The Global Facilities Management Market is Projected to Reach US$1.2 Trillion by 2024

Increasing Commercial Construction Activity to Drive Growth in the Global Facilities Management Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Facilities Management market. The global Facilities Management market is projected to reach US$1.2 trillion by 2024, driven mainly by the increasing focus on reducing operational and maintenance costs of buildings and growing trend toward outsourcing of facility management services.

Facilities management (FM) is the provision and management of services that support the principal/core activities of an organization. FM services offer numerous advantages including integration of business-related information over a single platform, enabling cost-effective processes in the business, implementation of smart IT systems, and enabling maintenance of complete compliance of the organization. The growing importance of FM solutions is due to their ability to enable agility and efficiency in business functioning. As companies modernize business activities so as to remain competitive, and retain critical survival capabilities, such as agility and flexibility in a fast changing marketplace, their commitment to take up FM services continues to increase. With an increasing number of companies and businesses focused on reducing operational and maintenance costs, creating efficiencies and enhancing overall service delivery, FM services are emerging as the ideal option to achieve the same.

Global facilities management market is being propelled driven by a host of factors including growing trend towards outsourcing of building management services, rapid growth in infrastructure development activity, changing work culture in enterprises, and rapidly expanding property management and real estate market in emerging economies. Demand for FM services is also being fostered by the growing prominence of outsourced FM services, rapid growth in real estate and commercial construction projects, and the increasing focus on asset and space management of buildings. Rising focus on health, sanitation, wellbeing; provision of a safe and efficient working environment; and increased awareness about the benefits of FM services, are also driving growth in the market. Further the increasing emphasis on regulatory and environmental compliance also augurs well for the FM market.

Enterprises are increasingly moving away from conventional FM concepts, with rising adoption of cloud-based services and growing prominence of Internet of Things (IoT) in business activities presenting significant growth opportunities for the market. Connectivity, data analytics and IoT will play a critical role in driving use of cloud-based FM services for real time asset management. Workplace management solutions will also be significantly impacted by the growing proliferation of technologies such as Big Data and the IoT.

As stated by the new market research report on Facilities Management, Europe represents the largest regional market, worldwide. Rising demand for maintenance and support services from an expanding manufacturing sector, for a variety of technical services such as fabrication, HVAC and plant maintenance among others, presents significant growth potential for FM market in Europe. Growth in European FM service revenues is also attributed to the escalating demand for high quality, efficient and effective services in various sectors along with reduction in operational costs. Asia-Pacific is forecast to register the fastest CAGR of 11.9% over the analysis period. The region’s growth is attributed to the rising needs of rapidly growing economies such as China and India, and the high pace of development in the construction and infrastructure sectors. With businesses looking to remodel their business services to enhance efficiency and equality of services, demand for FM services will post strong growth in the upcoming years.

Major players in the market include ABM Industries Incorporated, Amey Plc, Aramark Corporation, Bellrock Limited, Bilfinger Europa, Bouygues Energies & Services, CBRE Group Inc., Compass Group Plc, Cushman & Wakefield, Elior UK, EMCOR Group Inc., ENGIE Services Inc., Etisalat Facilities Management L.L.C, Fluor Corporation, Globe Williams International, Interserve Plc, ISS UK, Kier Group plc, MITIE plc, Sodexo S.A., Turner Facilities Management Ltd., and VINCI Facilities, among others.

The research report titled “Facilities Management: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Rest of World.

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