SEOUL–( Newswire ) – Frost & Sullivan released’Growth Opportunities in the Global Facility Management Market, Forecast to 2025′.
According to this report, the global facility management market, which reached $837 billion in 2019, is expected to stagnate due to the Corona 19 shock in 2020, but will reach 925 billion dollars by 2025.
The market will recover to the level before the outbreak of Corona 19 thanks to continuous innovation of advanced technologies such as IoT, big data, and advanced connectivity.
Moreover, it is expected that innovative new services will appear one after another as digital technologies will be implemented more rapidly due to the Corona 19 incident.
“After Corona 19, we need to focus on the convergence of digital technologies and services to enhance productivity and customer experience in the next generation of facility management solutions,” said John Raspin, partner of Frost & Sullivan’s Department of Energy & Environment. After an unprecedented period of technological innovation and progress, the transition to a business model that incorporates these technologies into real life is more important than ever. Corona 19 will accelerate the emergence of new technologies, and these technologies will have the greatest impact on customer-centric business models implemented with IoT.”
Although the facility management market is large, it has already reached maturity, making organic growth very difficult. Accordingly, companies must innovate to maintain steady growth and profits. In the future, the facility management market will change rapidly with the provision of professional advisory services focusing on productivity improvement and service integration while mergers and acquisitions among related companies continue to occur. Over the next five years, the facility management market will focus on a shift from cost-focused to customer total advisory services, performance sales, and value creation.
For growth opportunities in the facility management market, the following trends should be noted.
Provide training and related technologies and cyber security for digital tools that support seamless remote work.
Share risk and implement a dedicated outsourcing business model for closer collaboration with customers
. Back-to-work for all types of businesses. Development of indoor air quality monitoring (benchmarking, sampling, continuous real-time analysis) solution supporting the to-work strategyAugmented
reality (AR) that increases competitive advantage and enables significant cost reduction in the long term by gaining insights on the overall structure of the facility And machine learning (ML) investments
· Finding ways to realize technical facility management skills and energy services in high-growth industrial and commercial applications
Overview of Frost & Sullivan
Frost & Sullivan is a global market research and consulting organization for major industries such as automobiles, ICT, healthcare, and energy, supporting solutions for customer business growth for over 50 years. Based on the results of continuous research and analysis on 12 industries and major technologies, we operate 2,200 consulting personnel in 47 branches in 29 countries around the world, and identify economic trends and identify promising technologies and mega trends. By identifying new business models, it is helping government agencies, companies and investors to avoid missing growth opportunities.