Facility Management Market is Anticipated to Reach US$ 99.70 Billion by 2030 Registering a CAGR of 10.2%
Market Overview
As per the latest updates and surveys, it is to be noted
that the Compound Annual Growth Rate or CAGR of the Global
Facility Management Market is predicted to be more than 10.2%
during the forecasted period from 2020 to 2030. It is reported that the market
size will be around 99.70 billion USD in the year 2030 . The growth rate was
average in the past years, but it has been predicted to grow rapidly in the
coming review period.
The Global Facility Management Market works efficiently
to provide proper management solutions for various industries and businesses
alike. It is known to manage and maintain various business processes. It will
contribute to the effective deliverance of the services and products worldwide.
It also assists many companies from various sectors to improve the quality of
their services and goods production and delivery and effectively manage all the
tasks. The solutions provided are based on accounts and business upkeeping,
project management and execution, etc.
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Although many opportunities at the global levels will help
in the consequent growth of the respective market, there are certain restraints
as well. Certain conventional practices, the absence of potential and highly
skilled labor force, and other factors such as high-cost ventures and increased
value rivalry are some restraints that obstruct and slow down the growth
process.
Market Segmentation
The Global Facility Management Market is
divided into three major segmentations following the updated collected data.
The respective segmentations are as follows.
- Deployment type segmentation
Based on the deployment type segmentation, the market is divided
into ‘on-reason’ and ‘cloud.’ The addition of cloud solutions will help in
office extension of the market during the reviewed period. It will also
contribute to increasing the market value rapidly.
- Service type segmentation
Based on the service type segmentation, the market is
segmented into project management, stock administration, board, and activity on
board. Amongst these, the board and project management categories will
contribute to the fast growth of this respective market because of its wide
utility.
- End-user type segmentation
Based on the end-user type segmentation, the market is
segmented into education, government, BFSI, retail, manufacturing, real
bequest, IT, telecom, and healthcare. The extensive utilization of the medical,
retail services will increase the market size and revenue in the coming years
of the forecasted period.
Regional Analysis
In accordance with the latest sorted data, the Global
Facility Management Market is distributed across various regions
worldwide. In 2018, it spread across Europe, North America, Asia-Pacific, Latin
America, the Middle East, and South Africa.
In the recently collected data, the Asia-Pacific region is
accounted to have the largest market share, with countries like India and China
included in this contribution. It is due to the popularity of services related
to end-users segmentation in this region.
In addition to that, North America is also adopting various
innovations such as IoT, robotics, AI in the business realm. It has aided in
the gradual growth of this respective market. Moreover, European regions and
Latin America, South Africa, and the Middle East will also see moderate to
significant growth in the coming years.
Industry News
As per the latest information, the Global
Facility Management Market is rapidly growing. Hence, it will
reach the predicted CAGR in the forecasted period. Listed below are some of the
recent developments that have made it to the news.
- Sodexo is reported to partner with the Bureau Veritas and
introduced a hygiene verification label for Sodexo in June 2020. The main
purpose behind this is to provide quality assurance to its
customers.
- In August of 2019, ISS is reported to have signed a
five-year-long vested partnership with a major firm in Nordics. It is a
professional services firm, and the contract will commence from October 1
of the same year in the respective region.
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