New York, USA, May 15, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global cleaning services market is anticipated to grow at a stunning CAGR of 6.3%, thereby garnering a revenue of $115,082.0 million in the 2022-2031 timeframe. This comprehensive report provides a brief outlook of the current framework of the cleaning services market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing demand for cleaning services in hospitals and clinics is predicted to be the primary growth driver of the cleaning services market in the forecast period. Additionally, the growing application of cleaning services in the construction sector is expected to push the market forward.
Opportunities: Rising demand for cleaning services in the commercial sector is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, an overall expansion of the healthcare sector is expected to help the market grow in the forecast period.
Restraints: High competitiveness in the cleaning services, however, might prove to be a hindrance in the growth trajectory of the cleaning services market.
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Impact of Covid-19 on the Market
The cleaning services market experienced moderate growth during the pandemic. As the majority of the commercial spaces were closed during the lockdown, the demand for cleaning services declined from the commercial sector. However, on the other hand, the demand for cleaning services increased massively from the healthcare sector due to the increase in hospital admissions owing to the Covid-19 virus. This helped the market regain some lost ground during the pandemic
Segments of the Market
The report has divided the cleaning services market into certain segments based on service type, application, and region.
Service Type: Janitorial Sub-segment to be Highly Dominant
The janitorial sub-segment is expected to be highly dominant during the forecast period. The wide range of commercial cleaning services offered by janitorial services to a variety of locations including offices, hospitals, colleges, department shops, and other commercial establishments is expected to help in the growth of this sub-segment.
Application: Commerical Sub-segment to Have the Highest Market Share
The commercial sub-segment is expected to be the most dominant by 2031. The growing demand from the commercial sector for specialized cleaning services to meet their unique needs is predicted to propel the growth of this sub-segment in this forecast period.
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Market in the North America Region to be the Most Lucrative
The cleaning services market in the North America region is anticipated to be the most profitable by 2031. Rapid urbanization and industrialization across the globe have led to an increase in demand for cleaning services which is anticipated to be the main growth driver of the market in this region.
Prominent Market Players:
Some of the key players in the cleaning services market are
- ABM Industries Inc
- Cleannet
- Sodexo
- Analog Cleaning Systems
- Jani-King International Inc
- ISS Facility Services Inc
- Aramark Corporation
- Pritchard Industries Inc
- The Servicemaster Company
- Chem-Dry
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
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For instance, in August 2022, Diversified Maintenance, a facility maintenance services provider, announced the acquisition of Millers Cleaning Services, a commercial cleaning company. This acquisition is predicted to offer numerous growth opportunities to the company as it will be able to expand its businesses globally.
Finally, the report also summarizes many crucial aspects of the cleaning services market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Cleaning Services Market:
- How do Cleaning Services Help Homes and Businesses to Perpetuate a Clean and Tidy Environment?
- Growing Applications of Cleaning Services in the Construction Sector to Foster the Growth of the Global Cleaning Services Market by 2031
