Facility Management Services Market to expand at a CAGR of 7.73% by 2030 to value USD 1323.62 billion – Report by Market Research Future (MRFR)
Research Reports
Sep 26, 2023
Market Research Future Insights:
It is projected that the market for Facility Management Services Market would grow to USD 1,323.62 billion by 2030. Facility Management (FM), with a CAGR of 7.73%, is a corporate activity that combines people, places, technology, and processes to ensure the physical environment’s smooth functionality, comfort, safety, and effectiveness. Businesses and housing developments utilise a variety of maintenance services together referred to as “facility management services” for connected purposes. The market for facility management services is expanding because of factors like the swiftly growing travel and hospitality sectors, the requirement to follow environmental and regulatory guidelines, and the rising demand for value-added services.
The facilities management services’ objective is to automate the time-consuming and error-prone manual tasks while concentrating on compliance through core business. The nature of the businesses and the regulations to which the company is subject are known to these services.
The goal of the facility management services is to automate the laborious and prone to error manual activities while focusing on compliance through core business expertise. These services are aware of the nature of the businesses and the rules that the company is subject to. International Traffic in Arms Regulations (ITAR), for instance, prohibits non-US residents from entering facilities that are necessary for national security. The facilities management services encourage compliance by guaranteeing appropriate oversight and protocols for data security. As a result, the facility management services market is anticipated to grow rapidly during the forecast period because of the need to adhere to environmental and regulatory standards.
The construction industry is still expanding at a moderate clip against the backdrop of a world economy that is beginning to show signs of a mild recession. Long-term prospects are particularly bright for the global construction sector, which is anticipated to expand faster than the entire economy during the ensuing ten years. Factors affecting the growth include infrastructure improvements in rich countries, population growth in developing nations, the propensity for more residential construction, and anticipated investments in renewable energy and telecommunications.
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Key Players:
Key players operating in the global Facility Management Services Market include.
- Aramark Corporation (US)
- Sodexo (France)
- ASMACS Group. (India)
- CBRE (US)
- SIS Group Limited (India)
- Knight Frank (UK)
- Compass Group PLC (UK)
- Cushman & Wakefield (US)
- EMCOR group. Inc (US)
- GDI integrated facility service (Canada)
- ISS Facility Service Inc. (Denmark)
- Jones Lang LaSalle IP, Inc. (US)
- OCS Group Limited (UK)
- Quess Corp Ltd. (India)
- Apollo Facility Management Service (India)
Scope of the Report – Facility Management Services Market:
|
Report Metrics |
Details |
|
Market Size by 2030 |
USD 1323.62 Billion |
|
CAGR during 2022-2030 |
7.73% |
|
Base Year |
2021 |
|
Forecast |
2022-2030 |
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Market Segmentation:
Based on type, the market for facility management services has been divided globally. Applications, services, and regions.
Based on type, the market for facility management services has been divided into Hard Service and Soft Service. Smart Facility Management Solutions and Non-Smart Facility Management Solutions have been created inside the Hard Service Segment. The market share held by the soft service segment in 2021 is anticipated to remain constant over the course of the forecast period.
The market has been divided into Hard Services and Soft Services based on Service Type. Electrical, Civil, Mechanical, HVAC, and Others make up the additional divisions within the Hard Service segment. Additionally, there are separate categories for cleaning, laundry, landscaping, catering, security, and others in the soft service section.
The market has been divided into Education Institutes, Commercial, Residential, Industrial, Government and Public, Healthcare, and Others based on Application.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) Facility Management Services Market– https://www.marketresearchfuture.com/reports/facility-management-services-market-5952
Reginal Analysis:
Asia-Pacific, North America, Europe, the Middle East and Africa, and South America are among the regions where the global market for facility management services has been researched. In 2021, Asia-Pacific held the greatest market share with 37.92%. The area serves as a vital centre for industrial manufacturing and has recently attracted considerable investments and corporate growth from throughout the world. A few of the reasons that are anticipated to propel market growth include the fast-rising construction spending, infrastructure development, growing attention on the facility’s safety and security, and strict government laws governing facility management.
Due to the presence of nations like Brazil, Peru, Chile, and Argentina—which are experiencing growth in the industrial, commercial, and residential real estate sectors—South America is the region with the fastest rate of regional market expansion worldwide. As a result, facility management services are becoming more and more popular. In addition, well-known US facility management service providers are increasing their footprint in South America to tap into an unexplored market.
Due to the constantly expanding tourist and hospitality industries and growing demand for value-added services, the worldwide facility management services industry is anticipated to experience robust growth over the forecast period.
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