SANTA CLARA, Calif. — Frost & Sullivan’s latest evaluation, Growth Opportunities in the Global Facility Management Market, Forecast to 2025, initiatives that revenues from the worldwide facility administration sector will attain US$925 billion by 2025, up from US$837 billion in 2019, regardless of seeing a major drop in 2020 because of the pandemic.
The return to pre-COVID-19 ranges of progress is anticipated to be pushed by technological improvements, comparable to Internet of Things (IoT), Big Data, and superior connectivity, plus new service choices enabled by the digital transformation of the power administration market and the accelerated deployment of digital expertise because of the pandemic.
“COVID-19 will force the facility management world to move beyond total cost of ownership and building efficiency. Next-generation solutions will need to focus on the convergence of digital technology and services to deliver value propositions and enhance total business productivity and user experience with sustainability at the heart,” stated John Raspin, companion and enterprise unit chief for power & atmosphere at Frost & Sullivan, in a ready assertion. “The COVID-19 crisis will accelerate the rollout of technology and the highest impact will be seen in customer-centric business models based on guaranteed outcomes, typically enabled by IoT.”
Raspin added: “The market will continue to move quickly towards service integration, while sophisticated advisory services focused on enhancing business productivity and merger and acquisition activity will continue apace. This shift from a cost focus to total client advisory services, outcome selling, and value creation will underpin the key transformations in the facility management market in the next six years.”
For additional income alternatives, Frost & Sullivan believes facility administration firms ought to:
- Deliver coaching, expertise, and cybersecurity for digital instruments that allow smoother distant working.
- Deploy risk-sharing and vested outsourcing enterprise fashions to drive nearer collaboration with clients.
- Develop options for indoor air high quality monitoring to help back-to-work methods in all kinds of workplaces.
- Accelerate funding in augmented actuality (AR) and machine studying (ML) to realize insights to extend aggressive benefit and allow substantial value financial savings.
- Explore choices for the acquisition of technical facility administration expertise and power companies in high-growth industrial and industrial functions.