International. The size of the global facility management market reached a value of US$39.8 billion in 2018. Looking ahead, this global market is projected to reach a value of US$74.4 billion by 2024, recording a CAGR of around 11% during 2019-2024.
The emerging trend of digitization, 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 (IFM) 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 at home, after hours and employees, as well as outsourced services, while ensuring the availability of all the necessary tools for maximum productivity.
In addition to 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.
Source: ResearchAndMarkets.
