IoT, Big Data Drive Recovery of Global Facility Management Revenues to Surpass Pre-pandemic Levels

“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,” mentioned John Raspin, Partner and Business Unit Leader for Energy & Environment at Frost & Sullivan. “After a period of unprecedented technological innovation and advancement, the emphasis is on shifting to business model innovation to bring technology to life. 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: “Facility management is a big and mature industry, so organic growth will be hard to nurture; therefore, companies need to innovate if they are to keep growing and remain profitable. 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, know-how, 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 (benchmarking, sampling, steady real-time evaluation) to help back-to-work methods in all kinds of workplaces.
  • Accelerate funding in augmented actuality (AR) and machine studying (ML) to realize insights throughout the group to extend aggressive benefit and allow substantial value financial savings over the long run.
  • Explore choices for the acquisition of technical facility administration expertise and power providers in high-growth industrial and business purposes.

Growth Opportunities within the Global Facility Management Market, Forecast to 2025 is a part of Frost & Sullivan’s world Environment and Building Technologies Growth Partnership Service program.

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Growth Opportunities within the Global Facility Management Market, Forecast to 2025
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SOURCE Frost & Sullivan

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