The global facilities management market is projected to reach $1.62 trillion by 2027, driven by technological advances and the impact of COVID.
According to a report published by Fortune Business Insights, Facility Management Market Size, Share & COVID-19 Impact Analysis, the market was worth $1.24 trillion in 2019 and will experience a CAGR of 4% during the forecast period.
The report covers a wide range of FM segments, including maintenance, support, project management and user management.
It says rising investments in the development of efficient management services will help FM companies improve their overall business outlook, ensuring safety and comfort in the workplace and subsequently enhancing the quality of the work environment for clients.
The report asserts that the global facility management market will derive growth from massive technology investments as well as advances in the deployment of advanced concepts by major companies across the world. The rising demand for an improved workplace environment and the increasing awareness regarding workplace safety will create several growth opportunities for the companies operating in the market.
In addition, the COVID-19 pandemic has created a sense of panic among people across the world. Accounting to the rapid spread of the disease, governments across the world have imposed well-documented lockdowns. Moreover, the practices followed by people to curb the spread of the disease have led to a shutdown in businesses.
However, corporate offices are resuming operations under certain conditions and this will subsequently create several opportunities for the companies in the facility management market, the report says. In particular, it says the demand for sanitized and safe workplaces due to the coronavirus outbreak will bode well for the growth of the overall market in the immediate future.
