Albany, NY -- (SBWIRE) -- 11/27/2017 -- In France, facilities management services are predominantly utilized in the business services and IT, pharmaceuticals, healthcare, industry and manufacturing, hotel, leisure, and entertainment, food and beverages, public administration, energy and resources, retail and wholesale, and the transportation and logistics sectors. Among these, the demand for facility management services has been greater in the business services and IT sector than others.
Researchers predict the business services and IT industry to continue to maintain a high demand for these services at a 10.60% CAGR between 2016 and 2024. The growing emphasis on sustainable environment among enterprises and the rising importance of technological advancements in medical and healthcare industries are likely to boost the uptake of facilities management services in the business services and IT sector in France over the next few years.
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Currently, the leading facilities management service vendors in this country are providing singular services and integrated service solutions to end-use companies. However, in a bid to sustain the competition, they are focusing on expanding their portfolios by introducing innovative and technologically advanced facilities management solutions in the near future, notes the study.
As per the research report, the opportunity in the France market for facilities management, which stood at US$48.02 bn in 2015, is likely to expand at an impressive CAGR of 9.80% during the period from 2016 to 2024 and reach a whopping sum of US$110.4 bn by the end of the period for forecast. The demand for security services has been higher than other facilities management services in France. Researchers expect the trend to continue over the forecast period with the revenue from this segment crossing US$16.6 bn by 2024.
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"The market for facilities management services in France is being highly influenced by the rising trend of business outsourcing to a third party," says an analyst at TMR. As the awareness regarding the benefits of outsourcing, such as the reduction in the costs and expenses over a long term, is increasing, a number of organizations in this countries are outsourcing their operations, specifically the management of their facilities, to third parties, which eventually, is leading to a significant rise in the France market for facilities management.
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In addition, the growing demand for standardization of services is likely to fuel the need for facilities management services substantially in France over the forecast period. However, the recent rise in the labor cost and the implementation of in-house services may limit the adoption of these services to some extent in the years to come, reports the study.