Portland, OR, Sept. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global facility management services market was pegged at $954.0 billion in 2019, and is expected to reach $1,422.58 billion by 2027, growing at a CAGR of 6.6% from 2020 to 2027.
Increase in industrialization and urbanization, rising awareness toward the protection of assets, and surge in residential and non-residential construction have boosted the global facility management services market. However, dearth of skilled staff and capital in developing countries and lack of managerial awareness and dependency on the in-house facility management team hamper the market. On the contrary, technological advancements and government investment in the building infrastructure sector are expected to create lucrative opportunities for the market players.
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Covid-19 scenario:
- The Covid-19 has negatively affected several services including consultancy, outsourcing, and manpower support for building industry.
- The declining economy is expected to affect facility management services negatively.
- Moreover, disruption in manufacturing activities, lack of raw materials supply, and ban on import-export with China imposed by several countries have negatively affected the market.
The global facility management services market is segmented on the basis of service type, type, end user, and region. Based on service type, the market is divided into property, cleaning, security, catering, and others. The property segment held the largest share in 2019, accounting for nearly one-third of the market. Moreover, the segment is expected to register the highest CAGR of 6.4% during the forecast period.
On the basis of type, the market is divided into outsourced and in-house. The in-house segment held the largest share in 2019, accounting for more than half of the market. Moreover, this segment is expected to register the highest CAGR of 7.1% during the market.
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The global facility management services market is analyzed across several regions including Europe, North America, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for nearly two-fifths of the market. However, the market across LAMEA is expected to manifest the highest CAGR of 7.8% during the forecast period.
The global facility management services market report includes an in-depth analysis of the market players such as Arthur McKay & Co Ltd., CBRE Group, Inc. BVG India Ltd, ISS World Services A/S, EMCOR Group, Inc., Quess Corp Ltd, Knight Facilities Management, Spotless Group Holdings Limited, Sodexo, Inc., and Tenon Group.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.