Facility management market

The United States Facility Management market is anticipated to reach a value of $345.55 billion by 2028 from $209.69 billion in 2022, growing at a compound annual growth rate (CAGR) of 6.9 percent, according to recent findings from Research and Markets. Growing interest of governments of several countries in investing in infrastructure development, especially in the construction of railways, ports, airports and many other infrastructures, is boosting the growth of the facilities management software market. Numerous collaborations with some private contractors and various government projects with international players are also expected to boost the market growth.

Facilities management is basically divided into two areas: hard facilities management (hard FM) and soft facilities management (soft FM). Hard facilities management deals with physical assets such as heating and cooling, elevators, and plumbing, while soft facilities management deals with human-performed tasks such as lease accounting, catering, security, groundskeeping, and custodial services. Facility management software helps businesses manage their entire repair and maintenance operations from her web-based panel.
Government projects to propel the demand
As a part of united bid which features United States, Mexico & Canada to jointly host the 2026 Men's FIFA World Cup. Out of the 16 venues in the North American continent for the world cup, 11 of them lie in the US. None of the stadiums that hosted the 1,994 World Cup in the US will be used for the 2026 edition. Moreover, Miami, one of the hosts for the World Cup will be provided with $5 million from Enterprise Florida for preparing the city for the mega event.

As investments are set to be in millions of dollars, it is expected to thrive the facility management market in the country.
The United States will host Summer Olympics 2028 at Los Angeles after winning the bid in the year 2016. It is estimated that the total cost of spending for the games will be around $6.9 billion. The government has already started work on transportation projects including Airport Metro Connector connecting the Metro system to the Los Angeles International Airport (LAX) and the Metro D (Purple) Line which will be nearby to the Games Village.

The last time Los Angeles hosted the games was in 1,984, so the city needs a much new and upgraded infrastructure in comparison to the last time. As Olympic games are expected to have athletes from around 200 countries along with their spectators, demand for facility management is expected to rise during the forecast period.
In the year 2021, the US had announced to release a whopping amount of $1.2 trillion as a part of its infrastructure package. Under this package, new infrastructure projects and upgrade of the existing ones will be announced related to airports, metro and rail projects. 

Security concerns related to device and network security are among the factors restraining the market growth. Increased security breaches and growing threats from cybercriminal groups have created skepticism and hindered the growth of the market. 

Read more on the industry's drivers and threats here.