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Facility Management Services Market Report 2024 - Facility Management Market Size, Trends, And Growth
Facility Management Services Market
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According to The Business Research Company's, The facility management services market size has grown rapidly in recent years. It will grow from $1543.98 billion in 2023 to $1759.68 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to globalization and expansion of businesses, changing consumer expectations in commercial spaces, rise in outsourcing facility services, focus on sustainability and energy efficiency, evolution of workplace dynamics.
The facility management services market size is expected to see rapid growth in the next few years. It will grow to $2863.73 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to global expansion and facility standardization, outsourcing of non-core functions, demand for data-driven decision making, shift towards sustainable and green buildings, rise of remote work and flexible spaces. Major trends in the forecast period include adoption of predictive analytics, customization for flexible workspace, enhanced security and safety measures, demand for sustainable practices, shift to remote facility management.
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Market Drivers and Trends:
The increasing investment in infrastructure is expected to propel the growth of the facility management services market going forward. Infrastructure refers to the underlying systems and structures that must exist in order for a society, economy, or organization to operate. Facility management services in infrastructure development lead to the creation of new facilities, provide diverse opportunities, improve operational efficiency, lead to cost savings, emphasize sustainability, and create a comfortable, safe, and enjoyable environment for end-users. For instance, in May 2023, according to the Office for National Statistics, a UK-based government department, UK general government infrastructure spending increased by 15.2% in 2021 and reached $23.8 billion. Furthermore, according to a report shared by USA Facts, a US-based non-profit organization and website that provides data and reports on the United States population, spending on infrastructure and transportation in 2022 is 21% greater. Therefore, the increasing investment in infrastructure is driving the growth of the facility management services market .
Technological innovations have emerged as a key trend gaining popularity in the facility management services market. Companies are expanding their service portfolios by integrating technologies into their offerings. Large businesses frequently use innovative technologies, such as BIM (Building Information Modeling), to deliver hard and soft services, enabling them to offer better and upgraded services. For instance, in March 2022, Compass Group, a UK-based company operating in facility management services, introduced Saarthi-FX, a fully digital one-stop solution. This solution reimagines workplace interactions with facility management and seeks to transform the conventional workspace through artificial intelligence and predictive modeling to improve office asset management and offer employees a smarter, safer, and more effective workspace. This also provides seamless customer assistance around-the-clock, integrates technology, people, and processes in ways that give an exceptional employee experience, and converts conventional workspaces into tech-enabled spaces.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Atalian Servest AMK Limited, BVG India Limited, CBRE Group Inc., EMCOR Group Inc., International Service System A/S World, Knight Facilities Management Limited, Quess Corporation Limited, Sodexo Inc., Spotless Group Holdings Limited, Tenon Group, QuickFMS, Nuvolo Technologies India Pvt. Ltd., InnoMaint Systems Pvt. Ltd., eFACiLiTY Systems Pvt. Ltd., FacilityONE Technologies LLC, Jones Lang LaSalle Incorporated, Cushman & Wakefield Plc, Compass Group Plc, Aramark Services Inc., Colliers International Group Inc., Apleona GmbH, Mitie Group PLC, G4S Secure Solutions (UK) Limited, ABM Industries Incorporated, Serco Group plc, UGL Limited, Vanderlande Industries B.V., Cofely GDF SUEZ, OCS Group, Vinci Facilities, Amey plc, Carillion plc, Johnson Controls International plc, SIS Group Limited
Facility Management Services Market 2024 Key Insights:
• The facility management services market size is expected to see rapid growth in the next few years. It will grow to $2863.73 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Smart City Initiatives Is A Catalyst For Facility Management Services Market Growth
• Innovations Shaping The Future Of Facility Management Services
• North America was the largest region in the facility management services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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