Facility Management Market to Register 5.0% CAGR till 2028; Surging Investments in Infrastructural Development to Aid Market Growth: Fortune Business Insights™
May 12, 2021 at 02:13 AM EDT
Pune, India, May 12, 2021 (GLOBE NEWSWIRE) -- The global Facility Management market size is projected to reach USD 1,759.25 billion by 2028, exhibiting a CAGR of 5.0% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Facility Management Market Size, Share & Industry Analysis, By Service Type (Hard Services, Soft Services, and Others Services), By Industry (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2020-2027”. As per the report, the market stood at USD 1,234.55 billion in 2020 and USD 1,249.45 billion in 2021. Facilities Management services have gained high popularity in recent years among several industries such as healthcare, defense, and government. Enterprises operating in the aforementioned market ensure smooth working of operations, communication, sanitation, and hospitality for companies.
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Prevailing Gap between Demand and Supply to Impact Need for Facility Management
The COVID-19 pandemic has given a significant boost to the demand for hygiene-related services in numerous industries. This has positively impacted the market. However, the expanding gap between supply and demand for sanitary products has resulted in negative market growth. On the basis of our findings, the market exhibited a lower growth of -0.2% in 2020 compared to the average year-on-year growth during 2017-2019.
We have categorized the market on the basis of service type, industry, and geography. In terms of type, the market is divided into hard services, soft services, and other services. Based on the application, it is fragmented into healthcare, government, education, military & defense, real estate, and others. Amongst these, the real estate segment earned 29.7% in 2020 in terms of share. The persistent growth of the construction industry across the globe is expected to drive this segment. Lastly, on the basis of geography, it is segmented into North America, Europe, Latin America, Asia Pacific, Land the Middle East & Africa.
What Does the Report Offer?
The report provides a detailed analysis of key market aspects, namely, dominant companies, end-users, and leading product types. Apart from this, it contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Increasing Focus on Infrastructure Development to Drive Growth
Infrastructural development has been a key factor in the overall development of nations worldwide. For instance, according to the estimations given by Business Roundtable, an investment equivalent to one percent of the GDP of the U.S. would have added nearly USD 320 billion to the economic output of the country. Surging investments in the development of infrastructure by governments and major enterprises globally are anticipated to drive the Facility Management market growth. In addition, rapid industrialization in developing countries globally is predicted to further boost the demand for Facility Management services. However, the majority of key nations lack the required resources that aid enterprises provide cutting-edge services. This may hinder growth in the long run.
Rapidly Surging Industrialization in China and India to Boost Demand in Asia Pacific
The market size in Asia Pacific stood at USD 479.53 billion in 2020. The region is estimated to dominate the market during the forecast period. China, one of the prominent countries in the region, has a population of nearly 1.39 billion people, which enables the country to provide cheaper labor compared to other nations. This makes the country a favorite location for industries worldwide to establish their manufacturing units. On the other hand, India is an emerging nation in terms of industrialization, which is again backed by the second population in the country. These factors are anticipated to scale up the Facility Management market share in the region.
The market in North America is anticipated to showcase considerable growth during the projected timeline. The rapid adoption of latest technologies, such as 5G, internet of things, and artificial intelligence by several end-user industries, is estimated to accelerate the demand for Facility Management in the region.
Strategic Partnerships to Help Key Players Acquire New Customers
Key enterprises operating in the global market are focusing on strategic partnerships to add more services to their portfolios. This will help them acquire new customers. For instance, in June 2020, Sodexo, a leading hospitality management company, partnered up with Bureau Veritas, a pioneer and testing and inspection services. The partnership will help Sodexo attain a hygiene verification label for its services.
In May 2019, Dussmann Technical Solutions (DTS), one of the leading systems and plant engineering developers, announced the acquisition of STS Group. The agreement will help DTS improve its technical engineering services.
List of Key Companies Covered in the Global Market:
• Sodexo (France)
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Table of Content
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