Facilities Management Market Predicted to Grow by $660B

The international market for facilities management is expected to grow by US$ 660.29 billion over the next four years with a compounded annual growth rate—or CAGR—of nearly 8.3%, according to a new study from market research firm Technavio.

The growth in the market is anticipated to be spurred by rising demand for smart facilities and increasing emphasis on outsourcing building management services. According to Technavio, health care facilities will be responsible for more than two-fifths of the global revenue share of the facilities management market. Geographically, 43% of the market’s growth will stem from the Asia-Pacific region, with the United States forecasted to be a key revenue-generating economy for the facilities management due to the increasing demand for cloud-based management solutions.