NEWARK, Del, April 18, 2023 (GLOBE NEWSWIRE) -- The facility management services market analysis, the overall market is predicted to progress at 5.4% CAGR over the next ten years. FMI predicts the facility management services market valuation to grow from US$ 46,858.5 million in 2023 to US$ 79,285.6 million by 2033.
The global facility management services market size in the year 2018 accounted to be nearly US$ 38,010 million. By following an average CAGR of 4.6% during the period between 2018 and 2022 it reached US$ 45,457.8 million by its end.
In implementing and integrating facility management services in an enterprise's facilities, services are critical. The global facility management market is dominated by outsourced services that focus on enhancing business processes and optimizing facility operations. Facility management consultancy services are the backbone of any facility management since they are essential in meeting customers' unique needs.
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The demand for in-house facility management services is also likely to grow promisingly, particularly for quality evaluation and auditing. This segment is anticipated to witness a higher growth rate over the forecast years. Implementation and integration have become crucial for business owners.
Facility management services impact businesses' long-term goals of higher productivity and reduced maintenance in various corporate offices. Also, the increased need for industrial development, including various mega projects is driving up the demand for real estate.
Key Takeaways from the Facility Management Services Market Study Report
- Germany is the dominant region in providing facility management services by its leading market players. In 2022, it contributed to a market share of almost 12.6% of the total revenue generated globally.
- The United States follows Germany in demand and adoption of facility management services by contributing 11.1% of the global revenue share.
- In the Asia Pacific region, India is turning into a lucrative region for global facility maintenance and operation managers. During the forecast period, it is anticipated to record an impressive CAGR of 21%.
- Based on different applications of facility management services, the industrial sector is the leading source of revenue generation for the market. In 2022, this segment was witnessed to have contributed to 24% of the revenue generated globally.
- Among the different types of services provided by the market players, the management services segment holds nearly 26% market share. However, hard facility management services are gaining traction in recent years with their growing adoption in industries and real estate businesses.
Competitive Landscape for the Facility Management Services Market Players
Arthur McKay, BVG India, CBRE Group, EMCOR Group, and Quess Corp are some famous companies operating in the global market. Competitiveness in the market is getting heightened by the expanding use of cutting-edge technologies. This includes AI-based management solutions and IoT evolutions. So, global players are focusing on forming alliances with regional players to expand their geographic reach and offer services to SMEs.
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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 Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East and Africa (MEA) Market
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Recent Developments by the Facility Management Services Providers
The global adoption of facility management services surged during the years 2020 and 2021 that is still driving the market since then. For facility operation and maintenance managers, the pandemic had a positive influence on revisiting business policies as well.
The merger between Turner & Townsend Holdings Ltd and CBRE Group, Inc. was concluded in November 2021. By purchasing a 60% ownership position in the business, CBRE joined forces strategically with the former company.
Table of Content
1. Executive Summary | Facility Management Services Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
Know more about this market's geographical distribution along with a detailed analysis of the top regions: https://www.futuremarketinsights.com/reports/facility-management-services-market
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Old Source: Facility Management Services Market Expanding at a 12.6% CAGR during 2022 - 2032 & To Reach US$ 86.01 Bn in 2027, Says FMI
