Global outsourced FM market worth $1tn by 2025
The global FM market will be worth $945.11bn by 2025, with construction expected to boost activity in the Middle East, according to a report from Frost & Sullivan
The global outsourced FM market is likely to be worth $1tn by 2025, a report recently released by Frost & Sullivan stated.
Bundled and integrated services will account for 35% of these total revenues.
The Future of Facility Management, released this July, also found that the global FM market will be worth $945.11bn by 2025, with IFM performing as its fastest growing segment.
APAC and Middle East will be among the world's fastest growing FM markets, while North America and Europe will "continue to lead in terms of innovation", Frost & Sullivan said in a statement.
"High growth in the Middle East will be fuelled by construction activities and strong presence of multinational firms," the report added.
Globally, technologies such as the Internet of Things (IoT) and Big Data are expected to drive changes in workplace management solutions.
Collaborations such as partnerships and mergers and acquisitions (M&A) could increase to implement service integration, smart technology, internationalisation of contracts, and enhanced energy management programmes.
Suppliers will also likely "position themselves as client advisors on business productivity", the report added.
Remarking on these findings, John Raspin, energy and environment partner at Frost & Sullivan, said: "Anything as a service [XaaS] business models will allow first-movers to own and re-define customer relationships.
"Demanding and complex regulations will encourage top companies to outsource compliance to capable FM providers and sustainability service firms.
"This will enable the FM market to be a driver for sustainability management," he added.