FACILITY MANAGEMENT MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Facility Management Market Analysis:

The Facility Management Market is projected to experience substantial growth in the coming years. It is estimated that the market size will reach USD 1.59 trillion by 2028, growing at a CAGR of 4.66% during the forecast period (2023–2028), with an estimated value of USD 1.27 trillion in 2023. Facility management is a multifaceted discipline that has a significant impact on the productivity and efficiency of organizations. The adoption of a new management system standard that conforms to the best industry practices serves as a benchmark for the development and implementation of effective strategic, tactical, and operational FM principles worldwide.

The FM industry has experienced a high degree of commoditization of services, and end-user industries are highly price-sensitive, resulting in shorter-term contracts. The oversupply of commercial real estate has put pressure on rent yields, leading customers to reduce costs on FM services. However, FM providers’ late involvement in the construction cycle, specifically post-construction maintenance, has decreased. FM players offering asset management have been involved in the early stages of infrastructure development, providing FM consultancy for preventive maintenance, longer asset life, and longer-term contracts. Enova aims to achieve digital omnipresence and customer service prominence to support smart FM in the Middle East, promoting growth and modernization.

The demand for FM services is increasing due to the rising investments in healthcare infrastructure and the construction of healthcare facilities. Infrastructure has become a critical element in providing healthcare to the public, resulting in increased investment in healthcare infrastructure development worldwide. Healthcare organizations are significantly investing in facilities to deliver advanced healthcare services.

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