Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global facility management market was valued USD 1,239.99 billion in 2021. The global market size is expected to grow from USD 1,260.36 billion in 2022 and reach USD 1,856.44 billion by 2029, exhibiting a CAGR of 5.7% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, “Facility management Market, 2022-2029.”
Technology advancements, such as the adoption of Building Automation Systems (BAS) and the Internet of Things (IoT), are making it simpler to monitor and maintain buildings, which is driving market expansion. Since the building sector expands, so does the demand for facility management services.
Key Industry Development:
June 2020: Sodexo collaborated with Bureau Veritas to present a sanitized identification label for Sodexo service that provides quality guarantee to consumers. This collaboration comprises on-site facility management services and catering services. The label was presented in the U.K., France, the U.S., Canada and then slowly rolled out in other nations across the world.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.7% |
| 2029 Value Projection | USD 1,856.44 |
| Base Year | 2021 |
| Market Size in 2021 | USD 1,239.99 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | By Service Type, By Industry Vertical, and By Region |
| Growth Drivers | Upsurge in Infrastructural Investments to Boost Market |
| Pitfalls & Challenges | Limited Use of Technology & Inadequate Optimization Practices to Hinder Market Growth |
COVID-19 Impacts:
Upsurge in Use of Facility Management Services by Governments to Boost Market During COVID-19 Pandemic
The COVID-19 pandemic led to a financial confusion due to succeeding lockdowns. Even well-administered organizations faced the damage caused by COVID-19 outbreak. It has also influenced the facility management industry nevertheless. Facility managers have struggled since the pandemic began to examine novel choices for remote work or publically remote workplaces. On the contrary, the growing consciousness of cleanliness, administration maintenance, and security is predicted to fuel the market during the impending future.
List of Key Players Mentioned in the Report:
- Sodexo (France)
- CBRE Group, Inc. (U.S.)
- ISS A/S (Denmark)
- Compass Group (U.K.)
- Aramark (U.S.)
- Jones Lang LaSalle Incorporated (U.S.)
- Cushman & Wakefield plc. (U.S.)
- Tenon Group (India)
- Johnson Controls International plc. (Ireland)
- Dussmann Group (Germany)
- Serco Group PLC (U.K.)
- Mitie Group Plc (U.K.)
- G4S Plc (U.K.)
- Veolia Environment (France)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/facility-management-market-101658
Segments:
Hard Services Segment to Hold Prime Market Share Assisted by Development in Infrastructure Sector
By services type, the market is segmented into hard services, soft services, and other services. The hard services category is expected to hold prime market share owing to the continued subsequent growth of the infrastructure industry globally.
Real Estate Segment to Lead Market during the Forecast Period
Based on Industry, the market is segmented into healthcare, government, education, military & defense, real estate, and others. The real estate sector is predicted to be fueled across the world over the forecast period. It is accredited to the continued extension in the construction & developments industry in numerous nations.
The report's scope contains five prime regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help with the facility management market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
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Drivers and Restraints:
Increase in Infrastructural Capitalization to Foster Market
Government organizations across various economies are majorly capitalizing in the construction and infrastructural industry. The infrastructural growth is predominantly reliant on three components involving restoration of prevailing buildings, new building construction, and civil engineering. Nevertheless, in the global scenario, the industry is well-placed to take benefit of infrastructural investments. The market propensity with renovation of existing buildings is representing most of the facility management services, presentations, and market growth.
However, various huge facilities management service providers with heavy initial investment in facility services barely face problems concerning restricted utilization of technology; this is owing to the projects signed for a long time period.
Regional Insights:
Asia Pacific to Dominate Backed by Implementation of Advanced Technologies
The Asia Pacific market is projected to grow sturdily, owing to the implementation of novel technologies such as IoT, AI, robot adoption, and others. Asia Pacific held the largest facility management market share in 2021.
Similarly, the market in Europe is estimated to rise substantially in the coming years. It is on account of the adoption of precautionary guidelines by governments in numerous countries in the region.
Competitive Landscape:
Collaborations among Companies to Reinforce their Brand Values in Global Market
Important players in the market are incessantly rooting for proficient tactics to endorse their products and inaugurate their positions in the market. One such stratagem is to launch new products by forming a coalition with other companies to extend their reach to end-users.
Table Of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Facility Management Share Analysis, 2021
- Global Facility Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- By Service Type (USD Bn)
- Hard Services
- Soft Services
- Other Services
- By Industry Vertical (USD Bn)
- Healthcare
- Government
- Education
- Military & Defense
- Real Estate
- Others (IT & Telecommunication, BFSI, etc.)
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Service Type (USD Bn)
- North America Facility Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
Continued...
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