Integrated Facilities Management Market to Touch $873 Billion Mark by 2024, Says Beroe Inc
RALEIGH, North Carolina, April 15, 2021 /PRNewswire/ -- The global integrated facilities management market is witnessing healthy growth and is expected to grow at the same pace in the coming years, says Beroe Inc
The global integrated facilities management market size was $714 billion in 2019, which rose to $740.1 billion in 2020. It is expected to grow at a CAGR of 4 percent to $873.27 billion by 2024. Integrated facilities services drive the growth of the integrated facilities management market, with countries like the U.S., Australia, New Zealand, France, and Spain leading in the rankings.
Beroe, which is based in North Carolina, further stated that procurement experts could access this report on its recently launched market intelligence platform Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/
The high-maturity regions like the U.S., UK, and Germany have established integrated facility management services for more than two contract generations. Whereas, low-maturity regions like Asia, Africa, and South America own a moderate demand due to highly-scattered service, which is subsequently a result of inefficient integrated facilities management strategy and other factors. Countries like India, China, Mexico, and Brazil witness global integrated facilities management companies trying to enter the market owing to the higher scope and lower competition. On the other side, medium-maturity regions like UAE, Saudi Arabia, and Canada enjoy global facility management services with good prospects.
Highlighting the risks and opportunities, the market is unstable with downward trendlines in development rate and no recovery until 2021. Notwithstanding, the market is expected to improve by 2022 because of the requirement for keen and adaptable structures.
Due to the global pandemic, buyers prefer to contract experienced service providers to assist them in the process without human contact. Hence, facility management forecasts continuous growth at a moderate rate. The integrated facilities management will witness the wave of disruption followed by outsourcing, technological innovations, and workplace strategies. During COVID-19, FM services that include cleaning and security were in high demand. There was a market gap between demand and supply due to the shortage of raw materials and turnaround time.