In 2022, the global facility management market reached a size of USD 1,260.0 billion, with projections indicating an increase from USD 1,291.6 billion in 2023 to USD 2,031.4 billion by 2030, reflecting a 6.7% compound annual growth rate (CAGR) during the forecast period. The growth of the global facility management market is propelled by heightened demand for efficiency, sustainability, and technology integration. Factors such as evolving workplace trends, regulatory compliance, and globalization contribute to this expansion.
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The International Facility Management Association (IFMA) defines facility management as integrating a real workplace with an organization's workforce and work, which include activities such as equipment upkeep, space planning, and portfolio forecasting. These services include leadership & strategy, real estate & property management, project management, quality, human aspects, emergency planning & company continuity, environmental sustainability, and others. This industry, which is described as offering maintenance assistance, user management, and project management, has seen significant growth over the past 20 years as a result of the initial increase in urbanization and industrialization.
Key Industry Development:
May 2022: NHS Shared Business Services unveiled a second-gen facility management solution designed to enable innovative, cost-effective, and high-quality solutions.
Market Drivers and Restraints:
Growing Infrastructure Spending to Boost Market Growth
Government organizations worldwide make significant investments in the building and infrastructure industries. Three factors — renovation of existing structures, new building construction, and civil engineering — are crucial for infrastructure development. However, in the current global environment, the sector is well-positioned to benefit from infrastructure expenditures. The majority of the services associated with this industry's performances and market expansion are linked to the market tendency for renovating existing buildings. To maintain the infrastructure clean and green, smart building construction, governmental bodies in emerging nations engage in contracts with a variety of private contractors, including service providers and several foreign players. These factors augment the facility management market growth.
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