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Facility Management Market to Grow at 5.0% CAGR till 2028; Increasing Demand for Modern Infrastructure to Augment Growth

May 11, 2021 | Machinery & Equipment

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/facility-management-market-101658


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-



  • In February 2021, CBRE Group, Inc., a commercial real estate company in the U.S. acquired 35% stakes in Industrious, a leading co-working space provider. The acquisition will enable CBRE to establish its presence in the flexible workplace industry.


List of Key Players Covered in the Global Market:



  • Sodexo (France)

  • CBRE Group, Inc. (United States)

  • ISS A/S (Denmark)

  • Compass Group (United Kingdom)

  •  Aramark (United States)

  • Jones Lang LaSalle Incorporated (United States)

  • Cushman & Wakefield plc. (United States)

  • Tenon Group (India)

  • Johnson Controls International plc. (Ireland)

  • Dussmann Group (Germany)


Further Report Findings:



  • Based on the industry, the real estate segment is projected to dominate the market in the forecast timeline. The segment secured a leading share of 29.7% in 2020. One of the key drivers includes the rapidly increasing construction activities globally, thereby surging the demand for facility management.

  • Based on the region, Asia Pacific is predicted to lead the market. Rapid industrialization in China and India due to the abundance availability of labor in these countries is estimated to expand the market share in the region. The market value of Asia Pacific stood at USD 479.53 billion in 2020.

  • On the basis of type, the hard services segment is anticipated to hold the largest share during the projected timeline. The increasing demand for the construction of modern buildings backed by rising urbanization across the globe is expected to boost the demand for these services.


Table of Segmentation








































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



   2021-2028



Historical Period



   2017-2019



Unit



  Value (USD Billion)



Segmentation



By Service Type



  • Hard Services

  • Soft Services

  • Other Services



By Industry



  • Healthcare

  • Government

  • Education

  • Military & Defense

  • Real Estate

  • Others (IT & Telecommunication, BFSI, etc.)



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, and the Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia, and the Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Facilities Management Market
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  • 2017-2019
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