Press release
Facility Management Services Market Size To Grow At A CAGR Of 5.90% In The Forecast Period Of 2023-2028
Facility Management Services Market
According to a new report by Expert Market Research titled, "Facility Management Services Market Size, Share, Analysis, Report and Forecast 2023-2028″,the facility management services market reached a value of USD 1372.12 billion in 2022. Aided by the escalating demand for streamlined and efficient facility operations and the rising application of facility management services across various industries, the market is projected to further grow at a CAGR of 5.90% between 2023 and 2028 to reach a value of USD 1916.47 billion by 2028.
Facility management services encompass a broad spectrum of services, ranging from property management, janitorial services, security and surveillance, maintenance, to HVAC services. These services are tailored towards ensuring the efficient functioning of a business's physical environment. They play an indispensable role in enhancing business efficiency, guaranteeing regulatory compliance, and augmenting the wellbeing and productivity of employees.
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A primary driver of the global facility management services market growth is the burgeoning corporate emphasis on maintaining efficient and well-managed working environments. With businesses increasingly recognising the impact of a well-maintained facility on employee productivity, morale, and overall business efficiency, there has been a perceptible shift towards outsourcing facility management services. Moreover, the emerging trend of adopting smart buildings and sustainable practices has further amplified the demand for these services, as they are integral to the efficient operation and upkeep of such infrastructures.
The widening applications of facility management services in diverse sectors us also boosting the facility management services market expansion. In the commercial sector, services such as cleaning, security, and property management are extensively outsourced to ensure seamless business operations. In industrial contexts, maintenance services are crucial to keep machinery and equipment in prime working condition. The healthcare sector, on the other hand, leverages these services for the efficient management of large hospital facilities, thereby ensuring cleanliness, safety, and proficient patient care, increasing the facility management services market demand.
Furthermore, the escalating demand for cost-efficiency and focus on core business operations have culminated in increased outsourcing of facility management services. The integration of advanced technologies like IoT, AI, and predictive analytics in facility management has facilitated better service delivery, real-time monitoring, and proactive maintenance, thereby accelerating the facility management services market development.
The market is further being driven by end users' rising acceptance of cloud-based facility management systems due to factors including accessibility, increased security, cost savings, and disaster-proof benefits, among others, thus propelling the facility management services market growth.
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Facility Management Services Market Segmentation
The market can be divided based on service, type, end use, and region.
Market Breakup by Service
Soft Services
Cleaning
Laundry
Security
Others
Hard Services
Electrical
Mechanical
Civil
Others
Management Services
Contract Management
Energy and Utilities
Maintenance Planning and Control
Others
Others
Market Breakup by Type
In-House
Outsourced
Market Breakup by End Use
Commercial
Institutional
Public/Infrastructure
Industrial
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global facility management services companies. Some of the major key players explored in the report by Expert Market Research are as follows:
CBRE, Inc.
Compass Group PLC
Jones Lang LaSalle (JLL)
Dusters Total Solutions Services Private Limited
BVG India Limited
FMS pbc
Facility Services Management, Inc.
ISS A/S
Cushman & Wakefield, Inc.
Sodexo
Mace Group I.C.S Limited
Flexim Group SA
Others
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