International Facility Management Association Market Study
The Facilities Maintenance (FM) industry is still relatively new-having only been around since only the late 1970’s. The industry emerged from 3 main areas: property management, property operations & maintenance, and office administration. In the last 40+ years it has since grown into a strategic position which supports entire organizations. According to reports from the IFMA FM Research & Benchmarking Institute and Frost & Sullivan, these are the latest trends in the facilities management market.
Global Facilities Management Challenges
- Demand For Cost Effective Solutions
- Integrated Facilities Management Services
- Central Access Information Needs
- Information Systems Management
The steady growth of Integrated Facilities Management (IFM) is driven by companies looking to consolidate what is already being outsourced under fewer providers or to restructure pricing of current contracts in order to generate savings.
IFM is expected to grow on the back of the booming construction industry creating a strong demand being seen in commercial, industrial, and manufacturing which will be the largest industry by 2025.
Total Cost of Ownership
While building operations/maintenance and cleaning services remain the largest services currently being outsourced, energy management services are quickly gaining importance to the overall spend on that service by companies.
4 Characteristics of Innovative Facilities Management
Visible Innovation Champions at All Levels
Optimal Mix of Internal & External Knowledge Sources
Innovation is quickly becoming crucial in the Facilities Management world as companies need to continuously deliver cheaper service in order to remain competitive. Customers are demanding improved service through innovation.
The Facilities Maintenance Services market in North America is expected to grow at an impressive CAGR of 14% over the next year with the industry said to reach $225 billion by 2021.