Selbyville, Delaware,, Nov. 21, 2022 (GLOBE NEWSWIRE) --
The facility management market valuation is expected to cross USD 5 Trillion by 2032, as reported in a research study by Global Market Insights Inc. The rise of the tourism and hospitality sectors will be a prominent reason for accelerating FM services demand.
Based on statistics from the French Ministry of the Economy and Finance, in 2021, the country recorded the arrival of over 110 million foreign tourists, a 3% increase from 2019. These factors will impact the adoption of facility management solutions to maintain the safety and sustainability of hospitality facilities and ensure efficient day-to-day operations. Furthermore, the shifting preference toward outsourcing facility management services for cost reduction will fuel facility management market expansion.
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Focus on hygiene efficiency to stimulate soft facility management service delivery
The soft service segment is anticipated to witness around 14% growth rate through 2032, given the ability of the services to reduce the day-to-day burden of cleaning, landscaping, laundry, and security. Soft facilities management can also ensure a productive work environment while maintaining the optimum health and hygiene of employees. Additionally, the requirement to hire trained security personnel to safeguard organizations from illegal activities and hostile attacks will also encourage the adoption of facility security management services.
Facility management service outsourcing to gain momentum for optimized operations
Based on type, the outsourced segment held nearly 55.5% of the facility management market share by 2032. Rapid business expansions and the rising complexity of core and non-core business processes will influence the need for facility management solutions. FM solutions are mainly leveraged as a key to running the daily operations of organizations. With the rise in competition, organizations are also continuing to rely on outsourced FM services to ensure optimal functionality and consistent growth.
Expansion of commercial establishments spurs the use of facility management tools
Based on the application, the commercial segment exceeded USD 227.5 billion revenue in 2022. The rising standard of living has boosted the construction of commercial buildings such as restaurants, malls, cafes, and sports facilities. Investments to expand retail and entertainment complexes have also surged, especially in developed nations. Factors such as these will proliferate the adoption of effective facility management solutions to cater to the needs of commercial establishments.
Emphasis on customer retention augments FM service demand in North American organizations
The North America facilities management market is estimated to grow at over 10.5% CAGR from 2023 to 2032, owing to robust demand from universities, corporate offices, healthcare, and other industrial sectors. Based on data from the American Medical Association, in 2020, health spending rose by 9.7% in the U.S., driven especially by the COVID-19 pandemic. These trends combined with the emphasis on customer retention and loyalty, will increase the delivery of effective management services to health facilities across the North American region.
Merger and acquisition strategies to strengthen the competitive landscape
Serco Group Plc, Compass Group PLC, GDI Integrated Facility Services, Inc., SAP SE, Cushman & Wakefield plc, G4S PLC, IBM Corporation, Interserve PLC., ISS Facility Services, Inc, EMCOR Group, Inc., OCS Group Limited, Oracle Corporation, Sodexo, and Tenon Group are among the major companies profiled in the global facilities management market. These players are focusing on strategic mergers and acquisitions, among other strategies, to reinforce their footprint in the industry.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Facilities management industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 - 2032
2.3 Regional trends
2.4 Type trends
2.5 Service trends
2.6 Application trends
Chapter 3 Facility Management Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia Ukraine war
3.4 Facility management industry ecosystem analysis
3.5 Patent analysis
3.6 Key news
3.7 Investment portfolio
3.8 Technology & innovation landscape
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
