|03-15-2019 08:29 PM CET - Advertising, Media Consulting, Marketing Research||
Massive Changes Expected in Facility Management services to Witness huge growth by 2026 | Arthur McKay & Co. Ltd., Bilfinger HSG Facility Management GmbH, Bellrock
Press release from: qyreports
The Overall Facility Management Market size is Expected to grow from USD 30 billion over in 2019 to USD 59.33 billion by 2026, at a Compound Annual Growth Rate (CAGR) of +12% during the forecast period. The facility management market is in its growing stage. This can be attributed to the fact that there has been an increasing adoption of disruptive technologies, such as cognitive computing, augmented reality
The report covers the present scenario and the growth prospects of the facility management services market in India. To calculate the market size, the report considers the revenue generated from services offered such as soft services and hard services.
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The facility management services market in India is fragmented since the market has several companies offering specialized facility services to numerous end-users such as IT, ITES, BPO, and BFSI, manufacturing, infrastructure, healthcare, retail, education, and government. By offering a complete analysis of the competitive landscape of the facility maintenance market along with strategic information on the products offered by the facility management companies, this industry analysis report will aid clients to identify new growth opportunities and design new growth strategies
Key companies operating in the global facilities management market are Arthur McKay & Co. Ltd., Bilfinger HSG Facility Management GmbH, Bellrock Property & Facilities Management Limited, Broadspectrum (Australia) Pty Limited, and ISS World Services A/S among others.
Demand for reduced operational costs is driving the growth of the facilities management market worldwide, as is the increasing adoption of outsourced services by industrial applications. Delivery systems such as bundled facility management services and total facilities management services are adopted by companies to reduce costs and maintain centralized control through a complete service cycle. Adoption of facilities management services is expected to grow in the near term due to increasing awareness of facilities management services, and increasing cross-border presence of facility management service providers
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Government Statutes for Businesses to Curb Operational Costs Fuels Growth
Majorly fuelling the global facilities management market is reduction in operating costs for businesses. Economic burden on companies is increasing due to operational and maintenance costs. Facilities management service providers offer a gamut of services to support businesses. Large organizations and businesses outsource facilities management services such as maintenance, cleaning, and security, which allows them to focus on core business activities.
Global facility management market is segmented on the basis of component, deployment, organization size, industry vertical, and geography. Based on component, the market is bifurcated into solution and services. Solution segment includes asset management, workplace & relocation management, strategic facility planning, real estate & lease management, maintenance management, and others (sustainability management, project management, program management, and technology management).
The following graph signifies the growth potential of the global facility management market by vertical. It is observed that the market growth is driven by the public sector vertical, which occupied the largest market share in 2019. However, major growth is observed in the healthcare sector where facility management solutions are expected to witness considerable adoption in the near future
Large-enterprises with employee size more than 1,000 have the ability to invest and focus towards facility management at a higher level as compared to small & midsize organizations. Every industry has around 10‐15 large-scale vendors who dominate the market and have more number of loyal customers as compared to small vendors. Furthermore, the requirement of facility management solutions is comparatively higher in large-scale organizations due to large number of staff, space management, and assets of the organization. This is expected to positively affect the growth of facility management market in large organization segment
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