United States Facility Management Market Size

United States Facility Management Market Analysis

The United States Facility Management Market size is estimated at USD 267.79 billion in 2024, and is expected to reach USD 370.75 billion by 2029, growing at a CAGR of 6.72% during the forecast period (2024-2029).

To comply with the changing technological age, tools like robot facility monitoring and augmented reality that are integrated with IoT is steadily increasing in the country. More and more software providers are now committed to innovation, making room for AI and robotics in FM.

• Employees in the United States waste significant days per year searching for desks, office rooms and colleagues. This means facilities managers need to rethink how much office space they really need and be more strategic about space management. They also need to invest in technology that supports hybrid collaboration.
• According to US Census Bureau, the value of construction starts in the United States is projected to reach around USD 135 billion in 2022. Current technology of building information modeling (BIM) requires facility management in order to ensure that the information generated during the process of design and construction is also appropriate for the operational needs as well as for asset management. In order to manage the property portfolios and for their optimum operation, there is a software, namely Computer-aided Facilities Management (CAFM). Such initiative is expected to cater the market growth.
• Further, security concerns related to the safety of devices and networks is one of the factors restraining the market growth. Increasing security breaches and growing threats of cybercrime groups are creating skepticism, thus affecting the growth of the market. Payroll, medical records or any other confidential information that will be transmitted to the outsourcing company, presents a risk that the confidentiality may be compromised.
• In context to covid, according to Cleaning & Maintenance Management (CMM) survey, respondents met the challenge of fighting a deadly covid virus from spreading in their facilities by purchasing more disinfecting chemicals and equipment in 2020 versus 2019. The largest group of respondents (34%) said they purchased 1-20% more disinfection products compared to 2019 and 28% reported they purchased 21-40% more.
• Most respondents (57%) expected 2020 purchasing levels to remain consistent for 2021 and 24% expected they will purchase even more disinfection items this year. Those purchases include new technology and equipment such as electrostatic sprayers, the top choice by far of new technology that facility managers report they will adopt in the next 12 months.