New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Facility Management Services Market: By Type, By Services, By Application and Region Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 7.73% to attain a valuation of around USD 1,323.62 Billion by the end of 2030.
Market Research Future Insights:
According to the latest market research report from Market Research Future, the Facility Management Services Market is Predicted to Reach USD 1,323.62 Billion by 2030 Registering a CAGR of 7.73%. The report provides insights into the key drivers of growth, market trends, and challenges facing the market.
One of the key drivers of growth in the facility management services market is the increasing adoption of smart building solutions. Smart building solutions use advanced technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI), to monitor and manage building systems, including HVAC, lighting, and security systems. This has led to the development of new facility management solutions that leverage these technologies to improve energy efficiency, reduce operational costs, and enhance the overall building experience.
Another driver of growth in the market is the growing need for energy-efficient facilities. With rising energy costs and increasing concerns about the environmental impact of building operations, companies are increasingly focused on improving the energy efficiency of their facilities. This has led to the development of new facility management solutions that leverage advanced analytics and data management tools to optimize energy usage and reduce costs.
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Key Players
Eminent market players profiled in the global Facility Management Services market report include
- CBRE Group, Inc.
- ISS World Services A/S
- Sodexo, Inc.
- Compass Group Plc
- Johnson Controls International plc
- among others
Facility Management Services Market Report Scope:
| Report Metrics | Details |
| Facility Management Services Market Size by 2030 | USD 1,323.62 Billion (2030) |
| Facility Management Services Market CAGR during 2022-2030 | 7.73% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | • Rapid growing tourism and hospitality sectors • Necessity to comply with environmental and regulatory norms • Rising demand for value-added services |
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Industry Trends:
The facility management services market is also witnessing several other industry trends, including the increasing adoption of outsourced facility management services. As companies look to focus on their core business operations, they are increasingly outsourcing facility management services to third-party providers. This has led to the development of new facility management service models, including Integrated Facility Management (IFM) and Total Facilities Management (TFM), which offer a range of services, from maintenance and repairs to strategic planning and advisory services.
Another trend in the market is the growing use of digital solutions for facility management. Digital solutions, such as Computer-Aided Facility Management (CAFM) and Integrated Workplace Management Systems (IWMS), offer a range of benefits, including improved data management, streamlined operations, and enhanced reporting capabilities. These solutions are increasingly being adopted by facility management service providers and in-house facility management teams.
Market Segmentation:
The global facility management services market can be segmented on the basis of service, solution, and end-user. By service, the market can be segmented into maintenance, operations, and others. By solution, the market can be segmented into software, services, and consulting. By end-user, the market can be segmented into commercial, residential, and industrial.
Covid-19 Impact:
The facility management services market has been impacted by the Covid-19 pandemic, with many companies reducing their facility management budgets in response to the economic downturn. However, the pandemic has also led to new opportunities for facility management service providers, as companies look to adapt to new ways of working, such as remote working and social distancing measures.
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Regional Analysis:
The global facility management services market can also be segmented on the basis of region, including North America, Europe, Asia-Pacific, and the rest of the world. According to Market Research Future, North America is expected to dominate the market during the forecast period, due to the presence of a large number of facility management service providers in the region. However, the Asia-Pacific region is expected to witness the highest growth during the forecast period, due to the increasing adoption of smart building solutions and the growing need for energy-efficient facilities in the region.
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