Dublin, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The "United States Facility Management Market Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
The United States Facility Management market is anticipated to reach a value of $345.55 billion by 2028 from $209.69 billion in 2022, growing at a CAGR of 6.9%
Growing interest of governments of several countries in investing in infrastructure development, especially in the construction of railways, ports, airports and many other infrastructures, is boosting the growth of the facilities management software market. Numerous collaborations with some private contractors and various government projects with international players are also expected to boost the market growth.
Facilities management is basically divided into two areas: hard facilities management (hard FM) and soft facilities management (soft FM). Hard facilities management deals with physical assets such as heating and cooling, elevators, and plumbing, while soft facilities management deals with human-performed tasks such as lease accounting, catering, security, groundskeeping, and custodial services. Facility management software helps businesses manage their entire repair and maintenance operations from her web-based panel.
Government projects to propel the demand
As a part of united bid which features United States, Mexico & Canada to jointly host the 2026 Men's FIFA World Cup. Out of the 16 venues in the North American continent for the world cup, 11 of them lie in the US. None of the stadiums that hosted the 1,994 World Cup in the US will be used for the 2026 edition. Moreover, Miami, one of the hosts for the World Cup shall be provided with USD 5 million from Enterprise Florida for preparing the city for the mega event. As investments are set to be in millions of dollars, it is expected to thrive the facility management market in the country.
United States will host Summer Olympics 2028 at Los Angeles after winning the bid in the year 2016. It is estimated that the total cost of spending for the games will be around USD 6.9 billion. The government has already started work on transportation projects including Airport Metro Connector connecting the Metro system to the Los Angeles International Airport (LAX) and the Metro D (Purple) Line which will be nearby to the Games Village.
The last time Los Angeles hosted the games was in 1,984, so the city needs a much new and upgraded infrastructure in comparison to the last time. As Olympic games are expected to have athletes from around 200 countries along with their spectators, demand for facility management is expected to rise during the forecast period.
In the year 2021, US had announced to release a whopping amount of USD 1.2 trillion as a part of its infrastructure package. Under this package, new infrastructure projects and upgradation of the existing ones shall be announced related to airports, metro and rail projects. These new projects are expected to propel the facility management in the forecast period.
Latest Trends in United States Facility Management Market
In the year 2019, CBRE has launched Plans Pro. It is an enterprise Software-as-a-Service (SaaS) Testfit 3D visualization tool that helps large enterprise users make better and faster decisions related to new and existing spaces with custom design criteria. Plans Pro is designed for professional users and can be used across all industries and property types, including office, industrial, retail, and healthcare. Plans Pro offers a wide range of integrated contract-based services, including facility management, project management, transaction management and management consulting.
Increase in Cybercrime
Security concerns related to device and network security are among the factors restraining the market growth. Increased security breaches and growing threats from cybercriminal groups have created skepticism and hindered the growth of the market. at risk of being damaged.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 75 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $209.69 Billion |
| Forecasted Market Value (USD) by 2028 | $345.55 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | United States |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States Facility Management market.
- CBRE Group,Inc.
- Cushman & Wakefield PLC
- Sodexo, Inc.
- Jones Lang LaSalle Incorporated
- Emeric Facility Services
- ISS Facility Services, Inc.
- Guardian Service Industries, Inc.
- SMI Facility Services
- Shine Management & Facility Services
- AHI Facility Services, Inc.
Report Scope
Price Point Analysis (Cost of Spending in United States)
- Plumbing
- Painting
- AC Service
- Electrical Service
- Pest Control
- Masonry Service
United States Facility Management Market, by Service:
- Property
- Cleaning
- Security
- Support
- Catering
- Others
United States Facility Management Market, by Type:
- Hard Services
- Soft Services
United States Facility Management Market, by Industry:
- Organized
- Unorganized
United States Facility Management Market, by End User:
- Commercial
- Residential
- Industrial
- Public Sector
United States Facility Management Market, by Sectors:
- Education
- Healthcare
- Real Estate
- Banking
- Hospitality
- Housing
- Others
United States Facility Management Market, by Region:
- South
- West
- Mid-West
- North-East
For more information about this report visit https://www.researchandmarkets.com/r/49i4u4
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