Facility Management Market to Generate Revenue of $109.05 billion By 2028 | Sustainability is Trending Demand
Global facility management market was valued at USD 42.2 billion in 2021, and it is expected to reach a value of USD 109.05 billion by 2028, at a CAGR of 12.60% over the forecast period (2022–2028).
Westford, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) — In today’s economy, it is more important than ever for businesses to ensure that their facilities are in top condition. Facility management services can help businesses achieve this goal by coordinating the maintenance and improvement of facilities, as well as managing the risks associated with them. In addition, facility management can provide strategic advice on how to best use a facility’s space and resources. The demand for facility management market is growing rapidly, as businesses look for ways to save money and improve their operations. This growth is likely to continue in the near future, as there are many benefits to be gained from having skilled facility managers on staff.
With each passing year, facilities are facing increased pressure to get more out of their assets. In order to meet these demands, organizations have to manage their facilities in a different way than they have in the past. Analyst at SkyQuest says the focus must shift from managing hardware and software to optimizing operations and working closely with users. Organizations also need to make better use of data to optimize their buildings and operations. The rapid changes in technology are forcing organizations to rethink their approach to facility management.
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The global facility management market is witnessing a healthy growth thanks to rapid urbanization, increasing consumerism, and rising demand for health and environmental facilities. However, one of the major challenges faced by the players in this market is the limited understanding of customer requirements among various segments. The advent of smart buildings and IoT has made it easier for managers to manage complex facilities efficiently.
Some of the leading players in global facility management market include Sodexo, CBRE Group, and Jones Lang LaSalle Incorporated. These companies offer comprehensive solutions that cover all aspects of facility management from design to operation.
Top Trends in Global Facility Management Market
- Sustainability: With climate change becoming an increasingly prominent global issue, many facilities managers are striving to create sustainable environments that do not impact future generations negatively. By adopting best practices such as energy conserving measures and using recycled materials where possible, Facility Management can help reduce environmental impact while maximizing comfort for staff and visitors.
- Cloud-based applications: The proliferation of cloud-based applications has made managing facilities more efficient and less time-consuming for facility managers. These applications are accessed through a variety of devices, including desktop computers, laptops and smartphones, offering more flexibility for facility managers when working outside the office. Additionally, cloud-based applications allow for instant alerts and updates in case of emergencies or changes in conditions inside the facility.
- Virtualization and mobility: Facility managers in the global facility management market are making use of virtualization technology to deploy multiple applications in a single environment, improving efficiency and reducing costs. They’re also increasingly using mobility tools to enable employees to work from any location.
- Diversifying the use of data to drive decision making. Data is at the heart of many modern facility management practices, from detecting and preventing operational problems early on to developing long-term strategies. By utilizing data analysis tools, managers can make smarter decisions that improve efficiency and productivity while reducing costs.
- Advanced analytics: Facilities managers are using advanced analytics to identify trends and patterns in data in order to make better decisions across global facility management market.
- The expansion of the gig economy has led to a growth in the need for affordable, accessible facilities that are able to accommodate a variety of work schedules. This has created a demand for flexible workplace designs that can be adjusted to meet the needs of individual employees.
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Increasing Threat of Cybersecurity is Becoming Challenging for Facility Management
As the world becomes increasingly digital, the threat of cybersecurity is becoming an area of concern for facilities managers. According to a study by SkyQuest, cybersecurity threats will become the top cost driver for organizations between 2022 and 2028. The study found that 56% of IT and business decisionmakers in the global facility management market believe that increased cyberattacks are already causing them to spend more on security solutions than they were in 2017. In the last five market the global facilities management market has witnessed 39% rise in the cyber attack and have cost the companies over $600 million in damages. Today, more than 80% organization does not have any kind of cybersecurity, around 10% are trying to implement them, and 5% are having them to some level.
As per SkyQuest’s findings, nearly half (47%) of respondents in the facility management market said their computer network was compromised as a result of a data breach, costing their organization an average of $7 million per event. That figure climbs to $14 million per event for respondents who lost customer data in a breach. Clearly, knowing the financial impact of a breach is key to deciding whether investing in cyber security is worth it.
As cybercrime continues to rise, facilities managers are becoming more concerned about the growing threat of cybersecurity. This is because cybercrime can lead to a range of financial and operational problems for facilities managers. One of the main risks associated with cybercrime is the potential theft of confidential information. This could include data on equipment and materials, as well as client records across global facility management market. In some cases, hackers have also been known to access confidential information through social engineering attacks, in which they convincingly trick individuals into revealing confidential information.
SkyQuest has published report global facilities management market. The report would help you in gaining insights about demand for cybersecurity, its implementation, potential consumer base, impact and loss due to vulnerable cyber-attacks by countries, most preferred partners, consumer behavior, among others.
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Key Players in Global Facility Management Market
- Sodexo (France)
- CBRE Group, Inc. (US)
- ISS A/S (Denmark)
- Compass Group (UK)
- Aramark (US)
- Jones Lang LaSalle Incorporated (US)
- Cushman & Wakefield plc. (US)
- Tenon Group (India)
- Johnson Controls International plc. (Ireland)
- Dussmann Group (Germany)
- Serco Group PLC (UK)
- Mitie Group Plc (UK)
- G4S Plc (UK)
- Veolia Environment (France)
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