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The global facilities management market size is expected to reach USD 1.74 Trillion by 2026. Company collaborations, contracts, mergers and acquisitions, joint development, and various other strategies adopted by market vendors are projected to boost the market during the forecast period. According to a report by Fortune Business Insights, titled, “Facilities Management Market Size, Share & Industry 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, 2019-2026,” the market is prognosticated to rise from USD 1.19 Trillion in 2018. As per the facilities management market analysis done by analysts, the market is expected to rise at a CAGR of 4.9% during the forecast period of 2019 to 2026.
Facilities management is termed as the method of providing project management, user management, and maintenance support for increasing the value of infrastructure or building. Facilities management is operational across all business functions. The most important of them is the safety and security of people working for various sectors.
From a strategical perspective, facilities management service helps customers and end-users to understand the possible influence of their decisions on the supply of services, space, business risk, and cost. On the other side, it ensures a cost-efficient and corporate environment to its occupants for smooth functioning operationally. One of the most important factors boosting the facilities management market size is the swift growth of infrastructure across commercial and industrial purposes around the world.
Real-estate to Gain Momentum on Account of Increasing Urbanization
As per the current facilities management market trends, the market is categorized on the basis of service type, industry, and region. On the basis of service type, the market is segmented into hard service, soft service, and others. Among these, the hard service includes services such as lift and escalator, decoration and refurbishment, air conditioning maintenance, machinery and plant maintenance services, fire safety maintenance, plumbing and drainage, and others. On the other side, soft services include services such as handyman services, security, ground maintenance, pest control, recycling, waste disposal, and cleaning.
In 2018, the hard services segment generated a revenue of 49.1% and is, therefore, anticipated to witness promising growth in the coming years. The rise in urbanization across the world leads to a rapid increase in infrastructure development, thus boosting the hard service segment.
Based on industry, the market is classified into real estate, military & defense, education, government, healthcare, and others. The other category includes BFSI, IT & telecommunications, and others. The continuous rise in construction activities worldwide is further promoting the growth of the real-estate sub-segment. This segment is expected to hold a significant portion of the facilities management market share in the forecast years. Thus, the real-estate segment is anticipated to emerge dominant in the forecast period, thereby impacting the facilities management market size.
Rise in Infrastructure Development Activities to Ensure Market Dominance in Asia Pacific
From a geographical perspective, the facilities management market is classified into five main regions. These include Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Among these, Asia Pacific generated an estimated market share of USD 458.55 Billion in 2018. This is attributable to the surge in infrastructural development for several commercial and industrial purposes. In addition to that, the presence of both unorganized and organized players in the region offering facilities management services to the end-users is further expected to boost the regional market in the coming years. On the other side, the market in North America is expected to exhibit progress at a steady rate in the coming years.
Currently, facilities management companies such as CBRE Group, Inc., Johnson Controls International plc., ISS A/S, AND Sodexo are holding the market share. Their primary focus is to adopt new strategies such as signing new contracts with companies in the emerging nations. This is to strengthen their geographical presence and maintain their position in the market. Other players operating in the facilities management market include:
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/facilities-management-market-101658
Global Facilities Management Market Scope Table of Segmentation
Value (USD Billion)
By Service Type