Facilities support is big business, according to a recently available report on the market.
The Facilities Support Services Global Market Report 2024 revealed that the market grew by almost $20 billion in one year, moving over the $200 billion mark to $201.63 billion worldwide. The rise in value is attributed to facility leaders focusing on core competencies, outsourcing, expanding cost efficiency measures and technological advancements.
As facility managers and building owners focus on health and safety compliance issues while also addressing aging infrastructure and striving for energy efficiency, the market is expected to grow annually at 10.2 percent, reaching $297.16 billion in 2028.
The rising value of the industry shows an increasing emphasis by facilities on sustainability and green practices, smart building technology, remote monitoring, digital transformation and cybersecurity concerns.
If they don’t use their own in-house staff, institutional and commercial facilities often rely on support service companies for services such as maintenance and security.
Dave Lubach is executive editor for the facilities market.
