Worldwide Facility Management Applications Forecast, 2024-2028: AI, GenAI, and IoT to Drive Future Growth

Worldwide Facility Management Applications Forecast, 2024-2028: AI, GenAI, and IoT to Drive Future Growth

This IDC study examines the market for FM applications. Sustainability initiatives, reduced occupancy rates, increasing workplace experience requirements, new technologies, and changing portfolio management strategies are all driving market growth. "The pandemic is past, but the lingering negative effects of longer-term commercial real estate issues are still present," says Brian O'Rourke, research manager, Enterprise Asset Management and Smart Facilities at IDC. "Everyone from facilities personnel to finance professionals to the C-suite is dealing with the continued decline of commercial real estate values. The new workplace continues to evolve as leases need to be analyzed, and new work configurations and maintenance schedules must be created. This unsettled environment has been a boon for FM software vendors, as seen in revenue growth of 15.6% in 2023. Trends that will continue to drive revenue in the future include the growth of IoT and smart building technology and both AI and generative AI applications. Overall, we expect compound annual revenue growth through 2028 to be 15.1%."