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Facility Management (FM) Market Trends

Report ID: GMI4403
Published Date: Mar 2024
Report Format: PDF

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Facility Management Market Trends

The transformative shift driven by the rising adoption of AI in management practices by leading companies will contribute to industry development. AI-enabled solutions are revolutionizing how facilities are managed, offering predictive analytics, automation, and real-time monitoring capabilities. This trend is propelled by the growing recognition of the potential of AI to optimize operations, enhance efficiency, and reduce costs in facility management. Leading companies are leveraging AI-powered technologies to streamline maintenance processes, improve energy management, and enhance occupant experience.

By harnessing AI, facility managers can proactively identify issues, prioritize tasks, and make data-driven decisions, thereby maximizing the performance and lifespan of facilities. The rising evolution of AI and its integration into facility management practices is expected to accelerate, further shaping the facility management market with greater efficiency and innovation.

To cite an instance, in August 2023, CBRE achieved a milestone with its AI-Powered facilities management solutions, surpassing deployment across 1 billion square feet. Through CBRE's Smart FM Solutions, facility maintenance was revolutionized by harnessing the Nexus AI-based platform and its extensive repository of building operations and utilization data.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of facility management (FM) reached USD 1.6 trillion in 2023 and is set to expand at over 10% CAGR between 2024 and 2032, owing to the increasing investments from leading companies.

The hard services segment held 52% of the market share in 2023 and is projected to surpass USD 1.8 trillion by 2032, driven by the rising cruciality for ensuring the smooth functioning and safety of facilities.

North America market accounted for 28% revenue share in 2023, due to the dynamic business landscape, stringent regulatory environment, and emphasis on sustainability in the region.

Some of the major companies engaged in the market are Aramark Corporation, CBRE Group, Compass Group PLC, Cushman and Wakefield, EMCOR Group, G4S Plc, ISS Facility Services, Jones Lang LaSalle Inc, SODEXO, and Veolia Environment.