Latin America Facility Management Market Size

Latin America Facility Management Market Analysis

The Latin America facility management market was valued at USD 36.72 billion in the current year and is expected to register a CAGR of 4.61%, reaching USD 48.74 billion in five years. Facility management consists of multiple factors that influence the productivity and efficiency of organizations. The new management system standard, conforming with the best industry practices, constitutes a benchmark for developing and driving effective strategic, tactical, and operational FM principles across the Region.

• Latin America has witnessed a rise in the count of commercial establishments in significant countries, including Brazil and Mexico. The increase in commercial buildings needs advanced management facilities to provide a decent work culture. Thus, it requires in-house or outsourced management facilities like security, maintenance, cleanliness, etc., to ensure peace of mind and a favorable work environment.
• In recent times, infrastructure has become a crucial element in providing healthcare to the public. Hence, there has been an increased investment in developing healthcare infrastructure in the Region. Healthcare organizations are significantly investing in facilities to deliver advanced healthcare services.
• BIM is a model that illustrates a facility's functional and physical aspects and plays a vital role in the structured exchange of informational resources about the building, making BIM a crucial decision-making guideline. The demand for Building Information Modelling (BIM) has recently increased as many international organizations and governments promote BIM in the building life cycle.
• The need for enterprises to evaluate possible cyber risks across their OT environments and take action to strengthen their security posture is more than ever as IT and OT systems continue to converge. Facility managers may offer crucial insider advice in developing and implementing a diligent cybersecurity plan to safeguard important OT systems as the threat landscape changes alarmingly.
• The COVID-19 pandemic impacted the industry as the international lockdowns shut down workplaces, except for healthcare facilities. Thus, facilities management service providers had to shut down many offices, temporarily and permanently, to compensate for the losses. However, the need to invite employees "back to the office" is driving the market. The companies are working aggressively with the service providers to offer a better work culture to attract clients to the offices from the comfort of their homes. The ongoing developments with other factors will help facility providers recover and evolve as businesses.
• The market is influenced by various factors in the post-pandemic world, with corporate and businesses focusing more on customer and employee well-being than ever. Providing better employability and customer experience pushes the service providers to incorporate new technologies like 3D printing, artificial intelligence, and machine learning.