The global integrated facility management market is expected to grow from $87.86 billion in 2021 to $94.18 billion in 2022, equivalent to a compound annual growth rate (CAGR) of 7.2%.
Furthermore, the new data from ResearchAndMarkets predicts the market will grow to $119.55 billion in 2026 at a CAGR of 6.15%.
North America was the largest region in the integrated facility management market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the integrated facility management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The report says increasing development of sustainable infrastructure is driving the growth of the integrated facility management (IFM) market, due to the ‘need for enabling economic and social development, as well as environmental sustainability while preserving human fairness, variety, and natural system performance’.
The integrated facility management follows a unique process to make structural, architectural, and operational changes in buildings to reduce the negative impact on their occupants and the environment. For instance, according to The New Climate Economy, a flagship project of the Global Commission on the Economy and Climate, the world is expected to invest $90 trillion in sustainable infrastructure by 2030. These investments are crucial to boosting the economic growth in emerging markets and developing countries in addition to fighting against climate change.
Furthermore, the Organization for Economic Co-operation and Development (OCED) predicts that an annual average investment of $6.9 trillion in sustainable infrastructure is required until 2030 for global development. Both instances indicate the increased development of sustainable infrastructure globally. Hence, the increasing sustainable infrastructure development will propel the growth of the integrated facility management market.
Th report says Technological advancements such as artificial intelligence (AI) are being implemented into integrated facilities management solutions to enable optimum space management. The AI-based technologies employ computer systems to do complex activities formerly performed by humans by their functionalities such as speech recognition, visual perception, and decision making. These tools can gather, store, and analyze large data sets in seconds, enabling facility managers to be more proactive in asset performance management, and send an automatic update in case of issues.
These tools replace many monotonous and time-consuming facility management duties. Key players are focusing on offering AI-based integrated facilities management solutions to strengthen their market position. For instance, in January 2020, the American multinational technology corporation IBM incorporated artificial intelligence (AI) into its TRIRIGA solution to assist real estate and facilities management professionals in better use of office space and provide a more engaging work environment.
One of the world’s top integrated workplace management systems TRIRIGA includes TRIRIGA Building Insights, as well as integrates occupancy data from WIFI and/or IoT sensors with freshly incorporated AI. It helps firms and facility managers gain insights into how more effectively they can utilize space across their enterprises.