Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The "Facility Management Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global facility management services market is expected to grow from $1,361.71 billion in 2022 to $1,562.42 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The facility management services market is expected to reach $2,557.57 billion in 2027 at a CAGR of 13.1%.
This report offers comprehensive statistics on the facility management services market, covering global market size, regional market shares, competitors with their respective market shares, detailed market segments within the facility management services industry, emerging market trends, opportunities, and additional data crucial for thriving in the facility management services sector.
The growth of the facility management services market is expected to be propelled by the increasing adoption of smart city initiatives. Numerous governments worldwide are introducing initiatives aimed at developing smart cities. Facility management services play a pivotal role in supporting smart cities by implementing innovative Information and Communication Technologies (ICTs) in the realm of Urban Facility Management (UFM). This opens up new avenues for optimizing existing services and creating novel services based on cutting-edge technologies like the Internet of Things (IoT), Big Data, information sharing, and smart applications.
For instance, in 2021, the Government of India invested a substantial amount of Rs 205,018 crore (US$ 28.31 billion) in the smart city mission. Additionally, in January 2020, city governments in the United States planned to invest over $41 trillion over the next two decades to enhance infrastructure and leverage IoT technology. Such significant investments are set to transform urban living through IoT adoption, thus driving the growth of the facility management services market.
Technological innovations represent a prominent trend gaining traction in the facility management services market. Service providers are diversifying their portfolios by integrating advanced technologies into their offerings. Large enterprises, in particular, are leveraging innovative technologies such as Building Information Modeling (BIM) to enhance the delivery of both hard and soft services, thereby improving and upgrading their service offerings.
For example, in March 2022, Compass Group, a UK-based facility management services company, introduced Saarthi-FX, a fully digital one-stop solution. This innovative solution reimagines workplace interactions within facility management, aiming to revolutionize traditional workspaces by harnessing the power of artificial intelligence and predictive modeling.
It enhances office asset management, fosters a smarter, safer, and more efficient workspace, and ensures seamless 24/7 customer support. Saarthi-FX integrates technology, human resources, and processes to create a superior employee experience and transform conventional workspaces into tech-enabled environments.
North America emerged as the largest region in the facility management services market in 2022. The market report covers several countries, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Major players in the facility management services market are
- Atalian Servest AMK Limited
- BVG India Limited
- CBRE Group Inc.
- EMCOR Group Inc.
- ISS A/S World
- Knight FM
- Quess Corporation Ltd.
- Sodexo Inc.
- Spotless Group Holdings Limited
- Tenon Group (Tenon Facility Management India Pvt. Ltd.)
- QuickFMS
- Nuvolo Technologies India Pvt Ltd
- InnoMaint
- eFACiLiTY
- FacilityONE Technologies LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $1562.42 billion |
| Forecasted Market Value (USD) by 2027 | $2557.57 billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Facility Management Services Market Characteristics
3. Facility Management Services Market Trends And Strategies
4. Facility Management Services Market - Macro Economic Scenario
4.1. COVID-19 Impact On Facility Management Services Market
4.2. Ukraine-Russia War Impact On Facility Management Services Market
4.3. Impact Of High Inflation On Facility Management Services Market
5. Facility Management Services Market Size And Growth
5.1. Global Facility Management Services Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Facility Management Services Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Facility Management Services Market Segmentation
6.1. Global Facility Management Services Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hard Services
- Soft Services
- Other Services
6.2. Global Facility Management Services Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solutions
- Services
6.3. Global Facility Management Services Market, Segmentation By Deployment Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud
- On-premises
6.4. Global Facility Management Services Market, Segmentation By Organization Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Small and Medium Enterprises (SMEs)
- Large Enterprise
6.5. Global Facility Management Services Market, Segmentation By Industry Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Healthcare
- Government
- Education
- Military And Defense
- Real Estate
- Other Industry Vertical
7. Facility Management Services Market Regional And Country Analysis
7.1. Global Facility Management Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Facility Management Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/idzj2o
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