Trends Shaping the Future of the Facility Management Market

Learn some of the developments that will impact facility management market trends.

By Poojah Sharma

 

The physical environment of an establishment has a major role to play in the way it functions. With physical asset models in retail, office, and restaurant spaces continuing to evolve, the demand for facility management will also witness an upsurge. The transition of facility management over the years has altered the way enterprises operate. There has been a tremendous rise in the emergence of IoT and automation, which has led to the evolution of real estate models and IT infrastructure, improved employee engagement, and rising focus on their health and wellness while ensuring environmental sustainability.

Adequately managed facilities help save on the costs of managing both the premises and equipment, and boosts employee morale while elevating their efficiency and engagement at the workplace. The need for consistent, accurate, secure, complete, timely compliance to protect employees and assets and deter unauthorized access to an establishment will push the growth of the global facility management industry into the future.

A report by Global Market Insights states that the facility management market size may hit $2 trillion by 2027, backed by increasing cloud deployments due to COVID-19 and prominent remote working and outsourcing trends. Moreover, rising organization requirements to keep track of the assets and increase productivity will positively influence the industry.

Trends Shaping the Future of Facility Management Market Chart

Robust Growth of Automated Monitoring Infrastructure

Cloud-based facility management solutions could gain substantial momentum in the foreseeable future, driven by increasing product integration across the healthcare and corporate verticals. For instance, in Jan 2022, Hallmark Health Care Solutions earned the Service Organization Control Type II audit certificate for its data protection controls across the healthcare sector. The company has also been approved as a Microsoft Gold Partner in eight competencies.

Cloud-based FMS may gain a competitive edge over their traditional counterparts due to several benefits, such as remote accessibility, security from data loss, and improved managerial efficiency. Further, they require no installation, and thus save on IT handling charges, making it a cost-efficient alternative to on-premise FMS.

Global Outsourcing Trends

There has been a considerable rise in outsourced facilities in the past two years due to the global pandemic and rapid integration of remote working trends across the globe. Outsourcing can bring huge business benefits by minimizing the labor charges, increasing efficiency and flexibility, offering better access to resources or skills while increasing flexibility to satisfy varying company and retail prerequisites. Moreover, it reduces ongoing acquisition of internal infrastructure and cash influx and helps focus on the core business.

Jan 2022, the FDA announced that it would engage with facility apothecaries, staff, and administration through interviews, surveys, and focus groups. It will collect information to identify transmission voids and functional hindrances that may exist. As per the FDA, the analysis will help its forthcoming approaches to communication, education, training, and engagement with the outsourcing industry more broadly.

Poojah Sharma HeadshotPursuing her professional career as a content writer for over two years now, Pooja Sharma has a post-graduate degree in English Literature. Her work is a balanced blend of her ever-growing love of language and the technical expertise that she has gained over the years. An aspiring singer and part-time cook, Pooja aims to broaden her horizons and deliver wisdom through her work.

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