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The global facility management market size was valued at USD 1,239.99 billion in 2021. The market is projected to grow from USD 1,260.36 billion in 2022 to USD 1,856.44 billion by 2029, exhibiting a CAGR of 5.7% during the forecast period. This information is presented by Fortune Business insights, in its report, titled, “Facility Management Market Size, Share & COVID-19 Impact Analysis, By Service Type (Hard Services, Soft Services, and Other Services), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate, and Others), and Regional Forecast, 2022-2029.”
The demand for facility management solutions and services has grown gradually and is expected to expand substantially over the next few years. The augmented demand is owing to government spending in areas such as transportation, energy, construction, and others.
Additionally, the service providers form deals with building management to provide their services. Workforce, equipment, and other services are all fragment of the contract management.
Rise in Usage of Facility Management Services by Government Bodies to Elevate Market During COVID-19 Pandemic
The COVID-19 pandemic has led to an economic disorder on account of subsequent lockdowns. Even the well-planned establishments were shaken off by the COVID-19 outbreak, which triggered commotion. It has also swayed this industry. However, facility managers have struggled since the commencement of pandemic to review novel choices for remote work or remote workplaces. Nevertheless, the growing consciousness of sanitation, management maintenance, and security is predicted to navigate the market in the impending future.
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Aramark Healthcare Declares Tactical Partnership with Patient Involvement Advisors
Aramark, a global pioneer in food and facilities management, declared it is involved into a strategic collaboration with Patient Engagement Advisors (PEA), whose technology platform joins patients with transition experts to aid them to direct social determinants of health concerns and resolve for patient requirements that extend through post-discharge care. A high percentage of readmissions are linked to patients not obeying hospitalization discharge medication routines, follow-up engagements, and nutrition specifications. PEA’s technology leverages onsite and virtual staff in coordination with a registered app to help patients across the range of care.
Increasing Demand for Cloud-Based Facilities Management Systems to Drive Market
At present, cloud-based solutions offer a safe and protective method to host facilities management software. They also aid companies decreasing expenditures by refining security and cooperation across teams and subsidiaries spread throughout various regions. Additionally, the safe hosting of sensitive data, enhanced security and scalability, and prompt disaster recovery are all profits of cloud-based facilities management solutions.
Procurements Commenced by Prime Companies to Promote Market Growth
The dominating players in the market incessantly root for proficient tactics to bolster their brand value as well as endorse the global facility management market growth. One such effective strategy is procuring competitive companies and further safeguarding a profit for all companies involved.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings:
Asia Pacific is anticipated to have the leading market presence due to the existence of various organized and unorganized companies in India and China. This region also holds the largest facility management market share.
Based on industry vertical, the market is segmented into healthcare, government, education, military & defense, real estate, and others. The real estate segment is anticipated to be driven throughout the world over the forecast period. It is attributed to the continued expansion in the construction & development industry in various countries.
Table of Segmentation:
Value (USD Billion)
By Service Type, Industry Vertical, and Region
By Service Type
By Industry Vertical