The opportunity in the facilities management market is set to rise at a 13.6% CAGR over the course of the forecast period, TMR finds. This means an increase from US$606.4 bn in 2015 to US$1,887 bn by 2024.
Albany, NY -- (SBWIRE) -- 12/20/2017 -- Facilities Management Market Size (US$ mn) Forecast By Service Type, By Industry, By Regions, 2016 - 2024
Facilities Management Market Value Share Analysis By Service Type, By Industry, By Regions, 2016 - 2024
This report provides an analysis of the global facilities management market for the period from 2016 to 2024, wherein the period from 2016 to 2024 comprises the forecast period and 2015 is the base year. Data for 2014 is provided as historical information. The report covers all the major trends and technologies playing a major role in the growth of the facilities management market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market's growth during this period. The study provides a holistic perspective of the growth of the facilities management market throughout the forecast period in terms of revenue estimates (in US$ Bn), across Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA). The report provides a cross-sectional analysis of the global facilities management market in terms of market estimates and forecasts for all the segments across different geographic regions.
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Facilities management involves the management and maintenance of support services across multiple industries. Facilities management services are used to enhance the quality of core business processes and increase the efficiency of service throughout entire service application. The demand for reduced operational cost of business processes is expected to drive the facilities management market around the globe. Similarly, important government regulations and standards impended on various industries and rising adoption of outsourced services for the maintenance and support of business processes are expected to drive the market for facilities management. In addition, with the increasing adoption of facilities management market many of the service providers are focusing on delivering customized facility services according to demand. Similarly, companies prefer total facilities management services and bundled facilities management services delivery systems to enhance the overall performance of services.
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On the basis of service type, the facilities management market is segmented into hard services and soft services. On the basis of industry, the facilities management market is segmented into the corporate, government and public sector, health care, manufacturing, residential and education institutions, retail and commercial, and others (food, sport, etc.) segments. The report also includes competitive profiling of the major players associated with the facilities management market. The important business strategies adopted by them, their market positioning, and recent developments have also been identified in the research report. The increasing demand for efficiency and quality of services have led to the increased presence of facilities management service providers in the market. The major players in facilities management market include Arthur McKay & Co Ltd., Bellrock Property & Facilities Management Ltd., Bilfinger HSG Facility Management GmbH, Broadspectrum (Australia) Pty Ltd., ISS World Services A/S, Knight Facilities Management, Quess Corp Ltd., Sodexo, Inc., and Spotless Group Ltd.
Facilities Management Market, By Service Type
Facilities Management Market, By Industry
The facilities management market caters to several end-use industries, namely government and public, manufacturing, retail and commercial, corporate, healthcare, and educational and residential. The corporate sector is the largest contributor to the overall revenue of the facilities management market and also the fastest developing industry segment, registering an impressive 15.1% CAGR from 2016 to 2024. This segment accounted for a 21.3% share in the FM market by industry in 2015, propelled by the growing need to support and maintain core services in corporate sectors such as IT and BFSI (banking, financial services, and insurance). While North America and Europe have been witnessing large-scale adoption of facilities management services in the corporate sector, the MEA and APAC regions are expected to gain traction thanks to the increasing adoption of outsourced FM services.
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In addition, the report provides market analysis of the facilities management market with respect to the following geographical segments:
The global facilities management market comprises North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe is by far the most prominent regional market for facilities management, with the opportunity to be worth US$624.9 bn by 2024. Rising from a US$219.5 bn worth in 2015, the Europe market is projected to expand at a 12.5% CAGR therein. This can be attributed to the growing demand for support and maintenance services by manufacturing industries in the region and the surging demand for a variety of technical services such as plant maintenance, fabrication, and HVAC. While the U.K. is the largest revenue generator in this regional facilities management market, Germany is expected to register the highest growth over the coming years.
Asia Pacific is poised to witness the fastest growth by 2024, clocking in a 15.5% CAGR during the forecast period. This FM market is estimated to reach a worth of U$437.1 bn by 2024, fueled by the rapid development of education and residential sectors and their demand for soft services, such as catering, mailroom, pest control, cleaning, waste management, and security. India and China are anticipated to witness flourishing growth in the facilities management market thanks to the rise in soft service and technical outsourcing in several industries.