Pune, India, October 25, 2021 (GLOBE NEWSWIRE) – The global facilities management market size is expected to reach $ 1,759.25 billion by 2028, posting a CAGR of 5.0% during the forecast period. Fortune Business Insights â„¢ shares this information in its report, entitled “Facilities Management Market Industry size, share and analysis, by service type (hardware services, software services, and other services), by industry (healthcare, government, education, military and defense, real estate and others) and regional forecast, 2020-2027â€. According to the report, the market amounted to $ 1,234.55 billion in 2020 and $ 1,249.45 billion in 2021. Facilities management services have grown in popularity in recent years in several industries such as healthcare, defense and government. Companies operating in the aforementioned market ensure the smooth running of operations, communication, sanitation and business reception.
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Dominant gap between demand and supply to influence the need for facility management
The COVID-19 pandemic has significantly boosted the demand for hygiene-related services in many industries. This had a positive impact on the market. However, the growing gap between supply and demand for sanitary products has resulted in negative market growth. Based on our findings, the market exhibited weaker growth of -0.2% in 2020 compared to the average year-over-year growth during the period 2017-2019.
List of Key Companies Covered in the Global Market:
• Sodexo (France)
• CBRE Group, Inc. (United States)
• ISS A / S (Denmark)
• Compass Group (United Kingdom)
• Aramark (United States)
• Jones Lang LaSalle Incorporated (United States)
• Cushman & Wakefield plc. (United States)
• Tenon Group (India)
• Johnson Controls International plc. (Ireland)
• Dussmann Group (Germany)
Market segmentation
We have categorized the market based on type of service, industry, and geography. In terms of type, the market is divided into hardware services, software services, and other services. Based on the app, it is fragmented into healthcare, government, education, military and defense, real estate and others. Among these, the real estate segment gained 29.7% in 2020 in terms of share. The continued growth of the construction industry across the globe is expected to boost this segment. Finally, on the basis of geography, it is segmented into North America, Europe, Latin America, Asia-Pacific, Middle Eastern Land, and Africa.
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What does the report offer?
The report provides a detailed analysis of the main aspects of the market, namely, dominant companies, end-users, and major product types. Apart from that, it contains tangible information on current and upcoming market trends and highlights major industry developments. In addition to these factors, the report provides an overall understanding of the major drivers, restraints, and segments that are contributing to the market growth.
Scope and segmentation of the report:
| Cover of the report | Details |
| Forecast period | 2021 to 2028 |
| Forecast period 2021 to 2028 CAGR | 5.0% |
| 2028 value projection | $ 1759.25 billion |
| Year of reference | 2020 |
| Market size in 2020 | $ 1,234.55 billion |
| Historical data for | 2017 to 2019 |
| Number of pages | 120 |
| Covered segments | By type of service, by industry, by region. |
| Growth drivers | Investments in the tourism industry by governments of several countries are a vital trend |
| Growth of infrastructure sector to drive the growth of facilities management market | |
| The hard services segment will hold the largest market share due to the expansion of the infrastructure sector | |
| Pitfalls and challenges | Lack of stable contracts, limited use of technology, and lack of capacity and resources to hamper growth |
Determining factors
Increased focus on infrastructure development to drive growth
The development of infrastructure has been a key factor in the overall development of nations around the world. For example, according to estimates given by Business Roundtable, an investment equivalent to one percent of the GDP of the United States would have added almost 320 billion dollars to the economic output of the country. The increasing investments in infrastructure development by governments and large companies all over the world are expected to drive the growth of the facilities management market. In addition, rapid industrialization in developing countries globally is expected to further stimulate demand for facilities management services. However, the majority of key countries do not have the resources to help companies provide advanced services. This can hamper long-term growth.
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Regional perspectives
Rapid industrialization in China and India to stimulate demand in Asia-Pacific
The market size in Asia-Pacific was $ 479.53 billion in 2020. The region is estimated to dominate the market during the forecast period. China, one of the major countries in the region, has a population of nearly 1.39 billion, which allows the country to provide cheaper labor than other countries. This makes the country a favorite location for industries around the world to establish their manufacturing units. On the other hand, India is an emerging nation in terms of industrialization, which is again supported by the country’s second largest population. These factors are expected to increase the facilities management market share in the region.
The market in North America is expected to show considerable growth during the forecast period. The rapid adoption of the latest technologies, such as 5G, Internet of Things and artificial intelligence by several end user industries, is expected to accelerate demand for Facility Management in the region.
Competitive landscape
Strategic partnerships to help key players acquire new customers
Key companies operating in the global market are focusing on strategic partnerships to add more services to their portfolios. This will help them acquire new customers. For example, in June 2020, Sodexo, one of the leading hotel management companies, partnered with Bureau Veritas, a pioneer in testing and inspection services. This partnership will allow Sodexo to obtain a hygiene verification label for its services.
Industry Developments:
In May 2019, Dussmann Technical Solutions (DTS), a leading developer of systems and plant engineering, announced the acquisition of STS Group. The agreement will help DTS improve its technical engineering services.
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Contents
- introduction
- Definition, by segment
- Research methodology / approach
- Information source
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of the main players
- Porter’s Five Forces Analysis
- Global Facilities Management Players Market Share Overview and Analysis, 2020
- Key market insights and strategic recommendations
- Profiled companies (Covered for 10 key players only)
- Overview
- Key management
- Headquarters etc
- Offers / business segments
- Key details (Subject to availability of data in the public domain and / or on chargeable databases)
- Employee size
- Key financial data
- Past and current income
- Geographic share
- Share of business segment
- Recent developments
- Overview
- Annex / Appendix
- Global Facilities Management Market Size Estimates & Forecasts (Quantitative Data), By Segments, 2017-2028
- By type of service (value)
- Hard services
- Soft services
- Other services
- By industry (value)
- Health care
- Government
- Education
- Military & Defense
- Immovable
- Others (IT & Telecommunications, BFSI, etc.)
- By region (value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By type of service (value)
- Global Facilities Management Market Size Estimates & Forecasts (Quantitative Data), By Segments, 2017-2028
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