Global Facilities Management Market 2019-2023 | Advent of IoT Promotes Growth

Technavio’s global facilities management market research report forecasts the market to grow at a CAGR of over 12% during the forecast period.

The advent of IoT in facilities management will be one of the major trends in the global facilities management market during 2019-2023. The demand for smart facility management solutions has increased due to the various technological innovations in the global facilities management market. This has resulted in the increased adoption of IoT and Industry 4.0 in the market. The IoT employs technologies such as predictive maintenance, which results in lower operational cost and increased productivity.


Global facilities management market: Increasing demand for cloud-based facility management solutions

There is a rise in the number of cloud computing solutions owing to the growing demand for technologically advanced solutions in the global facilities management market. The cloud-based solutions are used to integrate facility management services as they offer reliable means to host facility management software. These solutions allow companies to increase security and reduce the operating costs incurred by the organization.

According to a senior analyst at Technavio for research on automation, “The cloud-based facility management solutions allow securing hosting of critical data along with advantages such as improved security and scalability and quicker disaster recovery. Cloud computing provides a cost-effective solution, which allows the companies to recover critical server data from backups stored on a shared or private cloud host platform.”

Technavio is a leading global technology research and advisory company.

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