Facilities Management Market Value to Hit $2 Trillion by 2025: Global Market Insights, Inc.

SELBYVILLE, Del., October 22, 2019 (Newswire.com) - Global Facilities Management Market revenue is expected to cross USD $2 trillion by 2025, according to a new research report by Global Market Insights, Inc. The rising investments in smart city projects across the world have led to the growing demand for facilities management services.

The increase in investments in the real estate and construction industry across the globe is supporting the market growth. For instance, in 2017, the Canadian government issued additional funding of USD $81.2 billion across five priority infrastructure streams, including public transit, trade, green, social, and transportation. The government is taking initiatives to develop rural and northern communities' infrastructure through the ‘Investing in Canada’ plan to build advanced economic cities. With the increase in the number of construction projects, the demand for various facility management services including construction, maintenance, operation, electric and mechanical works, and post-construction services, such as building cleaning and maintenance is also increasing across the world.

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Some of the major findings of the Facilities Management Market report include:

• The growing tourism and hospitality industry has led to the rising demand for FM services across hotels, restaurants and entertainment centers
• The proliferation in smart city development projects in Asia-Pacific and the MEA is expected to drive market growth
• The demand for facility management services, such as construction, operation, and maintenance, is increasing due to the growing number of construction projects undertaken by government departments
• The growing industrialization will enable manufacturing companies to outsource the management of their facilities to enhance their focus on core competencies
• Some of the major companies operating in the market are CA Technologies, CB Richard Ellis (CBRE), Aramark, Colliers International, EMCOR Group, Inc., and G4S plc
• Stringent regulations and high scrutiny have enabled enterprises to outsource and deploy technology solutions that can optimize their facilities management

The slow adoption of outsourced FM services can restrict market growth, as enterprises are inclined toward the use of in-house management staff. The in-house facilities management team may lack the required skill set and training required for performing specific operations, which may result in an inefficient approach toward the management of valuable assets of the organization.

Browse key industry insights spread across 260 pages with 476 market data tables and 26 figures and charts from the report, “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,” in detail, along with the table of contents:

https://www.gminsights.com/industry-analysis/facilities-management-market

The outsourced services segment of the facilities management market is expected to grow at a significant growth rate over the forecast period due to the emphasis of growing enterprises on focusing on their core competencies to gain a competitive advantage. The rising competition across all business sectors is enabling organizations to outsource their non-core business operations to third-party service providers. Outsourcing the facilities management services helps in managing the day-to-day operations of the facility by skilled and well-trained labor. It also helps businesses to reduce the overall operational cost, as they do not need to recruit and train their in-house staff for managing the facility operations.

The hard service segment is expected to hold a major share by 2025 due to the development of smart homes and offices. These smart homes and offices include different physical assets such as electrical and mechanical equipment, elevators, fire safety systems and HVAC systems. Such systems require frequent maintenance to support their uninterrupted operations. The hard FM service providers have skilled labor to manage these services without affecting the core operations of any business. 

The growing tourism industry in the U.S. is supporting the demand for facilities management services in North America. For instance, according to the International Trade Administration (ITA), the U.S. travel and tourism industry generated an economic output of more than USD $1.6 trillion in 2017. The increase in the number of tourists has led to the adoption of facility management services across airports, shopping malls, large food centers and amusement parks.

The major companies operating in the facilities management market are focusing on securing government contracts for FM services to enhance their profitability. In February 2019, Madrid City Government signed a four-year contract worth USD $18.62 million with ACCIONA, the facility management company, to enhance energy efficiency in 400 municipal buildings including schools, sports centers, offices, social, and cultural centers.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.