The facility management services market is anticipated to grow at a compound annual growth rate (CAGR) of 5.4% over the forecast period. The facility management industry overview projects the market’s net worth to reach approximately USD 46,858.5 million by 2023. Moreover, FMI projects that at the conclusion of this forecast period, the total valuation would be close to USD 79,285.6 million.
The expansion of the facility management services market is fueled by factors such as increased industrialization and urbanization, increased residential and non-residential building, and increased awareness of asset protection. Furthermore, several facility management service providers, such as CBRE Group, Quess Corp Ltd, and others, are working to integrate sustainable development, technology, infrastructure, people, and real estate to achieve optimum efficiency.
As a result, the global facility management services market is predicted to rise as people become more conscious of the importance of protecting their assets or properties. However, the lack of trained personnel and resources in emerging nations, as well as a lack of managerial awareness and reliance on in-house facility management teams, are impeding the demand for facility management services.
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The facility management system will benefit from growth in the infrastructure sector. Infrastructure investment is a priority for governments in a number of countries. They have begun to make significant investments in the construction of trains, ports, airports, and other infrastructure. There have been a number of cooperation with a variety of private companies, including service providers, to keep the infrastructure sustainable. Furthermore, governments are entering into agreements with a number of multinational players to finish and connect their infrastructure both inside and beyond borders.
As a result, the facility management services market is likely to be driven by the expansion of the infrastructure sector in various nations. Furthermore, service providers all around the world have a plethora of options for obtaining contracts from the private sector.
However, one of the issues limiting the facility management services market outlook is security worries about the integrity of devices and networks. Increasing security breaches and cybercrime group threats are causing distrust, which is harming industry growth.
As per the global facility management services market study, growth is hampered by a lack of stable contracts, little use of technology, and a lack of resources and competencies. The infrastructure sector’s rapid growth necessitates more workers, which has an impact on domestic facility management across the country. These are the main elements influencing the market’s development. However, the workforce and cost control will be critical in resolving such difficulties.
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Key Takeaways
- By 2023, the outsourced facility management services market in the United States is expected to reach US$ 200 billion. Outsourcing income is increasing in the healthcare and education industries in the United States.
- Increased government measures to help smart cities are a feature of the APAC sector. The number of large public facilities, such as airports, malls, universities, hospitals, and seaports, is growing in tandem with the development of smart cities, which has boosted demand for facility management services.
- The rapidly expanding building sector in Asian countries like India and China would also help the business advance in Asia.
- Organizations will need to recruit qualified security staff to safeguard themselves from potential hostile attacks or criminal operations on their premises, which will fuel industry growth.
Competitive Landscape
Jones Lang LaSalle Incorporated, CB Richard Ellis (CBRE), GDI Integrated Facility Services, Inc., Colliers International, Aramark, Compass Group, Cushman & Wakefield, EMCOR Group, Inc., G4S plc, IBM Corporation, Interserve PLC, ISS Facilities Services Inc., OCS Group, and Veolia Environment are some of the major players in the facility management services market.
The global demand for facility management services is still extremely fragmented, with several leaders competing for market share. The rising hospitality industry of regional markets is attracting the attention of prominent corporations operating in the market. Government officials are assisting these companies in expanding their strong foothold in facility management process through strategic priorities. This aspect helps cater to the hospitality industry’s changing regulatory needs, notably during the height of the ongoing pandemic’s safety standards.
Important Industry Developments:
- In June 2020, Sodexo teamed with Bureau Veritas to launch a hygiene verification label for Sodexo services, providing consumers with quality assurance. This collaboration includes on-site facility management and culinary services. The label was first introduced in the United Kingdom, France, the United States, and Canada, and then progressively expanded to other nations across the world.
- August 2019 – ISS has signed a five-year Vested collaboration agreement with a prominent Nordic professional services group. Furthermore, in the Nordics, this contract will take effect on October 1, 2019.
Key Segments Covered by Facility Management Services Industry Survey Report
By Type:
- Outsourced Services
- In-house Services
By Service:
- Hard Service
- Electrical
- Civil
- Mechanical
- Specialized Hard Services
- Others Hard Services
- Soft Service
- Cleaning
- Laundry
- Landscaping
- Security
- Others Soft Services
- Management Service
- Catering
- Property
- Contract Management
- Energy & Utilities
- Maintenance Planning & Control
- Others Management Service
By Application:
- Government & Public Sector
- Industrial Sector
- Commercial Sector
- IT & Telecommunication Sector
- Banking, Financial Services, & Insurance (BFSI) Sector
- Education & Entertainment Sector
- Transportation & Logistics Sector
- Healthcare Sector
- Other Sectors
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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