A new report by Global Market Insights estimates that the market valuation for facility management will increase from the $1 Trillion valuation in 2019 to over $2 Trillion by the year 2026. Growth will increase with a CAGR of approximately 5%, despite the restrictions of the COVID-19 pandemic on the industry.
This growth will ride the rising demand in the tourist sector for superior experiences requiring facility management services at restaurants, hotels, airports, and entertainment centers. Government initiatives toward the building of smart cities will also support the growth of the market as these technological advances will need new infrastructure in commercial spaces, educational zones, logistics, and transportation centers.
The report looks closely at 24 countries including the U.S., Canada, UK, and Germany among others and covers 20 landmark companies, like Aramark, the Tenon Group, Cushman & Wakefield, and CB Richard Ellis (CBRE).
Focusing on markets by type, service, and application, the report predicts that the two greatest challenges the industry will face is the slow adoption of outsourced facilities management and the difficulty integrating facility management with legacy systems.