The global facility management market size is expected to reach USD 113.31 billion by 2030, according to a new study by Polaris Market Research. The report “Facility Management Market Share, Size, Trends, Industry Analysis Report, By Service (In-house, Outsourced); By Type (Hard Services, Soft Service); By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of the market is greater in North America as compared to other regions. Government organizations worldwide make significant investments in the building and infrastructure industries. The construction of new buildings, civil engineering, and the rehabilitation of existing ones are the main factors for the high growth of the industry in the region.
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As a result, the industry is anticipated to be driven by the expansion of the infrastructure sector in several nations. Furthermore, there are plenty of prospects for obtaining contracts from the private sector, which expands the industry.
One of the key reasons propelling the FM market is the rising demand for contract procurement from all over the world. There were very few worldwide agreements before the 2000s. Close to ten years ago, there were 30 to 50 worldwide contracts with an average annual income of $100 million – $500 million.
International contracts are continuing to increase today and are predicted to bring in more than $800 million in income. Furthermore, during the next four to five years, 15% to 20% of end-users globally plan to upgrade their facility service purchases and switch to an IFM contract.
In 2021, North America accounted for a significant 34.9% of the global market. North America was able to maintain a significant revenue share in 2021 because of innovation and the implementation of advanced automation solutions. The COVID-19 pandemic used to have a good influence on the industry since teams now have to provide a secure, productive, and sanitary workplace with a whole different approach, which requires more time and money to preserve the facilities and reduce infection risk.
Facility Management Market Report Highlights
- When compared to building an internal staff to handle on-demand facility demands for customers, outsourced on-demand facilities management offers significant advantages. Various regulatory organizations encourage businesses to uphold appropriate industry standards and requirements for all business operations. These regulatory organizations have been crucial in assigning to several consumers from numerous end-user industries.
- High security and strict regulations give management teams the chance to implement technology solutions that can improve facility management while reducing related risks.