The size of the international facilities management market is expected to grow by US$660.29 billion over the next four years, according to a new study from market research firm Technavio.

That growth would come in the form of a compounded annual growth rate (CAGR) of nearly 8.3 per cent.

The growth in the market is anticipated to be spurred by rising demand for smart facilities and increasing emphasis on outsourcing building management services, two trends that are thought to have been accelerated somewhat by the pandemic.

However, the report warns that a rise in budgetary constraints will limit the market growth during the next few years. Growth of the market is thought to have exceeded four per cent in 2021 as the facilities management industry – and others – have found their feet ahead after the initial shockwaves sent around the world by the pandemic.

According to Technavio, healthcare facilities will be responsible for more than two-fifths of the global revenue share of the facilities management market. Geographically, 43 per cent of the market’s growth will stem from the Asia-Pacific region, with North America forecasted to be a key revenue-generating economy for facilities management due to the increasing demand for cloud-based management solutions.

The report also notes that market vendors should make the most of the opportunities to help further recover from post-COVID-19 impact by focusing more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.