The facility management services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Facility Management Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The facility management services market size has grown rapidly in recent years. It will grow from <b>$1543.98 billion in 2023 to $1759.68 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. </b> 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 <b>$2863.73 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. </b> 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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Scope Of Facility Management Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Facility Management Services Market Overview
Market Drivers –
Increasing smart city initiatives is expected to propel the growth of the facility management services market going forward. Several government initiatives are being introduced by various countries for the development of smart cities. Facility management services support smart cities by providing innovative information and communication technologies (ICTs) to the field of Urban Facility Management (UFM) and new possibilities for optimizing existing services and for developing new services based on the Internet of Things (IoT), Big Data, information sharing, and smart applications. For instance, in 2021, according to IBEF, the Government of India invested a total of Rs 205,018 crore (US$ 28.31 billion) for the smart city mission. Therefore, increasing the adoption of the smart city concept drives the facility management services market.
Market Trends –
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.
The facility management services market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Service Type: Hard Services, Soft Services, Other Services
3) By Deployment Mode: Cloud, On-premises
4) By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprise
5) By Industry Vertical: Healthcare, Government, Education, Military And Defense, Real Estate, Other Industry Verticals
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Regional Insights –
North America was the largest region in the facility management services market in 2023. The regions covered in the facility management services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the facility management services market report are 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
Table of Contents
1. Executive Summary
2. Facility Management Services Market characterstics
3. Facility Management Services Market Trends And Strategies
4. Facility Management Services Market – Macro Economic Scenario
5. Global Facility Management Services Market Size And Growth
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31. Global Facility Management Services Market Competitive Benchmarking
32. Global Facility Management Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Facility Management Services Market
34. Facility Management Services Market Future Outlook and Potential Analysis
35. Appendix
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