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Facilities Management (FM) Market to exceed USD 2 Tn by 2027

  • Published Date: January 12, 2022

Facilities Management Market size is set to surpass USD 2 trillion by 2027, according to a new research report by Global Market Insights Inc.
 

Steady growth in the tourism & hospitality industry is likely to boost the facility management industry growth. The need to ensure utmost hygiene & clean restrooms, halls, etc., is enabling enterprises to adopt facility management services. Furthermore, the growing popularity of outsourced facility management services to reduce operating costs and provide enhanced workplace experiences is slated to support the market demand.

 

Growing demand to manage different operations of the facilities

In-house facilities management market is expected to grow at over 10% CAGR through 2027 driven by rising demand to manage different operations of the facilities. The in-house facility management approach is referred to as dedicating internal human resources for managing different operations of the facilities. In-house employees usually perform better than outsourced employees. In-house facility management services provide businesses with the freedom to recruit workforce and assign them work as per their business requirements.
 

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Rising development of commercial facilities and the need to manage physical infrastructure

In the facility management soft services market, the laundry service segment held around 10% of the revenue share in 2020. On-demand laundry services, which are increasingly becoming popular as they follow an efficient full-cycle approach right from booking via app to pick up, cleaning as per consumers’ instruction, and delivering washed clothes at the scheduled timeframe. Consumers can even know the status of their clothes by logging into their app and can obtain full details about the delivery time.
 

Browse key industry insights spread across 350 pages with 470  market data tables and 34 figures & charts from the report, “Facility Management Market Size, By Type (Outsourced, In-house), By Service (Hard Service [Electrical, Civil, Mechanical, Specialized], Soft Service [Cleaning, Laundry, Landscaping, Security], Management Service [Contract Management, Energy & Utilities, Maintenance Planning and Control]), By Application (Education, Commercial, Transportation, Industrial, Government & Public, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Estimates & Forecast, 2021 – 2027”, in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/facilities-management-market
 

Growing need to manage a crowded healthcare environment with optimum cleanliness

The healthcare application is forecast to register growth rate of nearly 10% during 2021 to 2027. Healthcare centers including hospitals, clinics, and laboratories need a constantly clean and healthy environment. These centers require the best cleaning and wastage disposal practices to avoid the spread of any disease. Healthcare centers must ensure that service requests are responded to quickly & efficiently and maintain preventive maintenance schedules to continue their operations without any interruption.
 

Increasing popularity of advanced cleaning and sanitization services in Europe

Europe is anticipated to account for USD 600 billion revenue in the facilities management market by 2027. COVID-19 crisis and the demand for specialized services are augmenting the regional market growth, specifically in the UK. Additionally, the growing popularity of advanced cleaning and sanitization services in the region is supporting the market expansion.
 

Focus on strategic acquisitions by key players to fuel the market share

Companies are focusing on the acquisition of local vendors to address market demand. For instance, in April 2021, MRI Software acquired Trimble, a technology company. This acquisition helped the company to strengthen its portfolio by integrating Trimble’s business capabilities to generate a new revenue stream.
 

Some of the key facilities management market players are Aramark, CB Richard Ellis (CBRE), Colliers International, Compass Group, Cushman & Wakefield, EMCOR Group, Inc, G4S plc, GDI Integrated Facility Services, Inc., IBM Corporation, Interserve PLC, ISS Facilities Services Inc., Jones Lang LaSalle Incorporated, OCS Group, Oracle Corporation, Planon Corporation, SAP SE, Serco Group, Sodexo, Tenon Group, and Veolia Environment
 

Authors: Preeti Wadhwani, Smriti Loomba