The global facility management services market was worth approximately $1,314 billion in 2018 and is expected to generate around $2,127.4 billion by 2027, at a CAGR of around 5.5%.
That’s according to a new report by Zion Research, which says there’s increasing demand for integrated facility management owing to growing awareness regarding the benefits associated with its adoption.
Furthermore, the rising concerns regarding corporate social responsibility due to various legislative requirements to decrease ecological footprint is further expected to drive the facility management services market globally.
However, the reports cites a presence of unorganised players delivering low-cost services is restraining the facility management services market growth.
Based on facility management type, the forecast market value includes in-house, outsourced, and integrated. Integrated facility management is expected to show the fastest CAGR over the forecast time period, owing to the growing software need to achieve economies of scale.
By solution, the forecast includes integrated workplace management system, building information modeling, facility operations, and security management, facility environment management, and lease accounting and real estate management.
The facility operations and security management segment held a major market share in 2018, due to the rising software demand from various organizations to manage different operational areas, such as facility lighting, video surveillance and access control, HVAC, and emergency incident management.