North America Facilities Management Market: Snapshot
The North America facilities management market is benefitting from increasing business practices of engaging third-party for support services. Business are increasingly outsourcing facility management pursuits to focus on core business functions and save valuable time of employees from being used for non-core business functions. Thus, outsourcing helps businesses gain in the long run.
On the flip side, however, nonexistence of standard parameters at global level in order to gauge the performance and quality of services is slowing the growth of facilities management market. Factors such as surging labor costs during the tenure of long-term contracts is leading companies to make short-term or single contracts. This is having a negative influence on the growth of North America facilities management market. Owing to a myriad favorable factors, North America facilities management market is poised to clock a healthy 13.6% CAGR over the forecast period between 2017 and 2024.
Retail and Commercial Industry Segment to Rise at Leading CAGR through 2024
The North America facilities management market is segmented in terms of service type, industry, and country. In terms of service type, the demand for soft services surpasses that of hard services. Of the various soft service segments, cleaning and pest control holds prominence in North America facilities management market. Within cleaning and pest control segment, sterilization sub-segment is most lucrative and is anticipated to account for 4.5% market share by 2024.
The hard service type segment, on the other hand, is predicted to rise at a higher growth rate between 2017 and 2024. The increasing adoption of outsourcing of hard services across industry verticals to enhance the performance of core business activities are accelerating the growth of hard services segment. Within hard services, the mechanical and electrical sub-segment is likely to account for significant revenue contribution to the overall market.
Depending upon industry, corporate, healthcare, government and public sector, manufacturing, residential and educational, retail and commercial, and others are the segments into which the North America facilities management market is divided. Out of these, corporate sector currently holds the leading share in the North America facilities management market; the segment is anticipated to remain attractive through 2024. Retail and commercial industry segment, on the other hand, is anticipated to rise at the leading CAGR through 2024. This is mainly because of increasing outsourcing of non-core business activities such as cleaning, security, repair, and maintenance.
Adoption across Various Industry Verticals Boosts U.S. Market
The key countries into which the North America facilities management market is bifurcated are the U.S, Canada, and Mexico. Among them, the U.S. accounts for leading revenue to the North America facilities management market; the segment is anticipated to be worth US$339.89 bn by the end of 2024. The monumental demand for outsourced services that helps increase productivity in the corporate, manufacturing, retail, and commercial sectors are boosting the adoption of facility management services in the U.S.
Canada is the second-leading domestic market for facilities management in North America. The estimated revenue of Canada facilities management market is likely to be worth US$222.12 bn by 2024-end. The growth of this domestic market is mainly because of increasing adoption of technical maintenance and cleaning services predominantly in business sector.
Some companies in the North America facilities management market are Bilfinger HSG GmbH, ISS World Services A/S, Sodexo Inc., Compass Group plc, Cofely GDF SUEZ, Cresa, GDI Integrated Facility Services, Ecolab USA Inc., G4S plc, and Mitie Group plc.
North America Facilities Management Market: Overview
The business intelligence study on facilities management market provides a detailed overview of the North America facilities management market for the 2017-2024 forecast period, wherein 2016 is considered as the base year. The report provides 2015 values this market for historical reference. The report examines each and every aspect that could influence the growth of North America facilities management market through 2024. Revenue estimations are presented in US$ Bn and Kilo tons in this report.
The report delves into vital market indicators such as demand dynamics, growth trends, and opportunities that are crucial to determine the growth trajectory of North America facilities management market over the aforementioned forecast period. The analysis of the market presented in the report is thus holistic.
To present market attractiveness, market size of key segments and their revenue contribution has been examined. All values for market size are in US$ Bn unless explicitly mentioned.
North America Facilities Management Market: Scope of Study
Included in the report is a competitive dashboard that provides valuable insights on market positioning and winning strategies of key players in North America facilities management market. The section also profiles key players based on their distinguishing business attributes, followed by insights into their growth strategies, market positioning, and recent developments. This is to enhance understanding of competitive scenario of North America facilities management market which is currently fragmented.
The research report provides an in-depth analysis of North America facilities management market based on service type, industry, and region.
North America Facilities Management Market: Research Methodology
The report employs bottom-up approach to estimate values for each segment. Top-down approach has been employed to re-validate the values estimated in the secondary research phase. Macro-economic indicators such as GDP, financial services industry output, infrastructure/Capex spending, and government regulations have been analyzed in the secondary research phase.
In the primary research phase, analysts conducted internal primary, face to face interviews, telephonic interviews, and mail based surveys. Target audience reached out to include but is not limited to opinion leaders, industry experts, process owners, distributors, traders, manufacturers, and system integrators. The primary research phase was split into survey planning, survey design, survey management, response filtering, and data validation.
North America Facilities Management Market: Competitive Dashboard
Under the competitive landscape section, the report provides an overview of players operating in the market. It includes insights into winning strategies employed by them and revenue earned by each of them in the recent past. This is used to analyze competitive strategies for the future based on which revenue that will be earned by each player will be estimated.
Key players profiled in the North America facilities management market include Bilfinger HSG Facility Management GmbH, Compass Group plc, Ecolab USA Inc., G4S plc, Mities Group plc, Cofely, Cresa LLC, GDI Integrated Facility Services, IISS World Services A/S, and Sodexo Inc.