Pune, India, May 10, 2021 (GLOBE NEWSWIRE) -- The global facility management market size is projected to reach USD 1.62 trillion by 2027. In developing and developed nations, government bodies nowadays are striving persistently to strengthen their economic diversifications. To do so, they are investing huge sums in non-economic sectors, which also include the tourism sector. For instance, in September 2019, Saudi Arabia’s government declared that it is planning to begin issuing tourist visas for the very first time. As per a published report by Fortune Business Insights™, titled, “Facility Management Market Size, Share & Industry Analysis, By Service Type (Hard Services, Soft Services, and Others Services), By Industry (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2020-2027” the facility management market stood at USD 1.24 trillion in 2019. It is set to showcase a CAGR of 4.0% during the forecast period.
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Urgent Need to Keep Containment Zones COVID-19-free will Aid Growth amid Pandemic
The outbreak of the COVID-19 pandemic has resulted in severe losses for a large number of industries. Regulatory bodies in the U.K., U.S., Italy, China, and Spain are investing more in their facility management services for keeping their containment zones coronavirus-free. Some of the renowned companies are focusing on providing end-to-end services to governments and businesses, thereby enabling them to work from restricted areas. We are providing elaborate research reports to help our clients find the best strategy for increasing sales.
Segmentation-
Real Estate Segment Held 29.6% Share in 2019: Fortune Business Insights™
Based on the service type, the market for facility management is segregated into hard services, soft services, and others. By industry, it is fragmented into healthcare, government, education, military & defense, real estate, and others (IT & Telecommunication and BFSI). Amongst these, the real estate segment generated 29.6% in terms of the facility management market share in 2019. This growth is attributable to the expansion of the construction industry worldwide.
Report Coverage-
The report contains an accurate study of several regions and countries. It was developed by our analysts after evaluating various factors that regulate regional growth, such as political, technological, social, economic, and environmental status of that particular place. The competitive landscape section was developed to help our clients better understand the acquisitions and other strategies that key players are focusing on to strengthen their positions in the facility management industry.
Drivers & Restraints-
Increasing Construction of Railways, Airports, and Ports to Augment Growth
Governments of various countries are nowadays joining hands with private contractors to make their infrastructure green and clean. They are investing in the construction of airports, ports, and railways. The government of Saudi Arabia, for instance, rose around USD 36 billion for over eleven years for the betterment of transportation infrastructure. These factors are anticipated to bolster the facility management market growth in the upcoming years. However, the lack of funding and financial resources in emerging nations may hinder the demand for facility management services and create major challenges for small and medium-sized companies.
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Regional Insights-
Presence of Organized and Unorganized Players to Boost Growth in Asia Pacific
Geographically, Asia Pacific held USD 476.38 billion in terms of revenue in 2019. It is expected to remain at the forefront because of the presence of numerous organized and unorganized companies in China and India. North America, on the other hand, is set to showcase gradual growth backed by the early adoption of innovative technologies, such as robots, artificial intelligence, and IoT. But, lockdown measures amid the COVID-19 pandemic have impacted growth in Canada and the U.S. negatively.
In Europe, the rising implementation of precautionary measures by regulatory bodies would lead to moderate growth. Lastly, in Latin America and the Middle East and Africa, surging real estate sector and investments in tourism by governments would propel the demand for facility management services.
Competitive Landscape-
Key Players Focus on Website and Product Launches to Fulfil High Demand Worldwide
The global market for facility management contains various service providers that are mainly focusing on unveiling state-of-the-art products to cater to the high demand. Also, some of the others are aiming to introduce new websites to help educate customers about their products and services. Below are the two latest industry developments:
- April 2021: UDS, a leading facility management company based in India introduced its new website that would enable clients to navigate easily. At the same time, they would be able to read in-depth blogs about how the company is playing a vital role in a wide range of industries.
- April 2021: Tork announced the launch of its latest hygiene offering named Tork Office Hygiene Package. It would deliver tailored solutions to facility managers associated with novel challenges faced in multiple areas of office buildings, such as restrooms, receptions, breakrooms, conference rooms, and workspaces.
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A list of renowned providers of facility management services present 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)
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Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Impact Analysis of Covid-19 on the Market
- Global Facility Management Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Service Type (Value)
- Hard Services
- Soft Services
- Other Services
- Market Sizing Estimations and Forecasts – By Industry (Value)
- Healthcare
- Government
- Education
- Military & Defence
- Real Estate
- Others (IT & Telecommunication, BFSI, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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