Facilities Management Market: Demand rises as Outsourcing of Support Services becomes Popular in the Region
TMR analysts estimate that the North America facilities management market will record an impressive 13.5% CAGR over the period between 2016 and 2024, rising from a valuation of US$198.26 bn in 2015 to US$610.21 bn by 2024.
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Market in U.S. to Contribute Dominant Share in Revenue
The report states that of the two service types, namely hard and soft services, the segment of soft services presently accounts for the dominant share in the overall market while the hard services segment, which presently holds the lower share, will also register a lackluster growth rate over the forecast period. Of the key end-use industries that employ facilities management services in North America, the corporate sector held nearly 21% of the overall market in 2016. Over the forecast period, however, the retail and commercial sector is expected to record the most promising growth trajectory, expanding at a promising 14.1% CAGR from 2016 to 2024.
In terms of geography, the North America facilities management market earned the dominant share of over 57% of its revenue thanks to demand in the U.S. in 2016. Taking the second spot, Canada held nearly one-third of the overall market in the said years and is likely to expand at a promising 14.1% CAGR over the report’s forecast period.
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Increased Preference to Third-party Contracts for Facilities Management Services to Drive Market
The enterprise sector in the region is increasingly hiring third-party contractors for a variety of support services. An increasing number of companies have started realizing the several benefits of outsourcing such services, including the increased availability of internal resources for carrying out core functionalities and timely management of facilities. Thus, demand for facilities management services across an increased number of organizations in industries such as healthcare, government and public services, manufacturing, education, and retail and commercial has spiked in the region in recent years.
This trend is expected to have a medium impact on the overall development of the North America facilities management market in the next few years. However, the market could suffer from challenges such as a vast rise in labor costs and a clear lack of performance and quality measuring standards.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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