Integrated Facilities Management Market to Touch $873 Billion Mark by 2024, Says Beroe Inc
Source: PR Newswire
RALEIGH, North Carolina, Apr 15, 2021 - The global integrated facilities management market is witnessing healthy growth and is expected to grow at the same pace in the coming years, says Beroe Inc
The global integrated facilities management market size was $714 billion in 2019, which rose to $740.1 billion in 2020. It is expected to grow at a CAGR of 4 percent to $873.27 billion by 2024. Integrated facilities services drive the growth of the integrated facilities management market, with countries like the U.S., Australia, New Zealand, France, and Spain leading in the rankings.
Beroe, which is based in North Carolina, further stated that procurement experts could access this report on its recently launched market intelligence platform Beroe
The high-maturity regions like the U.S., UK, and Germany have established integrated facility management services for more than two contract generations. Whereas, low-maturity regions like Asia, Africa, and South America own a moderate demand due to highly-scattered service, which is subsequently a result of inefficient integrated facilities management strategy and other factors. Countries like India, China, Mexico, and Brazil witness global integrated facilities management companies trying to enter the market owing to the higher scope and lower competition. On the other side, medium-maturity regions like UAE, Saudi Arabia, and Canada enjoy global facility management services with good prospects.
Highlighting the risks and opportunities, the market is unstable with downward trendlines in development rate and no recovery until 2021. Notwithstanding, the market is expected to improve by 2022 because of the requirement for keen and adaptable structures.
Due to the global pandemic, buyers prefer to contract experienced service providers to assist them in the process without human contact. Hence, facility management forecasts continuous growth at a moderate rate. The integrated facilities management will witness the wave of disruption followed by outsourcing, technological innovations, and workplace strategies. During COVID-19, FM services that include cleaning and security were in high demand. There was a market gap between demand and supply due to the shortage of raw materials and turnaround time.
The key market trends include the expansion of globally integrated facility management companies in APAC and MEA regions, which will lead to the need to outsource FM services. APAC is expected to be the market leader in the outsourced FM services segment that will result in the growth of economies like India. The notable technology trends underline the extensive use of artificial intelligence, IoT, and data analytics, as well as a higher focus on energy efficiency and conservation, followed by the increased use of robots and drones.
The price breakdown of different categories of integrated facility management services is expected to remain consistent in the coming years due to the limited potential for additional mechanization in this industry. The developed regions like the U.S., UK, and France confer potential for a rise in price in the coming years. At the same time, the dearth of specialized skills can lead to the rise of specific services in the integrated facilities management market.
- The surge of facilities management sourcing and integrated facility solutions will boost the integrated facilities market.
- Developing regions like India, Brazil, and Latin America will soon witness the entry of global integrated facility management companies.
- The demand for facilities management will continue to rise and drive market growth further.
- Some regions like LATAM will continue to testify low demand as it comes under the worst affected region.
- The principal facilities management services that were affected due to COVID-19 were catering and waste management.
The report from Beroe includes:
- COVID-19 impact
- Market analysis
- Supply analysis
- Market monitoring insights
- Procurement best practices
- Negotiation support levers
- Innovation framework
- End-use industry updates
- Facilities management swot analysis
About Beroe Inc
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.