SELBYVILLE, Del., Oct. 19, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the facility management market, which estimates the market valuation for facility management will cross US $2 trillion by 2026. The increasing demand to manage organizational functions by integrating people, place, and process within large environments is expected to contribute significantly to market growth.
The growing demand for a clean and well-maintained space to ensure focus on core competencies is expected to support facility management growth. The outsourcing of facility management services helps enterprises to simplify their processes and increases business efficiency. In addition, it helps organizations to reduce the cost associated with external equipment and products and employment of skilled labors for managing facilities. Organizations can ensure health & safety requirements of large-scale facilities.
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The in-house service segment in the facilities management market is anticipated to grow at a CAGR of above 7% from 2020 to 2026. The in-house facility management provides businesses with the ability to add workforce required for specific business requirements. It further incurs a fixed cost that helps businesses to plan proper financial planning. The demand for in-house facility management service is attributed to fixed cost and rising number of startups.
The management service segment in the facility management market will grow at a CAGR of over 8% from 2020 to 2026. The need to provide continuous and efficient power supply to organizations working across hospitality, tourism, and other critical infrastructure sectors is expected to drive the segment's growth. The service providers take complete control maintenance of electrical equipment and utilities in organizations, enabling enhanced business efficiency. Moreover, the increasing demand for preventive maintenance of HVAC and electrical distribution systems is enabling the market growth.
The adoption of facility management services by government & public sector enterprises is increasing significantly. The agencies are adopting diverse services including waste management services, street and public areas cleaning and maintenance, managing complete operations of government offices and public environments. This helps government agencies to focus primarily on the core objective of serving country's citizens. This also helps governments to ensure safety, security, and cleanliness of a wide range of assets.
Asia-Pacific is expected to hold above a 25% share of the facilities management market by 2026. The growing government initiatives for smart city development and large infrastructure development projects in the region are supporting the market growth. Moreover, government agencies are collaborating to develop large-scale projects. For instance, in July 2019, Japanese and Myanmar governments formed a joint venture for the construction of Hanthawaddy International Airport. The airport will be built in the Bago Region of Myanmar and is likely to entail an investment of around USD 1.5 billion.
Browse key industry insights spread across 364 pages with 469 market data tables and 28 figures & charts from the report, "Facilities Management Market Share & Forecast 2020-2026" in detail, along with the table of contents:
The companies operating in the market are focusing on diversifying their sales and distribution network to enhance their market presence. For instance, in October 2020, CBRE Group, Inc. pledged to invest USD 1 billion by 2021 to diversify its supplier and distributor network. In addition, the company has planned to increase its spending by up to USD 3 billion over the next five years. This enhancement is expected to help the company to introduce and deliver new products, services, and solutions to a broader customer base.
Some major findings of the facility management market report include:
- The enhanced COVID-19 protocols and safety measures related to health and safety taken by public and private enterprises are expected to support technology development in the market
- The need to manage workspaces through services, such as space utilization, contract management, energy & utilities, etc., is enabling the market growth
- Asia-Pacific is anticipated to hold a major market share for facility management services due to supportive government initiatives and large-scale infrastructure developments
- Major players operating in the facility management market are Aramark Corporation, CBRE Group Inc., Compass Group Plc, IBM Corporation, Oracle Corporation, etc.
- Companies operating in the market are focusing on the development of advanced platform solutions such as EverSafe platform for Aramark Corporation
Browse the complete report's table of contents at https://www.gminsights.com/toc/detail/facilities-management-market
Partial chapters of the report's table of contents (TOC):
Chapter 3 Facilities Management Industry Insights
3.2 Industry segmentation
3.3 Impact analysis of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Regional outlook
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
18.104.22.168 Middle East & Africa (MEA)
3.3.3 Impact on industry value chain
3.3.4 Impact on competitive landscape
3.4 Industry ecosystem analysis
3.4.1 Technology & innovation Landscape
3.4.2 Cognitive facilities management
3.4.3 Internet of Things (IoT)
3.5 Regulatory landscape
3.5.1 International Facility Management Association (IFMA)
3.5.2 ISSA (International Sanitary Supply Association)
3.5.3 North America
22.214.171.124 Facility Management Institute (FMI) By General Services Administration (GSA)
126.96.36.199 Facility Maintenance Policy (Canada Government)
188.8.131.52 Guide to the Safety, Health and Welfare at Work Act 2005
184.108.40.206 Institute of Workplace and Facilities Management (IWFM)
220.127.116.11 British Institute of Facilities Management (BIFM)
3.5.5 Asia Pacific
18.104.22.168 National Building Code of India 2016
22.214.171.124 Facilities Management Association of Australia (FMA)
3.5.6 Latin America
126.96.36.199 International Federation of Consulting Engineers (FIDIC) (Brazil)
188.8.131.52 Construction & Engineering Law 2019 (Mexico)
184.108.40.206 Middle East Facilities Management Association (MEFMA)
220.127.116.11 South African Facilities Management Association (SAFMA)
3.5.8 Growth drivers
18.104.22.168 Rapidly growing tourism and hospitality sectors
22.214.171.124 Supportive government initiatives for the development of smart cities and business hubs
126.96.36.199 Rising demand for value-added services
188.8.131.52 Growing investments in the construction sector
184.108.40.206 Necessity to comply with environmental and regulatory norms
220.127.116.11 Inclination towards virtual workplace and demand for personalized services
3.5.9 Industry pitfall and challenges
18.104.22.168 Slow adoption of outsourced facilities management services
22.214.171.124 Integration of facility management with legacy ERP systems
3.6 Growth potential analysis
3.7 Porter's analysis
3.7.1 Bargaining power of suppliers
3.7.2 Bargaining power of buyers
3.7.3 Threat of new entrants
3.7.4 Threat of substitutes
3.8 PESTEL analysis
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Facilities Management Market size worth over $2 trillion by 2026
Facilities Management Market size is set to surpass USD 2 trillion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.