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The global facility management market size is projected to reach USD 1.62 trillion by 2027. The presence of several large scale companies will provide impetus to market growth. According to a report published by Fortune Business Insights, 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, 2020-2027,” the market was worth USD 1.24 trillion in 2019 and will exhibit a CAGR of 4.0% during the forecast period, 2020-2027.
Facility management includes several aspects in a business right from the initial stages of set-up to maintenance and comfort in the workplace. The demand for improved infrastructure will create several growth opportunities for the companies operating in the market. The presence of several large scale companies will subsequently affect the growth of the overall market in the coming years. The increasing investment in technological intervention has widened the application scope. The rising awareness regarding the safety of employees in workplace with regard to physical structure as well as the placement of devices and equipment will bode well for the growth of the market in the coming years. The use of concepts such as artificial intelligence and IoT has led to the emergence of smart workplace environments.
Dussman Group’s Acquisition of STS Group will have a Massive Global Impact
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. Accounting to the rising demand for facility management services across the world, several companies are looking to collaborate with other companies, mostly SMEs, with a view to maximizing the resources of both the companies. It is observed that company mergers are an increasing trend among major companies across the world. In May 2019, Dussman Group announced that it has completed the acquisition of STS Group. The company possesses an exceptional range of design, installation, commissioning, and after sales services. Through this acquisition, the company will look to enhance its services and subsequently acquire a wider consumer base across the world. This acquisition will not just help the company grow but will also have a direct impact on the growth of the global market in the coming years.
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Increasing Demand for Improved Infrastructure to Aid Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. The rising demand for improved industrial infrastructure will create several growth opportunities for the companies operating in the market. The increasing investments in the development of appealing as well as safe infrastructure by major companies across the world will emerge in favor of the growth of the global market in the coming years. Increasing technological intervention has played a massive role in the growth of the market in recent years.
Major Companies are Focusing on Collaborating with Local Companies
The facility management market has derived growth from the presence of several large scale companies that are operating in numerous countries across the world. In recent years, it is observed that major companies are focused on collaborating with local companies. This has proven beneficial for both the companies; the smaller companies will max out on their resources whereas the larger companies will gain resources and services at very low costs. Such strategies have not just benefited the companies, but also contributed to the growth of the overall market.
List of the Companies Operating in the Facility Management Market are:
The global market is segmented on the basis of:
Value (USD Trillion)
By Service Type