International. Recently, ResearchAndMarkets.com released its Facilities Management Market Report, it presents an overview of the sector in the period between 2018-2023. Similarly, the report provides analysis and forecasts of the sector. Find below some details of this report.
The global facilities management market was valued at US$31.96 billion in 2017 and is expected to reach a market value of US$64.5 billion by 2023, recording a CAGR (Compound Annual Growth Rate) of 12.41% during the forecast period of 2018-2023. Cloud deployment is expected to witness a healthy CAGR.
Companies are moving beyond the traditional concept of facilities management, to address the rapid technological changes and current business needs, which are helping the increasing adoption of these solutions.
Study segmentation is done through strategic planning and project management, asset and inventory management, maintenance management, workplace management and relocation, and sustainability management. Market segmentation is through consulting, managed services, integration and deployment, and by type of on-premises or cloud deployment.
IoT adoption is a huge opportunity
Today, companies are increasingly looking for a culture of ease of work, instant merchandise management and workflow, and copying the idea of connected devices. Therefore, facility management will soon be ready to look drastically different from just a decade ago. With the introduction of next-generation technologies, such as the Internet of Things and advanced connectivity spectra, such as 5G, the digital transformation of business centers is expected to have an increase in demand in the coming years. In addition, the number of IoT-connected devices is expected to reach 30 billion by 2020.
Key developments in the market
Within the report, different aspects that are considered key are announced, here we detail some:
- January 2018: AAF International announced the acquisition of RIS Facility Management GmbH. With this acquisition, AAF International is expected to expand its operational footprint and increase both the quality and quantity of services offered in Germany and the rest of Europe. The acquisition is also expected to help AAF meet its customers' demand for value-added air filtration solutions in Germany.
- January 2018: Al Naboodah Group Enterprises (ANGE) entered the facilities management (FM) industry with the launch of Al Naboodah Facilities Management. With this new entry, competition in the UAE is expected to increase. The business is expected to complement Al Naboodah's construction business.
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