Facilities Management Market to Hit $1,759.25 Billion by
Pune, India, April 18, 2022 (GLOBE NEWSWIRE) — The Global Facilities Management Market is expected to reach USD 1,759.25 billion by 2028, showing an excellent CAGR of 5.0% during the forecast period. In both developing and developed countries, government agencies are now persistently trying to enhance their economic diversifications. To do this, they invest colossal sums in non-economic sectors, which also includes the tourism sector. According to a report published by Fortune Business Insights, in a report titled “Facilities Management Market Share, 2021-2028”. The market size stood at USD 1,249.45 billion in 2021
The Facilities Management Market is expected to grow from USD 1,249.45 Billion in 2021 to USD 1,759.25 Billion in 2028 at a CAGR of 5.0% during the period 2021-2028.
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- April 2021: UDS, a leading facility management company based in India, introduced its new website which would allow customers to navigate easily. At the same time, they could read in-depth blogs about how the company plays a vital role in a wide range of industries.
- April 2021: Tork has announced the launch of its latest hygiene package called Tork Office Hygiene Package. It would provide tailored solutions for facility managers associated with new challenges faced in several areas of office buildings, such as restrooms, receptions, break rooms, conference rooms and workspaces.
Booming Industrialization in China and India to Drive Asia-Pacific Demand
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 leading countries in the region, has a population of nearly 1.39 billion, which enables the country to provide cheaper labor than other countries. This makes the country a favorite location for industries across 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 second largest population in the country. 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 over the forecasted period. The rapid adoption of latest technologies, such as 5G, Internet of Things, and Artificial Intelligence by several end-user industries, is expected to accelerate the demand for facility management in the region.
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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, a leading hotel management company, partnered with Bureau Veritas, a pioneer in testing and inspection services. This partnership will help Sodexo obtain a hygiene verification label for its services.
Report Scope and Segmentation:
|Forecast period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||5.0%|
|2028 value projection||$17,593.25 billion|
|Market size in 2021||$1249.45 billion|
|Historical data for||2017 to 2019|
|Number of pages||120|
|Segments Covered||By type of service, industry, by region|
|Growth engines||Growth in the infrastructure sector to drive the growth of the facilities management market|
|Investment in the tourism industry by the governments of several countries is a vital trend|
|Adoption of facilities management services by governments to increase after COVID-19 pandemic|
|Pitfalls and Challenges||Lack of stable contracts, limited use of technology and lack of capacity and resources to hinder growth|
The list of major companies operating in the facilities management market includes:
- Sodexo (France)
- CBRE Group, Inc. (USA)
- ISS A/S (Denmark)
- Compass Group (UK)
- Aramark (USA)
- Jones Lang LaSalle Incorporated (USA)
- Cushman & Wakefield plc. (United States)
- Tenon Group (India)
- Johnson Controls International plc (Ireland)
- Dussmann Group (Germany)
Put more emphasis on infrastructure development to drive growth
Infrastructure development has been a key factor in the overall development of nations around the world. For example, according to Business Roundtable estimates, an investment equivalent to 1% of US GDP would have added nearly $320 billion to the country’s economic output. Rising investment in infrastructure development by governments and major corporations across the globe is expected to drive the growth of the facilities management market. Additionally, the rapid industrialization of developing countries globally is expected to further drive the demand for facility management services. However, the majority of key countries lack the resources for aid companies to provide cutting-edge services. This can hamper long-term growth.
The real estate segment held a 29.6% share in 2019: Fortune Business Insights™
Based on the type of service, the facilities management market is divided into hardware services, software services and others. By sector, it is fragmented into healthcare, government, education, military and defense, real estate and others (IT and telecommunications and BFSI). Among these, the real estate segment generated 29.6% in terms of facility management market share in 2019. This growth is attributable to the expansion of the construction industry worldwide.
An overview of the impact of COVID-19 on this market:
The emergence of COVID-19 has paralyzed the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, this too will pass. Growing support from governments and several businesses can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost every industry is expected to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during the COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of the coronavirus epidemic in all sectors to help you prepare for the future.
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Main Table of Content of Facilities Management Market Research Report:
- Definition, by segment
- Research approach
- Asia-Pacific Facilities Management 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 key players
- PESTLE analysis
- Porter’s Five Forces Analysis
- Asia-Pacific Facilities Management Market Share Analysis and Matrix, 2019
- Latin America Facilities Management Market Size Estimates and Forecasts (Quantitative), by Segment, 2017-2028
- By country (value)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Profiles of key players (Would be provided for 10 players only)
- Key management
- Headquarters, etc.
- Offers/Business Segments
- Key details (Key details are subject to data availability in the public domain and/or paid databases)
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