The unified facility management market 2020 is on track to procure a strong valuation of USD 70 Billion by the year 2023, reveals Market Research Future (MRFR). MRFR also believes that the market holds the potential to attain a CAGR of 15% between 2017 and 2023, which is the evaluation period. We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
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The COVID-19 outbreak has reiterated the importance of how organizations manage their facilities and deliver their services. Leased or owned offices, retail stores, manufacturing facilities and warehouses are now carefully studying and modifying their plans following the pandemic. Since the advent of SARS-CoV-2, unified facility management service vendors are now turning more strategic, while giving top priority to aspects like safety and hygiene. Technology innovations and the increase in the adaptive nature of enterprises due to the lockdown imposed have boosted the sophistication of unified facilities management solutions, leading to higher demand.
The novel coronavirus has compelled vendors to modify their existing services to ensure continuance of the businesses. The situation has further boosted the need for automation of facility management processes, ranging from service requests to move-ins, and energy management to customization. The COVID-19 impact on companies has steered their focus towards new activities and services that can ensure that the employees come back to their workplace. IoT and artificial intelligence technologies are increasingly being used to bolster the efficiency of operations and enhance building management, by facilitating remote monitoring.
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Top Boosters and Main Barriers
Unified facility management solutions are gathering massive attention from enterprises due to their ability to boost the efficiency of the business. The global market is also getting a significant boost from the increasing uptake of AI/artificial intelligence as well as IoT/internet of things (IoT) and more. The rising need among enterprises to adhere to the regulatory and environmental regulations and the escalating demand for integrated facility management to boost revenues can also be an incredible growth enhancer in the market.
The flourishing services industry along with the increasing use of automation and digitization across diverse industries can also work in favor of the unified facility management market in the following years. The rampant demand for these solutions in retail, healthcare, BFSI and more for extensive applications can translate significant revenue generation in the coming years.
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