Facilities management industry scoped to tip $809 billion by 2024

by Liv Croagh
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It seems that Facilities Management Services is on the up and up, with new figures scoping the global industry to be tipping nearly $810 billion in less than two years.

The growth of the FM industry is showing no signs of slowing. In 2020, it was worth $753 bullion and increased by 10 billion the following year, but these increases are becoming bigger with the next scope. 

Some of this can be reflective of global lockdowns increasing the demand of complex cleaning services. The other impact of facilities management will likely be indirect, but will be attributed to the effects of the conflict in the Ukraine as it feeds through global commodity prices, inflation, bond and ultimately economic growth.

There has also been a demand towards flexible contracts and the ever popular growing market of co-working space, with the rise of businesses like The Commons and WeWork. In Q1, the market witnessed an uptick in the need for FM services in these places, that included HVAC, cleaning, catering as well as physical security. This saw a four percent global rise, and these numbers show no signs of slowing.

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