Yahoo Finance Global Facility Management Services Market Size to Grow at a CAGR of 9.23%from 2021 to 2030
The global facility management services market is estimated to reach a value ofUSD 41.5 billion in 2021 and is projected to grow at a CAGR of 9.23% during the forecast period till 2030.
Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The Global Facility Management Services Market Size is estimated to reach a value ofUSD 41.5 billion in 2021 and is projected to grow at a CAGR of 9.23% during the forecast period till 2030.
The facility management services help the facility management team in the development of environmentally sustainable buildings and the most efficient operation of functions. Facility management systems help facility managers identify underutilized and underperforming facilities, assets, procedures, and staff and strengthen facility assets. However, with urbanization and industrialization, the facility management industry, characterized as the means of providing maintenance support, user management, and project management, has developed dramatically over the last two decades.
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The demand for facility management services has increased in recent years and is expected to continue to rise during the forecast period. The increase in demand is due to increased government spending on industries, such as transportation, energy, and construction. Facility management service providers work with building management to provide their services including, the workforce, facilities, and other assets.
Significant Market Developments Considered in the Report:
In January 2019, Cushman & Wakefield has acquired Quality Solutions, Inc. (QSI) to enhance facilities management capabilities. This acquisition helped the Cushman & Wakefield company to expand its coverage across North American markets through QSI’s strong supply chain of more than 50,000 qualified suppliers and more than 75 facilities traders.
In April 2019, IBM entered collaboration with Sund & Bælt company. This collaboration aids IBM in the creation of an AI-powered IoT solution aimed at extending the life of aging bridges, tunnels, highways, and railways.
In November 2018, SAP introduced Intelligent Asset Management, a set of solutions bringing collaborative asset intelligence, planning, prediction, and simulation to equipment maintenance and operations.
COVID-19 Impact on Global Facility Management Services Market
The QMI team is closely monitored the impact of COVID-19 on the global facility management services industry, and it has been observed that the demand for facility management services is slowing down during the pandemic time. But it is expected to grow at a healthy rate from mid-2021.To control the spread of the coronavirus, many countries across the globe have put strict lockdowns, which has hampered business activities.
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The demand, supply and distribution have been completely disrupted due to the shutdown of the marketplace. This has created reduced demand for several products and components, and facility management services are one of them. All these factors have been analyzed in details in this report.
Global Facility Management Services Market, by Type
Based on type, the market has been segmented into outsourced and in-house. The outsourced segment is projected to hold the largest market share and is expected to remain the largest segment during the forecast period. Increasing stress on enterprises to focus on core competencies this factor primarily propelled the segment demand. Outsourcing helps companies to increase their return on investment and gain long-term market competitive advantages. Healthcare and education are the two industries with the highest demand for facilities management outsourcing.
Global Facility Management Services Market, by Service
Based on service, the market is divided into hard service, soft service, and management service. Hard service bifurcated into electrical, civil, mechanical, and specialized services. Similarly, the soft service segment is classified into cleaning, laundry, landscaping, and security. Management service is segmented into contract management, energy and utilities, and maintenance planning and control. The hard service segment is estimated to record a significant growth rate during the forecast period. This growth is attributed due to a rapid increase in the infrastructural sectors across the globe.
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Global Facility Management Services Market, by Application
Based on the application, the market has been segmented into education, commercial, transportation, industrial, government and public sector, healthcare, and others. Among these, the commercial segment is expected to gain significant growth during the forecast period. Companies in the commercial sector have to deal with the maintenance and management of various real estate investments. Facility management service has to strategically help facility management teams to manage various operations processes, such as asset management, maintenance management, space management, and work order tracking.
Global Facility Management Services Market, by Region
Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America is expected to hold the largest market share due to its strong GDP growth and high infrastructure investments. Among competitors, mergers and acquisitions are expected to be the key growth strategy to increase service offerings in the North American region.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period due to an increase in construction activities, change in work culture within the organizations, and ease of contract management.
Some Major Findings of the Facility Management Services Market Report Include:
Major global market trend and forecast analysis along with a country-specific market analysis for up to 25 countries
Anin-depth global facility management services market analysis by the forementioned segments, along with an analysis of trend-based insights and factors
Profilesof major market playersoperating in the global facility management services market, which includeBusiness Machines Corp., Oracle Corporation, SAP AC, MCS Solutions Pvt Ltd, ARCHIBUS, Inc., Trimble Inc., CA Technologies, Accruent, Planon Ltd., and FM System, Inc.
Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global facility management services market
Impact of COVID-19 on the global facility management services market
Browse key industry insights spread across XX pages with XX market data tables and XX figures & charts from the report, “Global Facility Management Services Market, by Type (Outsourced, In-house), Service (Hard Service [Electrical, Civil, Mechanical, Specialized Services], Soft Service [Cleaning, Laundry, Landscaping, Security], Management Service [Contract Management, Energy and Utilities, Maintenance Planning and Control]), Application (Education, Commercial, Transportation, Industrial, Government and Public Sector, Healthcare and Others), and Region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) — Market Size and Forecasting (2021–2030)” in depth analysis along with the table of contents (ToC).
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