The International Facility Management Association (IFMA) and Global FM have announced a new study that estimates the annual worth of the global facility management (FM) market to sit at US$1.12 trillion. The findings break down data for several individual countries across six global regions and support the claim that the FM market is poised for incredible growth in the near future.
“The most compelling visions of the future include smart buildings and cities that require smart professionals to run them,” said Tony Keane, IFMA president and CEO, in a press release. “The demand for facility services is growing globally, and independently of regional variations in the current levels of FM market development. To meet these increasing demands, many FM professionals are turning to the landmark IFMA-RICS collaboration to unify and advance FM across the globe.”
The shift towards smart products in workplaces of the future, net-zero buildings and urbanization are three mega trends expected to impact facilities management. The study also highlights outsourcing trends. For instance, while building operation and maintenance and cleaning services remain the foundation of the outsourced FM industry, energy management services are quickly gaining importance, especially in developed markets.
The study finds the Canadian FM market to be mature, with help from a quick economic recovery from the recession and a rising interest in outsourcing by private and public organizations.
Two important drivers of the Canadian IFM market are moves to cut costs and public-private-partnerships (PPP) projects, which are an increasing trend.
Meanwhile, the Canadian IFM market is seen to be somewhat more advanced than the U.S., due to increasing public sector penetration. Outside the public sector, strong demand for IFM is also seen in commercial, healthcare, public and education sectors.
The study provides in-depth market analysis for 33 countries located in Africa, Asia-Pacific, Europe, Middle East, North America and South America. The findings mention that the FM industry remains the most developed in Europe and North America, while tremendous opportunities can be found elsewhere if regional challenges can be met. This includes an undersupply of labour and FM industry fragmentation.
The document is available to IFMA members for immediate download from IFMA’s Knowledge Library.