8 January 2019 | Herpreet Kaur Grewal
The global unified facilities management market is set to grow by 15 per cent during a forecast period from 2017 to 2023, shows research by Market Research Future.
The valuation of the global market is poised to reach $70 billion by the end of 2023, states the report.
The thriving services sector coupled with "the accelerating adoption of digitisation and automation across different industry verticals is likely to augment the global market in the foreseeable future", it adds.
Another report by market research firm TechNavio estimates that the FM sector's worth is set to grow from $34.65 billion in 2018 to $59.33 billion by 2023.
Reasons for growth include a rise in the development of sustainable infrastructure, and in the adoption of the Internet of Things and connected devices for building automation across all of the industry whether in hard or soft services.
There is also an increasing worldwide incentive to meet environmental and regulatory compliance.
A market report covering the Middle East region, also by TechNavio, states that the region is in a huge growth phase. As construction of commercial infrastructure has risen, including industries such as transport, hospitality, entertainment and healthcare, it has driven more activity in the FM sector. Soft services, in particular, are seen as seen as key growth areas, according to the report.