Global Facilities Management Market Showcases Promising Growth During Forecast To 2024

Posted on 2018-03-30 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-Mar-30 — /EPR Network/ —Market Research Reports Search Engine (MRRSE) has been acting as an impressive data source when it comes to evaluating various industrial verticals. The research report titled “Facilities Management Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast to 2024” offers a clear insight about the Facilities Management Market assessed over the global platform. This analysis proves beneficial for readers & new investors who are aiming to enter for Facilities Management Market in the near future.

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Global facilities management (FM) market features a largely fragmented vendor landscape leaving ample scope for the entry of new players. The market is led by ISS World Services A/S. and Sodexo, Inc. Together with prominent companies Bilfinger HSG Facility Management GmbH and Broadspectrum (Australia) Pty Limited, they accounted for a mere share of 28.0% of the global market in 2015,. A number of players, established as well as emerging ones, are focusing on cross-border mergers and acquisitions, with an aim to expand their geographic reach. The regional expansion also offers players vibrant opportunities for consolidating their customer network and gain a competitive edge over others across various regions.

A number of players are actively bundling facilities management services in their offerings, with an aim to bring potential improvements in business processes, drive efficiency, and achieve cost-savings. Furthermore, bundled FM services facilitate providers in offering high quality services with the right mix of expertise and skills. These offerings are a proven strategy for fortifying bond between the clients and service providers, which helps them gain a better foothold in the overall market.

The various end-use industries broadly comprise corporate, government and public sector, healthcare, manufacturing, residential and education institutions, retail and commercial, food, and sport. Of these, the corporate sector leads the pack and the segment accounted for a leading market share in the global market in 2015. The segment is also projected to rise at a robust CAGR of 15.1% during 2016 – 2024. Regionally, FM services witness widespread uptake in economies of North America and Europe, especially in the corporate sector. However, the MEA and Asia Pacific (APAC) regions are expected to rise at prominent pace over the forecast period, driven by the rising popularity of integrated FM services. The APAC market is projected to rise at a CAGR of 15.5% during the assessment period.

The global facilities management market is projected to expand at an impressive CAGR of 13.6% from 2016 to 2024 and its valuation was capped at US$606.4 billion in 2015. The global market is estimated to reach a valuation of US$1,887 bn by the end of 2024.

Drive for Reducing Maintenance Costs and Bringing Operational Cost Boost Demand

Companies in a range of industries world over are inclined toward reducing maintenance and operational costs, with an aim to boost profitability. The adoption of facilities help them drive efficiencies and bring their operational costs, markedly. This is a key factor driving the demand for FM management for various support services such as food and hospitality, cleaning processes, security, maintenance, testing and inspections, and workplace management. A growing number of companies in the public and private sector are increasingly demanding these services to manage their support services, while helping them increase their focus on primary services. The intensifying demand for increasing capital expenditure on primary services is acting as a catalyst for the uptake of facility management services in various developing economies.

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Facilities management help in automating various tasks in significantly reducing energy consumption of buildings, while bringing down the overall maintenance cost. With demand for smart buildings gathering steam in various developing and developed regions, the adoption of facilities management services is likely to get a boisterous boost over the assessment period.

The rapid strides experienced by residential and commercial sectors, especially in emerging economies, is bolstering the demand for a variety of soft FM services, including mailroom, catering, pest control, cleaning, security, and waste management. Countries such as India, China, the U.K., and Germany are anticipated to witness soaring demand for FM services.

Emerging Demand for Facilities Management Outsourcing Services Create Lucrative Market Avenues

The growing popularity of facilities management services on outsourcing model is a notable factor creating lucrative prospects for providers and other players. This is attributed to substantial benefits of outsourcing the buying companies seek who look beyond the cost-reduction achieved through FM services. This has been a crucial trend expected to unlock exciting prospects for market players to capitalize on. The rising popularity of bundled FM services bodes well for the market. The attractiveness of bundling services, combing soft and hard FM services, is fueled by several potential benefits in bringing long-term improvement in process delivery and help buyer companies to support their business growth strategy.

The rising number of third-party contracts for FM outsourcing in various parts of the world is accentuating the growth of the market over the forecast period. Furthermore, the substantially rising adoption of FM services among enterprises in North America, Asia Pacific, and Europe is aiding in the expansion of the market.

On the basis of service type, the facilities management market is segmented into hard services and soft services. On the basis of industry, the facilities management market is segmented into the corporate, government and public sector, health care, manufacturing, residential and education institutions, retail and commercial, and others (food, sport, etc.) segments. The report also includes competitive profiling of the major players associated with the facilities management market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report. The increasing demand for efficiency and quality of services have led to the increased presence of facilities management service providers in the market. The major players in facilities management market include Arthur McKay & Co Ltd., Bellrock Property & Facilities Management Ltd., Bilfinger HSG Facility Management GmbH, Broadspectrum (Australia) Pty Ltd., ISS World Services A/S, Knight Facilities Management, Quess Corp Ltd., Sodexo, Inc., and Spotless Group Ltd.

Market Segmentation

Facilities Management Market, By Service Type

Hard Services
Soft Services

Facilities Management Market, By Industry

Corporate
Government and Public Sector
Healthcare
Manufacturing
Residential and Education Institutions
Retail and Commercial
Others (Food, Sport, etc.)

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