The facilities management market has witnessed expansive demand over the years. The rising use of these solutions and services among a considerable chunk of the global populace will prove to be a growth-churner for the facilities management market. Expanding industrialization and urbanization around the world have turned the tables of growth.
Furthermore, the initiatives to promote several tourist spots have led to increased booking numbers across hotels and resorts. Therefore, these factors have substantially increased the demand for facilities management solutions and will invite profitable growth during the forecast period of 2017-2025.
Any organization’s facilities, be it a restaurant, office building, retail space, etc. needs proper management to keep the premises clean and appropriate. Littered premises or unhygienic practices can result in making a wrong impression on the current and prospective consumers. Thus, these factors increase the need for facilities management solutions on a large scale.
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By definition, facilities management is a type of solution or service that comprises numerous disciplines to assure functionality of the built environment by integrating places, processes, technologies, and people. These services are the backbone of any organization or company as they help in keeping the premises clean. Cleanliness, being an important factor for many companies, ensures extensive growth for the facilities management market. The benefits associated with these facilities will also bring immense growth opportunities.
Transparency Market Research’s (TMR’s) research report on the facilities management market has every component that will assist the stakeholder in understanding the current scenario. The overall market forecast of facilities management by TMR suggests a good growth period.
According to TMR’s market insights on global facilities management, it is expected to expand at 13.8 percent CAGR during the assessment period of 2017-2025. In the context of valuation, the facilities management market will reach a valuation of US$ 1887.19 bn by 2024, the end year of the forecast period, and was valued at US$ 762.07 bn in 2017.
Urbanization and Emergence of Smart Cities to Increase the Growth Opportunities across the Facilities Management Market
Urbanization and industrialization have increased at a rapid pace over the years. The rising percentage of rural-to-urban migration over the years has led to the construction of numerous commercial and healthcare entities. Thus, these aspects will bring immense growth opportunities for the facilities management market.
In addition, many countries are encouraging the development of smart cities due to the expanding urbanization levels. The advent of smart cities will lead to an increase in the number of commercial projects, eventually increasing the growth rate of the facilities management market.
Initiatives by the Government Bodies of Numerous Countries to Bring Expansive Growth Prospects
Various countries and regions have proposed numerous plans and initiatives to promote the facilities management sector. These aspects will have a profound impact on the growth of the facilities management market. For instance, Singapore recently rolled out a new accreditation scheme for facilities management firms to help them prosper and stand out from others. Such developments help in boosting the growth prospects of the facilities management market.
Healthcare Segment to Observe Expansive Growth due to COVID-19 Outbreak
The facilities management market is estimated to observe exponential demand from the healthcare sector. The rising need for cleanliness and maintenance of healthcare facilities will attract considerable growth.
The COVID-19 pandemic has strained the healthcare sector substantially. The sudden increase in admissions has accelerated the need to keep the premises clean and hygienic. As many patients are admitted and discharged every day, the facilities must be good and well-maintained to ensure smooth functioning. These factors will bring immense growth prospects for the facilities management market.
The global facilities management market is segmented as follows;
Global Facilities Management Market, by Service type
- Hard Services
- Soft Services
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Global Facilities Management Market, by Industry
- Corporate
- Government and Public Sector
- Healthcare
- Manufacturing
- Residential and Education Institutions
- Retail and Commercial
- Others
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