Description

The global facility management (FM) industry is facing a period of unprecedented transformation as a procession of megatrends and political, social, economic, technological, and environmental challenges affect markets. The FM sector is so vast and multi-faceted that it is hard to find a trend, event, or issue that does not affect FM operations. With so much going on, FM service suppliers must keep on top of challenges, opportunities, and innovations and stay close to their customers to ensure they bring real value and help navigate the choppy waters.

In 2024, the most dynamic FM industry opportunities will be driven by the maturation and convergence of numerous key trends that have been shaping the industry’s transformation in recent years—namely technology innovation, sustainability, workplace optimization, and user experience.

Since 2020, the global FM sector has battled a succession of challenges. First was the COVID-19 pandemic, followed by post-COVID-19 supply chain disruption, and then economic challenges and cost inflation in 2022 and 2023. These more recent economic challenges have created tailwinds for revenue growth in many cases (where inflation has been passed on to customers), but the truth is that nobody really wants growth driven by inflation as it also drives up costs and creates havoc with margins. As 2024 begins, challenges persist with wars in Ukraine and Gaza, high energy prices, a cost-of-living crisis, high inflation, raised interest rates, and the ever-present threat of recession.

Yet despite a tough few years, the global FM sector has continued its transformation journey. In fact, it is almost certainly because of this succession of challenges that technology deployment, sustainability, workplace solutions, and an increasing focus on user experience have risen to the top as critical success factors.

Author: John Raspin