Hard Services Facility Management Market Outlook, Drivers And Industry Analysis 2024

The hard services facility management 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.

Hard Services Facility Management 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 hard services facility management market size has grown strongly in recent years. It will grow from $609.12 billion in 2023 to $644.31 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%.  The growth in the historic period can be attributed to the expansion of multinational corporations,  focus on workplace safety, aging infrastructure,  increasing demand for customized and responsive service, and regulatory changes.

The hard services facility management market size is expected to see strong growth in the next few years. It will grow to $810.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.  The growth in the forecast period can be attributed to an increasing focus on green buildings, remote work trends, smart building technologies, heightened focus on cybersecurity, urbanization, and infrastructure development. Major trends in the forecast period include a shift towards data-driven decision-making,  increased reliance on outsourced facility management services, agile work environments, enhanced maintenance strategies, and adoption of predictive maintenance.

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Scope Of Hard Services Facility Management 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.

Hard Services Facility Management Market Overview

Market Drivers –
The rapidly growing hospitality sector is expected to propel the growth of the hard services facility management market going forward. The hospitality sector refers to the sector of the economy that encompasses businesses and services related to accommodation, food and beverage, entertainment, travel, and tourism. The growth of the hospitality industry can be attributed to increasing globalization, rising disposable incomes, and the growing demand for travel and leisure experiences. Hard services facility management in the hospitality sector ensures the efficient operation and maintenance of critical infrastructure such as plumbing, HVAC systems, and electrical systems, enhancing guest comfort and safety. For instance, in January 2023, according to a report published by the American Hotel and Lodging Association, a US-based trade association representing the hotel industry in the United States, from 2021 to 2022, U.S. hotel demand improved by 11.1%. In 2022, U.S. hotels experienced significant occupancy gains, reaching 62.7%, marking a 9% increase over the figures recorded in 2021. Therefore, the rapidly growing hospitality sector is driving the growth of the hard services facility management market.

Market Trends –
Major companies operating in the hard services facility management market are focused on developing innovative services, such as digital platforms, to enhance operational efficiency, improve predictive maintenance, and offer real-time monitoring and analytics. A digital platform refers to integrated software solutions that facilitate the management, monitoring, and maintenance of a building’s physical assets. For instance, in September 2023, Johnson Controls International PLC, an Ireland-based building technology company, launched a new OpenBlue service called Ensuring Security Device Performance. This service is designed to help customers enhance building safety, manage risk, and maximize the value of investments made in security technology. It combines Johnson Controls’ OpenBlue suite of connected solutions with the ability to monitor and manage security devices across vendors, providing remote support services and insights from skilled engineers, as well as offering simplified, integrated zero-trust cybersecurity protection. The service aims to proactively maintain and update customers’ security systems to ensure they remain operational, compliant, and secure from cyber threats.

The hard services facility management market covered in this report is segmented –
1) By Type: Mechanical, Electrical, Plumbing (MEP)  Heating, Ventilation, and Air Conditioning (HVAC) Maintenance Services, Enterprise Asset Management
2) By Service Type: Outsourced, In-house
3) By Industry Vertical: Healthcare, Government, Education, Military And Defense, Real Estate, Other Industry Verticals

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Regional Insights –
Asia Pacific was the largest region in the hard services facility management market in 2023. The regions covered in the hard services facility management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the hard services facility management market are  Siemens AG, Vinci SA, Bouygues SA, Veolia Environnement, Compass Group, CBRE Group Inc., Johnson Controls International plc., Sodexo Group, Jones Lang LaSalle Incorporated, G4S plc, Aramark, Jacobs Solutions Inc., Skanska Group, AECOM, EMCOR Group Inc., Cushman & Wakefield, Balfour Beatty plc, ABM Industries Incorporated, KBR Inc., Serco Group plc, Mitie Group plc, Capita plc, Carillion Alawi LLC, ENGIE Services, ISS Facility Services

Table of Contents
1. Executive Summary
2. Hard Services Facility Management Market Report Structure
3. Hard Services Facility Management Market Trends And Strategies
4. Hard Services Facility Management Market – Macro Economic Scenario
5. Hard Services Facility Management Market Size And Growth
…..

32. Global Hard Services Facility Management Market Competitive Benchmarking
33. Global Hard Services Facility Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hard Services Facility Management Market
35. Hard Services Facility Management Market Future Outlook and Potential Analysis
36. Appendix

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