The Facility Management Services Market Trends was valued at $1,253.30 billion in 2020, and is estimated to reach $2,525.10 billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
Top Companies
The major players profiled in the facility management services industry include, Group Atalian (Arthur McKay & Co Ltd.), BVG India Ltd., CBRE Group, Inc., EMCOR Group, Inc., ISS World Services A/S, Knight Facilities Management, Quess Corp Ltd., Sodexo, Inc., Downer Group (Spotless Group), and Tenon Group. Major companies in the market have adopted acquisition, partnership and agreement as their key developmental strategies to offer better products and services to customers in the market.
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Facility management services grows the value of the property by offering different maintenance arrangements. Besides, these services offer the more vital returns over the real estate to land proprietors through organizational and value-added arrangements. The facility management services maintains the functional and monetary objectives of the owners. The services include applications, such as security, plumbing, electrical solutions, and cleaning for various purposes.
Rise in spending over construction projects drives the facility management services market growth. The growing investment is due to rise in demand for the development of commercial and residential properties. Such investments include services such as maintenance, cleaning and landscaping. Hence, the growing spending towards construction drives the growth of the market. In addition, the urban population in developing countries is on the rise. Countries such as India, Africa, and China demand for commercial and residential buildings owing to rise in urbanization. Moreover, this leads to the growth of various industries, including petroleum, mining, transportation, and pharmaceuticals. The growing industrial sector demands for maintenance operations of the facilities on timely basis. Hence, rise in urbanization drives the growth of the market. Moreover, awareness towards safeguarding the assets and properties by different companies and organizations is growing, which leads to adoption of maintenance and security solutions, which is expected to drive the growth of the facility management services market.
However, lack of education in different developing countries restrains the growth of the market. Lack of education leads to shortage of skilled workforce and low understanding of facility management services. In addition, many companies make use of outsourced facility management services instead of in-house services. Thus, hampering the growth of the market.
The outbreak of COVID-19 led to halt in logistic and manufacturing activities across the globe, which, in turn, led to interruption of supply chain, thereby hindering growth of the facility management services market. However, this situation is expected to improve as governments globally are relaxing norms for resuming business activities.
On the contrary, advancement of technology owing to use of Internet of Things (IoT) provides better security, which is predicted to create lucrative opportunities for companies operating in the market. In addition, different initiatives by governments lead to rise in investments over commercial and railway projects. This in turn, is expected to offer new opportunities for the facility management service providers.
The facility management services market is segmented on the basis of service type, type, end user, and region. By service type, the market is bifurcated into a property, cleaning, security, catering, and others. By type, the market is segmented into outsourced and in-house. By end user, the market is divided into commercial, institutional, public/ infrastructure, industrial, and others.
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