The bundling of FM services by suppliers is driving significant growth in the sector, according to new research from TMR.
Its new report predicts that the global FM market is set to rise at a 13.6% CAGR to reach $1,887 billion by 2024, up from $606.4 billion in 2015.
TMR says an increasing number of companies have been providing bundled FM services – a combination of soft and hard offerings – in order to improve the efficiency of business processes and deliver quality and valued services to their clients.
The report cites several companies in the UK, including 14forty FM Support Services and G4S plc, that have been bundling security, cleaning, reception, food & hospitality and workplace management.
On the other hand, the report points out that single-point delivery services have successfully helped improve services and brought down overall cost.
Companies have also found that total FM services provide central control to the entire facilities management operation and minimise complexities in delivery.
Overall, more companies are aiming toward a reduction in maintenance and operation costs, which means facilities management has emerged as the ideal solution for firms in the short, medium, and long term.
The report asserts that FM services have been supporting companies in reducing capital expenditure and increasing investments in primary services, a goal which it says most organisations strive for.
Energy consumption is also a now a major consideration for firms when choosing their FM partners – as such, by developing an integrated design for business operations, FM services are now in high demand from companies seeking to curb their energy usage.