The facilities management market is set to reach a value of US$660 million between 2021 and 2025, says a new report from Technavio.
Increased demand for cloud-based FM solutions is listed as one factor supporting market growth.
Forty-three percent of this growth will originate from the APAC region, according to the report. In 2019, APAC held a 39 percent regional share of the FM market.
The US, UK, Germany and, again, China and India are tipped to have the highest global revenue share and remain the largest FM markets. China and India are key markets in the APAC region.
‘Facilities Management Market by End-user and Geography – Forecast and Analysis 2021-2025′ describes the FM market as fragmented, with a number of major players. If the industry consolidates, or if some vendors exit the market, Technavio expects market structure changes to influence market growth.
Separate Technavio analysis expects the global integrated building management systems (BMS) market to grow by US$10.7 billion in the same time-frame. Europe is a key player here, with 34 percent of the market’s growth emerging in the region. The UK and Germany are the key markets in Europe, a market which is expected to grow faster than North America, South America and Middle East/Asia. Asia Pacific is also listed among the fast growing regions.
Our growing awareness about sustainability will influence integrated BMS growth, says Technavio, as the need for efficiency and visibility over systems increases and integrated BMS technology gets easier to use and more affordable.
The Internet of Things (IoT) is a key integrated BMS trend that will gain traction over the forecast period as more devices will support the use of AI (artificial intelligence) and Big Data. “Though such technological transformation entails significant investments for vendors, IoT-enabled integrated BMSs are expected to provide greater connectivity, improved productivity and significant comfort to building inhabitants that will increase [vendors’]”, says a Technavio snapshot of the results.