Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights latest report, the global facility management market size to hit USD 2,031.4 billion by 2030 at a 6.7% CAGR. The market valuation was USD 1,260.0 billion in 2022 and is slated to rise USD 1,291.6 billion in 2023 during the forecast period 2023-2030. This information is by Fortune Business Insights™ presented in a report titled, “Facility Management Market, 2023-2030."
The International Facility Management Association (IFMA) defines facility management as integrating a real workplace with an organization's workforce and work, which include activities such as equipment upkeep, space planning, and portfolio forecasting. These services include leadership & strategy, real estate & property management, project management, quality, human aspects, emergency planning & company continuity, environmental sustainability, and others.
This industry, which is described as offering maintenance assistance, user management, and project management, has seen significant growth over the past 20 years as a result of the initial increase in urbanization and industrialization.
Get a free Sample Research PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/facility-management-market-101658
List of the Facility Management Companies Profiled in the Market:
- Sodexo (France)
- CBRE Group, Inc. (U.S.)
- ISS A/S (Denmark)
- Compass Group (U.K.)
- Tenon Group (India)
- Johnson Controls International plc. (Ireland)
- Dussmann Group (Germany)
- Serco Group PLC (U.K.)
- OCS Group International Limited (U.K.)
- Dussmann Gulf LLC (U.A.E.)
- G4S Plc (U.K.)
- EFS Facilities Services Group (U.A.E.)
- Veolia Environment (France)
COVID-19 Impact:
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.
Despite Initial Disruption, the Market Saw Robust Recovery Post-pandemic
Due to consecutive lockdowns brought on by the COVID-19 pandemic, the economy has been in turmoil. The industry has also been affected, but facilities managers have battled back since the pandemic started by looking into new opportunities for remote work or socially isolated workplaces. In contrast, it is anticipated that in the future, the market will be driven by rising consciousness of cleanliness, management, maintenance, and security. These factors steadied the market dynamics to some extent during the pandemic.
Click here to get 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
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.7% |
| 2030 Value Projection | USD 2,031.4 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 1,260.0 billion |
| Historical Data for | 2019 - 2021 |
| No. of Pages | 120 |
| Segments covered | By Service Type, By Industry Vertical, and By Region |
| Growth Drivers | Growing Infrastructure Spending to Boost Market Growth |
Segmentation:
Hard Services Segment to Command Major Market Share through 2030
The market is divided into hard services, soft services, and other services based on service type. A significant facility management market share will likely belong to the hard services category as a result of the global infrastructure market's continued expansion. This industry also includes cleaning, plumbing and drainage, building fabric maintenance, and other hard services.
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 Capture Maximum Market Share during 2023-2030
The market is divided into healthcare, government, education, military & defense, real estate, and others. Over the foreseeable period, it is anticipated that the real estate segment would be driven globally attributable to the building and development industry's ongoing global expansion.
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.
The report also offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/facility-management-market-101658
Drivers and Restraints
Growing Infrastructure Spending to Boost Market Growth
Government organizations worldwide make significant investments in the building and infrastructure industries. Three factors — renovation of existing structures, new building construction, and civil engineering — are crucial for infrastructure development. However, in the current global environment, the sector is well positioned to benefit from infrastructure expenditures. The market propensity with renovation of existing buildings is representing most of the facility management services, presentations, and market growth.
The majority of the services associated with this industry's performances and market expansion are linked to the market tendency for renovating existing buildings. To maintain the infrastructure clean and green, smart building construction, governmental bodies in emerging nations engage in contracts with a variety of private contractors, including service providers and several foreign players. These factors augment the facility management 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 as Facility Management Requirements Grow Backed by Implementation of Advanced Technologies
Due to the existence of several organized and unorganized businesses in China and India, Asia Pacific is predicted to have the largest market presence. Established businesses are focusing on forging alliances with regional companies to expand their geographic reach and offer their services to end-users.
The introduction of new technologies such as the Internet of Things, artificial intelligence, robotics, and others is expected to cause the North America market to grow gradually.
Europe is anticipated to grow significantly during the coming years. It is a result of governments in numerous countries in the region implementing preventative measures.
Competitive Landscape
Key Players Adopt Merger & Acquisition Strategies to Keep Pace with Growing Demand
Multinational firms concentrate on mergers and acquisitions to increase their presence in developing countries. Additionally, these companies are integrating cutting-edge technology to offer their clients better and more complete property management services. For instance, in October 2019, CBRE Group Inc. unveiled "Plans Pro," a business Software-as-a-Service (SaaS) 3D visualization tool that enables users to decide more quickly on new and existing custom design standards and provide a wider range of integrated services such as facility management, project management, and transaction management.
Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/facility-management-market-101658
Key Industry Development:
May 2022: NHS Shared Business Services unveiled a second-gen facility management solution designed to enable innovative, cost-effective, and high-quality solutions.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Facility Management Key Players Market Share/Ranking, 2022
- Global Facility Management Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Service Type (USD)
- Hard Services
- Soft Services
- Other Services
- By Industry Vertical (USD)
- Healthcare
- Government
- Education
- Military & Defense
- Real Estate
- Others (IT & Telecommunication, BFSI)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Facility Management Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Service Type (USD)
- Hard Services
- Soft Services
- Other Services
- By Industry Vertical (USD)
- Healthcare
- Government
- Education
- Military & Defense
- Real Estate
- Others (IT & Telecommunication, BFSI)
- By Country (USD)
Continued…
Inquire Before Buying
https://www.fortunebusinessinsights.com/enquiry/queries/facility-management-market-101658
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
U.S.:+1 424 253 0390
U.K.: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Facility Management
