Jose, Costa Rica - The global facility management market is poised for significant growth, according to a new report by Allied Market Research. The market is expected to reach $119.4 billion by 2030, reflecting a compound annual growth rate (CAGR) of 11.8% from 2021.

This surge is attributed to two key factors: the increasing adoption of cloud-based solutions and the rapid transformation of organizational culture and work styles. Cloud-based facility management software offers a secure and accessible way to manage buildings, infrastructure, and services, while also fostering collaboration among geographically dispersed teams.

The report highlights the growing number of small and medium-sized enterprises (SMEs) as another driver of market expansion. Furthermore, the COVID-19 pandemic has had a surprisingly positive impact. Lockdowns necessitated heightened cleaning and disinfection protocols, increasing demand for facility management expertise.

"The outbreak of COVID-19 significantly increased the demand for facility management services," says the report."Facility management teams were required to ensure and maintain productive, safe, and hygienic work environments."

While the on-premise deployment model currently holds the majority market share, the cloud segment is anticipated to experience the fastest growth rate over the next few years. This reflects a broader trend of businesses migrating towards cloud-based solutions for their various needs.

Geographically, North America held the largest market share in 2020. However, the Asia-Pacific region is expected to demonstrate the fastest CAGR, driven by factors such as rising investment and economic growth.

The report also identifies key players in the market, including CA Technologies, IBM Corporation, and Trimble Inc.These companies are constantly innovating and expanding their offerings to meet the evolving needs of the facility management sector.

Overall, the facility management market presents a promising outlook, fueled by technological advancements and a changing work environment. As businesses increasingly recognize the value of efficient facility management, the demand for these services is expected to continue to rise.

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