PORTLAND, Ore., Sept. 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Facility Management Services Market by Service Type, (Property, Cleaning, Security, Catering, and Others), Type (Outsourced and In-House), and End User (Commercial, Institutional, Public/Infrastructure, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global facility management services industry generated $954.0 billion in 2019, and is expected to reach $1,422.6 billion by 2027, witnessing a CAGR of 6.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in industrialization and urbanization, increase in residential and non-residential construction activities, and surge in awareness regarding protection of assets drive the growth of the global facility management services market. However, scarcity of skilled workforce and capital in developing nations hinders the market growth. On the other hand, technological advancements and investments in the infrastructure create new opportunities in the coming years.
Due to lockdown restrictions, many facility management services companies have to forfeit their services to commercial and industrial end users.
The demand for facility management services has grown as organizations, hotels, and manufacturing plants begin their operations after lockdown restrictions being lifted off. The end users have been endeavoring to maintain the highest standard of hygiene and safety for their workers and customers.
However, companies have been facing issues of lack of sufficient manpower as workers have not returned from their hometowns.
With stringent regulations in place, the Covid-19 pandemic has arisen the need for automation in facility management processes such as move-ins, energy management, service requests, and workspace customization. The service providers need to leverage smart technologies.
The property segment to maintain its lead position throughout the forecast period
Based on service type, the property segment held the highest share of the global facility management services market in 2019, accounting for nearly one-third of the total share, and will maintain its lead position throughout the forecast period. This is due to rise in urbanization and industrialization along with awareness to protect assets. However, the catering segment is expected to witness the highest CAGR of 7.2% from 2020 to 2027.
The commercial segment to continue the dominance throughout the forecast period
Based on end user, the commercial segment accounted for the highest market share of the global facility management services market, accounting for nearly one-third of the total share in 2019, and is projected to continue the dominance throughout the forecast period. Moreover, the commercial segment is expected to witness the highest CAGR of 8.2% during the forecast period. This is due to surge in construction activities in residential and non-residential sectors. The research also analyzes end users such as institutional, public/infrastructure, industrial, and others.
Asia-Pacific, followed by North America, to maintain its lead in terms of revenue by 2027
Based on region, Asia-Pacific, followed by North America, contributed for the highest share in terms of revenue in 2019, accounting for nearly two-fifths of the total share of the global facility management services market, and will maintain its lead during the forecast period. This is due to significant rise in residential and non-residential construction activities along with increase in investment by governments in the region. However, LAMEA is expected to portray the highest CAGR of 7.8% from 2020 to 2027, owing to surge in demand for facility management services for sustainable maintenance of buildings in the region.
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