According to a new report by Fact.MR the facility management industry is expected to generate total sales of around US$ 47.5 billion in 2022
The facility management industry is expected to generate total sales of around US$ 47.5 billion in 2022, according to a new report by market research firm, Fact.MR.
With a compound annual growth rate (CAGR) of 12.5 per cent anticipated for the global FM market, the report’s insights reveal that the industry could reach a value of over US$ 153 billion by 2032.
The Industrial Internet of Things (IIoT) is accelerating the need for new legal frameworks and cutting-edge business technology in emerging economies. For those involved in FM, this is likely to open up lucrative prospects, says Fact.MR.
The need for technology like big data analytics and cloud computing to manage operational activities and private details is also being driven by an increase in workflow across a variety of industries. In the upcoming years, it is anticipated that this would result in increased investments in facility management services.
Industry adoption of management services is forcing businesses to preserve sensitive information, enhance customer satisfaction, and increase operational efficiency, which is driving up demand for facility management.
Additionally, the continued development of smart city initiatives in developing nations raises the demand for cleaning and maintenance services, opening up opportunities for market expansion. Sales in the market are anticipated to increase as a result of rising need for data management and security in the IT and telecom, banking, financial services and insurance (BFSI), real estate, and healthcare sectors.
● Until 2032, the facility management business is anticipated to present an absolute potential worth US$ 153.7 billion.
● According to estimates, the US is the market leader, offering an opportunity worth an estimated US$ 53.4 billion throughout the evaluation period.
● Through 2032, it is predicted that sales in the facility management industry in China would grow at a CAGR of 12.2 per cent.
● Manufacturing, construction, and real estate are expected to have vertical growth between 2022 and 2032 at a CAGR of 12.4 per cent.
● Over the projection period, the IT & telecom vertical is anticipated to develop at a CAGR of 5.7 per cent.
● Sales of facility management are expected to be boosted by the growing use of automation and cloud computing in businesses to boost efficiency.
● Applications of facility management will increase as there is a growing need to maintain a defined workflow across numerous industries.
● Ongoing amendments in industrial policies to meet changing business needs result in improper documentation. This limits the adoption of modern technologies due to high cost and time constraints, thereby restraining sales in the market.
● Lack of skilled and trained experts in developing countries is estimated to hinder the implementation of facility management.