In 2022, the facility management industry is expected to generate total sales of around US$47.5 billion. The worldwide facility management market is anticipated to grow at a CAGR of 12.5% and reach an estimated value of US$153 billion by 2032.
In emerging economies, the demand for modern corporate technology and new legal frameworks is increasing as a result of the Industrial Internet of Things (IIoT). This is probably going to open up a lot of profitable opportunities for individuals who work in facilities management.
An expansion in workflow across several industries is also driving the need for technology like big data analytics and cloud computing to handle operational activities and private details. This is expected to lead to higher spending on facility management services in the future years.
Demand for facility management is rising as a result of organizations being forced to protect sensitive information, improve customer happiness, and boost operational efficiency.
Additionally, as smart city projects continue to be developed in emerging countries, there are more prospects for market growth as a result of the increased need for cleaning and maintenance services.
Because of the growing demand for data management and security in the IT and telecom, banking, financial services and insurance (BFSI), real estate, and healthcare sectors, sales in the market are predicted to rise.
- The facility management business is expected to offer a US$ 153.7 billion potential through 2032.
- According to estimates, the U.S. 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%.
- Manufacturing, construction, and real estate are expected to have vertical growth between 2022 and 2032 at a CAGR of 12.4%.
- Over the projection period, the IT & telecom vertical is anticipated to develop at a 5.7% CAGR.
Competitive Environment: several
Modern technologies like cloud computing and automation are being incorporated into product lines by leading manufacturers profiled in the global facility management market to grow their businesses. To expand its worldwide footprint, they are also implementing inorganic techniques including mergers, partnerships, and collaborations.
- By combining human and mechanical labor in 2022, BVG India will be able to deliver superior services in several industries. The company primarily focuses on offering services like facilities management services and integrated services.
- In May 2020, Oracle Japan and Propre Japan Inc. jointly created Propre, a global big data platform for real estate that is accessible in 17 nations. Oracle’s clientele is expected to grow as a result of this deal in the upcoming years.
Key Companies Profiled by Fact. MR
- Facilities Management Express (FMX)
- MRI Software
- Service Works Global