Facility Management Market 2023 | Top Factors That Are Leading The Demand Around The Globe
The report offers a comprehensive analysis of key segments, trends, competitive landscape, and factors that are playing a substantial role in the market.
PORTLAND, PORTLAND, OR, UNITED STATES, March 8, 2022 /EINPresswire.com/ — According to the report, the global facility management services industry generated $954.0 billion in 2019, and is expected to reach $1,422.6 billion by 2027, witnessing a CAGR of 6.6% from 2020 to 2027.
An increase in industrialization and urbanization, rising awareness toward the protection of assets, and surge in residential and non-residential construction have boosted the global facility management market.
However, the dearth of skilled staff and capital in developing countries and lack of managerial awareness and dependency on the in-house facility management team hamper the market.
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On the contrary, technological advancements and government investment in the building infrastructure sector are expected to create lucrative opportunities for the market players.
The global facility management services market is segmented on the basis of service type, type, end user, and region. Based on service type, the market is divided into property, cleaning, security, catering, and others.
The property segment held the largest share in 2019, accounting for nearly one-third of the market. Moreover, the segment is expected to register the highest CAGR of 6.4% during the forecast period.
On the basis of type, the market is divided into outsourced and in-house. The in-house segment held the largest share in 2019, accounting for more than half of the market. Moreover, this segment is expected to register the highest CAGR of 7.1% during the market.
Covid-19 Scenario:
• Due to lockdown restrictions, many facility management services companies have to forfeit their services to commercial and industrial end users.
• The demand for facility management services has grown as organizations, hotels, and manufacturing plants begin their operations after lockdown restrictions being lifted off. The end users have been endeavoring to maintain the highest standard of hygiene and safety for their workers and customers.
• However, companies have been facing issues of lack of sufficient manpower as workers have not returned from their hometowns.
• With stringent regulations in place, the Covid-19 pandemic has arisen the need for automation in facility management processes such as move-ins, energy management, service requests, and workspace customization. The service providers need to leverage smart technologies.
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