Facilities Management Market is set to register 5% CAGR through 2026, Global Market Insights Inc.
Facilities Management Market is anticipated to witness healthy growth during 2021 to 2027 propelled by increasing need to effectively manage the workspace through services like energy & utilities, contract management, space utilization.
Delaware, United States – July 22, 2021 /MarketersMedia/ —
Facilities Management Market revenue is poised to see lucrative growth through 2026 on account of increasing need to effectively manage the workspace through services like energy & utilities, contract management, space utilization. Facilities management services are known for helping establishments decrease the costs linked with external products and equipment and employing well-trained labors for better managing the facilities. Through these services, organizations can effectively ensure the essential health & safety needs of large-scale facilities.
As per a new Global Market Insights, Inc., research report, facilities management market demand is estimated to surpass a $2 trillion valuation by 2026. In recent times, numerous market players are innovating solutions to strengthen their position in the industry landscape. Citing an instance, in October 2020, Fusion21, a leading provider of dynamic purchasing systems as well as procurement framework for construction, property and built environment, reportedly launched a new £1.1 billion workplace and facilities framework for addressing the facilities management requirements of an array of public sector organizations. The framework is aligned with the market needs and comprises of flexible call-off processes with numerous options for direct awards and future competitions.
Below are some of the key trends that are likely to influence facilities management industry growth:
Growing demand for in-house services
The in-house type service segment in the overall facilities management market scape is expected to grow at a CAGR of more than 7% through the forecast time period owing to the increasing number of startups and fixed cost. The in-house facility management incurs a fixed cost which aids businesses to do proper financial planning. Additionally, this type of service also provides businesses the ability to include workforce required for specific business needs.
To access a sample copy or view this report in detail along with the table of contents, please click the link below:
https://www.gminsights.com/request-sample/detail/4403
Increasing adoption across government & public sectors
In terms of application, the use of facility management services across government & public sector enterprises is increasing at a rapid pace. Several government agencies are adopting a plethora of different services including handling complete operations of public environments and government offices, cleaning and maintenance of public and street areas, and waste management services. These services aid government agencies to actively focus on the main objective of serving their citizens. It also helps governments make sure that cleanliness, security, and safety of a wide range of assets is maintained.
Rising number of smart city initiatives across Asia-Pacific
On the geographical front, Asia-Pacific facilities management market is likely to account for more than 25% of the global industry share by the end of the analysis timeline. Supportive government initiatives for large infrastructure development projects and for development of smart cities will contribute towards regional market growth. Regional government agencies are increasingly collaborating for the development of large-scale projects. Citing an instance, in July 2019, the government of Myanmar and Japan reportedly formed a new JV to construct Hanthawaddy International Airport in Myanmar. The airport is likely to be built in the Bago Region of Myanmar and is expected to entail an investment of approximately $1.5 billion.
At present, numerous market players are acquiring or merging with other renowned service providers in the industry to expand their facilities management capabilities along with their regional presence. Citing an instance, in October 2020, ThinCatshas, an Ashby-based lender, reportedly provided approximately £1 million in funding to Service Response Group to acquire the shares of Stourbridge-based CDC Facilities Management, and CPL FM Group of Birmingham. Such mergers and business acquisitions are expected to set the precedent for industry growth in years to come.
Oracle Corporation, Compass Group Plc, CBRE Group Inc., Aramark Corporation, and IBM Corporation among many others are some of the key players operating in the facility management market.
About Global Market Insights, Inc.
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.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/facilities-management-market
Source: MarketersMedia
Release ID: 89037976
Copyright © 1999-2013 SproutNews.com
