Did you know the UK spend over £60.9 billion every year on building maintenance*, which accounts for over 3% of its GDP? According to industry reports, the Facilities Management Market will keep growing at a pace of 12.1 % per year. So the Building Maintenance Industry looks like an excellent place to be, so let's take a look at what is driving its growth.
The UK spends over £60.9 billion on building maintenance every year.
According to the Global Facilities Management Market Report 2018, by GlobalFM, the private sector, contract globalisation and service integration are expected to drive the growth in the FM market. The report also stated that record growth is expected for the next five years, reaching $946.11 billion in revenue by 2025.
Another report by Mart Research states that the industry will grow CAGR 12.1%. The major growth factors include growth in the development of sustainable infrastructure and the adoption of IoT and connected devices. The rise in need to meet environmental and regulatory compliance will also contribute to the increase of maintenance visits.
Both reports also mention the spur in demand for Integrated Facility Maintenance (IFM), were all maintenance services are consolidated in one management, helping achieve economy of scale. This trend means smaller Services providers will struggle to get IFM contracts if they are not organised, digitised and ready to scale.
The main growth factors for the Facility Maintenance Industry are:
Increase in adoption of integrated services (IFM)
Adoption of IoT. IoT sensors will help identify developing issues which will trigger a maintenance visit.
Need to meet compliance. Regulations will demand better-maintained buildings to meet environmental targets.
The bottom line is that there will be enough work and money spent in the industry for years to come, the question is, are you ready to be part of the growth? Digitising your maintenance business and having data analytics to increase productivity is crucial for growth, and it is easier to implement when small.
Propmap can help you with this task. propmap.io is intuitive software built to improve field service efficiency. It provides the tools your team needs to streamline scheduling, dispatch and execution of jobs, as well as capture required data for business analysis. Find more about it.
* Life cycle cost estimates of maintenance and operating costs is part of the BCIS Building Running Costs Online service