The major drivers for the facility management market are the growing demand for cloud-based facility management solutions, rising preference for value-added services, advancing travel and hospitality sectors, and growing investment in the construction sector. Facility management encompasses techniques for the management of all the aspects of a building, including cleaning, rent management and other administrative tasks, catering, and masonry, plumbing, and electrical maintenance, to achieve a harmonious work or living environment. This system standardizes services and streamlines operations for an enterprise and also assists owners in financial and operational objectives.
A major driver for the facility management market is the skyrocketing demand for cloud-based facility management systems. Apart from reducing operational costs, they also enhance safety and collaboration within firms. Securing critical data, improving security, and enhancing scalability have become key focus areas in this digital world. As a result, there has been an increase in the adoption of cloud-based solutions for integrating facility management solutions, which inform owners and managers of when the scheduled services are due, remotely.
The outbreak of the novel coronavirus marked the disruption of the prominent end-use sectors in the facility management market, such as hotels, construction, manufacturing, and tourism. Manufacturing activities were halted owing to the restrictions imposed, such as workforce limitations and lockdowns.
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Similarly, the construction sector was hurt globally owing to the hampered supply chains, itself due to the limited functioning of the transportation sector. Nevertheless, there was a rise in the demand for cleaning and waste disposal services as people had become rapidly aware of hygiene, to thwart COVID-19 spread.
APAC is expected to be one of the leading facility management markets in the future owing to the existence of many organized and unorganized service providers and end users in China and India. Furthermore, the countries’ market is characterized by the integration of advanced technologies in providing these services, such as AI-driven building energy management systems. The market in Middle Eastern countries will also witness growth owing to the expanding tourism sector and increasing infrastructure spending. In this regard, the upcoming FIFA World Cup 2022 in Qatar would drive the market.
Hence, the growing demand for cloud-based facility management systems, coupled with the increasing investment in infrastructure of all types, will drive this market.
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