According to a recent study by Global Market Insights, Inc., the global facilities management (FM) market—valued at $1 trillion in 2022—is projected to reach a market value of more than US$5 trillion by 2032, representing a 13 per cent compound annual growth rate (CAGR) over the next nine years.
The study attributes the market’s growth to rapid modernization and increasing infrastructure development, particularly in Asian countries such as China, Taiwan, and Singapore.
The study noted that, to keep down costs, there could be a reduction in the outsourcing of FM services, as companies might need to rely more heavily on their own in-house staff and management teams.
However, it also stated that the anticipated increase in infrastructure projects and their impact on the economy would still create “lucrative opportunities” for the FM market.
To read the complete study, click here.
This was first published by ISSA and has been republished with permission
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