Facilities Management Market to Grow 12.5 Percent

The facility management industry is expected to reach $47.5 billion in 2022, growing at a CAGR of 12.5 percent to reach $153 billion by 2032, according to Fact.MR. 

Technology like data analytics, cloud computing and Industrial Internet of Things (IIoT) is largely driving the increase as more companies look for ways to better manage operational activities. Meanwhile, industry adoption of management services is forcing businesses to preserve sensitive information, enhance customer satisfaction and increase operational efficiency.  Additionally, the continued development of new real estate and smart buildings is expanding the need for facilities management positions.  

Key Takeaways from the report: 

• Until 2032, the facility management business is anticipated to present an absolute potential worth $153.7 billion. 
• Manufacturing, construction, and real estate are expected to have vertical growth between 2022 and 2032 at a CAGR of 12.4 percent. 
• Over the projection period, the IT & telecom vertical is anticipated to develop at a CAGR of 5.7 percent. 

Mackenna Moralez is the associate editor of FacilitiesNet.

 

  

Next

---

Read next on FacilitiesNet