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The global facility management market size is projected to grow from USD 1,249.45 billion in 2021 to USD 1,759.25 billion in 2028 owing to the rapidly expanding industrialization worldwide, observes Fortune Business Insights™ in its report, titled, “Facility Management Market Size, Share & COVID-19 Impact 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, 2021-2028.” As per the analysis, the market value stood at USD 1,234.55 billion in 2020 and is expected to register a CAGR of 5.0% from 2021 to 2028.
Algeco Group Acquires Altempo to Enter the French Modular Space Market
In January 2020, Algeco Group, one of the leading business services, announced the acquisition of Altempo, a construction services provider in France. The acquisition will help the company strengthen its position in the French modular space market. According to Mike Smith, Chairman, Algeco, the acquired company has developed a best-in-class portfolio of products and services by constantly focusing on innovation. Thierry Munier, the Managing Director at Altempo, has been the man behind such innovative steps. Thierry will continue with his position even after the acquisition.
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Investments in Tourism Sector for Enhancing Diversification to Drive Growth
The increasing demand for modern infrastructure due to rapid urbanization across the globe is predicted to further boost the demand for Facility Management services. Additionally, regulatory bodies of developed and emerging economies are persistently striving to invest in their tourism sector for improving their economic diversifications. In 2019, the government of the Kingdom of Saudi Arabia, for instance, started issuing tourist visas for the first time. Such initiatives are anticipated to propel the Facility Management market growth in the near future. However, the lack of capital, especially in developing countries, is one of the major factors that are anticipated to restrain the market growth.
Mergers and Acquisitions to Aid Key Players Expand their Portfolios
Prominent enterprises operating in the global facility management market are focusing on strategic mergers and acquisitions in order to expand their services and solutions portfolios. The newly added services will help them gain new customers. For instance, in March 2021, Compass India, a subsidiary of Compass Group, based in the U.K., acquired SmartQ, an innovative food-tech startup in India. The acquisition will enable Compass to offer a wide range of solutions owned by SmartQ. This will aid the company to attract more customers.
An Industry Development-
List of Key Players Covered in the Global Market:
Further Report Findings:
Table of Segmentation
Value (USD Billion)
By Service Type