Selbyville, Delaware, Oct. 07, 2020 (GLOBE NEWSWIRE) --
Selbyville, Delaware
Global Market Insights, Inc. has recently added a new report on facilities management market which estimates the global market valuation for facilities management will cross US$ 2 trillion by 2026. Increase in disposable income among people has propelled growth of the tourism industry. The rapid growth in the tourism sector is adding impetus to global facilities management market forecast. These services are particularly utilized at restaurants, airports, entertainment centers and hotels. They assist the tourists by rendering a satisfactory customer experience in order to attract potential and retain new customers.
The increase in prevalence of offices is propelling construction of commercial buildings. A rise in investments made by the government and private entities in both, developed and developing nations to facilitate construction in various fields is a vital factor supplementing the market growth over the years. The Canadian government allocated funds worth USD 81.2 billion across five important infrastructure streams such as public, green, trade, transit, transportation and social in the year 2017.
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The country’s government is increasingly undertaking initiatives to facilitate development of rural and northern community infrastructure with the launch of ‘Investing in Canada’ plan that aims at building advanced economic cities.
Surging number of construction projects will fuel need for different FM services like maintenance, operation, construction, electric and mechanical activities and post-construction requirements such as building cleaning and maintenance, driving facilities management market trends.
The outsourced services segment is likely to grow at a considerable rate over the period of study owing to the emphasis of organizations on core competencies to achieve competitive advantage. Mounting competition between businesses is steering the organizations to outsource their no-core operations to third-party service vendors.
By outsourcing the facilities management services, the daily working of the center can be maintained and governed by skilled and professionally trained labors. The overall cost of operations is gradually reduced as there is no need to recruit and train in-house personnel to manage the facility workings.
With respect to types of services, the industry is bifurcated into soft services and hard services. Hard services segment will dominate the market share over the projected period owing to the construction of smart offices and homes. Rising affordability among people has led to the demand for advanced and technologically innovative commercial and residential spaces.
Browse key industry insights spread across 260 pages with 476 market data tables and 26 figures & charts from the report, “Facilities Management Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/facilities-management-market
Smart homes and offices include several physical assets such as elevators, electrical and mechanical equipment, fire safety procedures and HVAC systems. Such mechanisms require constant maintenance to carry out uninterrupted operations. The hard facilities management service providers have skilled workers to manage the services without disrupting the core operations of any entity.
The tourism industry in the U.S. has witnessed unprecedented growth over the years thereby magnifying the demand for FM services across North America. According to the International Trade Administration (ITA), in the year 2017, the travel and tourism industry in the U.S. generated a total economic output of over USD 1.6 trillion.
The rise in number of tourists has led to the use of facility management services across shopping malls, airports, amusement parks and large food centers. Leading industry players are aiming at securing government contracts for facility management services to improve their profitable returns.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/facilities-management-market
Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. FM industry 360º synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Type trends
2.1.4. Service trends
2.1.4.1. Hard service trends
2.1.4.2. Soft service trends
2.1.4.3. Management service trends
2.1.5. Application trends
Chapter 3. FM Industry Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2014 – 2025
3.4. Industry ecosystem analysis
3.5. Technology & innovation landscape
3.5.1. Cognitive facilities management
3.5.2. Internet of Things (IoT)
3.6. Regulatory landscape
3.6.1. Global
3.6.1.1. International Facility Management Association (IFMA)
3.6.1.2. ISSA (International Sanitary Supply Association)
3.6.2. North America
3.6.2.1. Facility Management Institute (FMI) By General Services Administration (GSA)
3.6.2.2. Facility Maintenance Policy (Canada Government)
3.6.3. Europe
3.6.3.1. Guide to the Safety, Health and Welfare at Work Act 2005
3.6.3.2. Institute of Workplace and Facilities Management (IWFM)
3.6.3.3. British Institute of Facilities Management (BIFM)
3.6.4. Asia Pacific
3.6.4.1. National Building Code of India 2016
3.6.4.2. Facilities Management Association of Australia (FMA)
3.6.5. Latin America
3.6.5.1. International Federation of Consulting Engineers (FIDIC) (Brazil)
3.6.5.2. Construction & Engineering Law 2019 (Mexico)
3.6.6. Middle East and Africa
3.6.6.1. Middle East Facilities Management Association (MEFMA)
3.6.6.2. Saudi Labor Law
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.1.1. Rapidly growing tourism and hospitality sectors
3.7.1.2. Government initiatives for the development of smart cities and business hubs
3.7.1.3. Rising demand for value-added services
3.7.1.4. Growing investments in the construction sector
3.7.1.5. Necessity to comply with environmental and regulatory norms
3.7.1.6. Inclination towards virtual workplace and demand for personalized services
3.7.2. Industry pitfalls & challenges
3.7.2.1. Slow adoption of outsourced facilities management services
3.7.2.2. Integration of facility management with legacy ERP systems
3.8. Porter’s analysis
3.9. PESTEL analysis
3.10. Growth potential analysis
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https://www.gminsights.com/industry-analysis/fleet-management-market
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