December 20, 2019
According to the research report titled ‘Facilities Management Market Size By Type (Outsourced, In-house), By Service (Hard Service [Electrical, Civil, Mechanical, Specialized Services], Soft Service [Cleaning, Laundry, Landscaping, Security], Management Service [Contract Management, Energy & Utilities, Maintenance Planning and Control]), By Application (Education, Commercial, Transportation, Industrial, Government & Public Sector, Healthcare), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the worldwide facilities management market is expected to surpass USD 2 trillion mark by the year 2025.
Surging expenditure on smart city projects is the major factor driving the growth of facilities management market. Moreover, thriving hospitality and tourism sectors have led to soaring demand for facilities management services across restaurants, entertainment centers, and hotels. Additionally, increasing emphasis on out-sourcing non-core operations in the manufacturing sector is expected to drive the facilities management market in the forthcoming time.
Along with this, booming real estate and construction sectors are opting for numerous facilities management services like maintenance, operation, electric & mechanical work, building cleaning, which would generate lucrative opportunities for the market growth.
The outsourced services segment is anticipated to grow at a considerable growth rate as organizations are focusing on their core competencies to gain a competitive advantage. Outsourcing facilities management services helps organizations to manage day-to-day operations and reduce overall operational cost. However, enterprises are often inclined towards hiring in-house management staff which could slow down the adoption of outsourced FM services over forecast time period.
Based on the service, the hard service segment is anticipated to hold a major chunk by 2025 due to the development of smart homes and offices. Assets such as electrical and mechanical equipment, HVAC systems, elevators, fire safety systems require skilled labor for frequent maintenance to support their uninterrupted operations, which has favored the hard facilities management service segment growth.
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Geographically, the U. S is the key nation contributing to the facilities management market in North America. The rising number of tourists in the region has led to the adoption of facilities management services across shopping malls, airports, large food centers, and amusement parks.
It is vital to note that the key companies operating in this segment are focusing on securing government contracts for facilities management services to increase their profitability. CB Richard Ellis (CBRE), CA Technologies, Colliers International, Aramark, EMCOR Group, Inc., and G4S plc are currently at the forefront of the industry.
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