International. The global Facility Management market reached a value of US$48.9 billion in 2020. Looking ahead, IMARC Group expects the market to grow at a CAGR of 13.2% during 2021-2026.
Given the uncertainties of COVID-19, the direct and indirect influence of the pandemic on different end-user industries continues to be tracked and evaluated.
The emerging trend of digitalization, coupled with the increasing adoption of the Internet of Things (IoT) and cloud-based software, currently represent the key factors driving the growth of the market. Utilizing advanced technologies, such as cloud computing and augmented reality (AR) to manage a building, has allowed managers to reduce their reliance on human resources and improve their operational efficiency. In addition, the emergence of Integrated Facility Management (MFI) is acting as another growth-inducing factor.
IFM improves productivity by simplifying repetitive operations and combining all office-related functions into a single management team. FM services are also used to conveniently manage employees at home, on the go, after hours and employees, as well as outsourced services, while ensuring the availability of all the tools needed to achieve maximum productivity.
Apart from this, these solutions are used to create a safe working environment, reduce energy costs and asset tracking. In addition, the implementation of favorable government policies that promote infrastructure automation, coupled with the increasing adoption of the software-as-a-service (SaaS) deployment model, is anticipated to further drive the market.
Facility Management (FM) refers to an integrated system of technologies that are used to improve the efficiency of commercial and residential spaces. FM solutions, such as building management, operations and security management, computer-aided facility management (CAFM), etc., are used for space planning, equipment maintenance, portfolio forecasting, business continuity, emergency preparedness, and environmental sustainability.
For organizations and offices, their goal is to ensure maximum productivity by streamlining and standardizing routine tasks. Because of these benefits, FM solutions find wide applicability in the residential, banking, financial services and insurance (BFSI), retail, healthcare and education sectors.
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