Information Technology
Facility Management Market to Surpass US$ 153 Bn, Registering Staggering 12.5% CAGR by 2032
NEW YORK , June 21, 2022 /PRNewswire/ -- Total sales in the facility management market are poised to reach around US$ 47.5 Bn in 2022. Exhibiting growth at a CAGR of 12.5%, the global facility management market is projected to be valued around US$ 153 Bn by 2032.
Advent of Industrial Internet of Things (IIoT) is boosting the requirement for advanced business technologies and new regulatory policies in emerging economies. This is likely to create lucrative opportunities for facility management players.
In addition to this, rising workflow in across various industries is propelling the demand for technologies such as big data analytics and cloud computing to manage operational activities and private details. This is expected to increase investments in facility management services in the forthcoming years.
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Rising focus on improving operation efficiency, client experience, and protecting vital information is compelling industries to adopt management services, thereby propelling the demand for facility management.
Also, ongoing establishment of smart city projects in developing countries increases the demand for cleaning and maintenance services, thereby creating prospects for growth in the market.
Growing demand for data management and security in the IT and telecom, banking, financial services, and insurance (BFSI), real estate, and healthcare industries is expected to bolster sales in market.
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Key manufacturers profiled in the global facility management market are incorporating modern technologies such as cloud computing and automation into their product line to expand their business. They are also adopting inorganic strategies such as collaborations, partnerships, and mergers to strengthen their global footprint.
For instance,
Fact.MR in its latest study analyses key drivers, opportunities, and other factors promoting the growth in the facility management market during the forecast period of 2022 to 2032. This study also offers a detailed analysis of the facility management market through segmentation as follows:
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