The global facility management services market is projected to grow at a CAGR of 5.4% over the next decade, increasing from USD 46.9 billion in 2023 to USD 79.3 billion by 2033. Facility management services play a critical role in optimizing facility operations and enhancing business processes, with outsourced services dominating the market due to their focus on customized client solutions. Consultancy services are essential to facility management, providing tailored expertise to meet specific client needs. In-house facility management services are also anticipated to see strong growth, particularly for quality evaluation and auditing functions, as implementation and integration remain key priorities for business owners.
Facility management services impact businesses’ long-term goals of higher productivity and reduced maintenance in various corporate offices. Also, the increased need for industrial development, including various mega projects is driving up the demand for real estate.
Additionally, their transition from conventional to contemporary workplace designs is still in its infancy. Businesses are unaware of the new options available even though facilities management is a crucial part of operations.
Because of this, it has been challenging for businesses to give their facilities management department equal weight without endangering their core operations.
Lack of consistency is another problem that arises, especially in operations with many buildings. To ensure access and security when issues arise, quick action is crucial.
Key Takeaways
- By 2023, the outsourced facility management services market in the United States is expected to reach USD 200 billion. Outsourcing income is increasing in the healthcare and education industries in the United States.
- By 2027, the electrical segment is likely to contribute for 20% of the customer base in the United Kingdom.
- The Asia Pacific facility management services adoption rate is expected to grow at a rate of over 15% until 2027. Increased government measures to help smart cities are a feature of the APAC sector. The number of large public facilities, such as airports, malls, universities, hospitals, and seaports, is growing in tandem with the development of smart cities, which has boosted demand for facility management services.
- The rapidly expanding building sector in Asian countries like India and China would also help the business advance in Asia.
- The security segment of the facility management services market in Japan is expected to grow at a CAGR of more than 15% until 2027. Organizations will need to recruit qualified security staff to safeguard themselves from potential hostile attacks or criminal operations on their premises, which will fuel industry growth.
Competitive Landscape for the Facility Management Services Market Players
Arthur McKay, BVG India, CBRE Group, EMCOR Group, and Quess Corp are some famous companies operating in the global market. Competitiveness in the market is getting heightened by the expanding use of cutting-edge technologies. This includes AI-based management solutions and IoT evolutions. So, global players are focusing on forming alliances with regional players to expand their geographic reach and offer services to SMEs.
Recent Developments by the Facility Management Services Providers
The global adoption of facility management services surged during the years 2020 and 2021 that is still driving the market since then. For facility operation and maintenance managers, the pandemic had a positive influence on revisiting business policies as well.
The merger between Turner & Townsend Holdings Ltd and CBRE Group, Inc. was concluded in November 2021. By purchasing a 60% ownership position in the business, CBRE joined forces strategically with the former company.
Key Segments Covered by Facility Management Services Industry Survey Report
By Type:
- Outsourced Services
- In-house Services
By Service:
- Hard Service
- Electrical
- Civil
- Mechanical
- Specialized Hard Services
- Others Hard Services
- Soft Service
- Cleaning
- Laundry
- Landscaping
- Security
- Others Soft Services
- Management Service
- Catering
- Property
- Contract Management
- Energy & Utilities
- Maintenance Planning & Control
- Others Management Service
By Application:
- Government & Public Sector
- Industrial Sector
- Commercial Sector
- IT & Telecommunication Sector
- Banking, Financial Services, & Insurance (BFSI) Sector
- Education & Entertainment Sector
- Transportation & Logistics Sector
- Healthcare Sector
- Other Sectors
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
For a detailed market analysis and forecast, access the comprehensive report summary and methodology. Download a sample report in PDF format at: https://www.futuremarketinsights.com/reports/facility-management-services-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube