The global facilities management market is featured by the presence of some of the industry leaders such as ISS World Services A/S, Sodexo, Inc., Bilfinger HSG Facility Management GmbH, and Broadspectrum Pvt. Ltd. (Australia). Transparency Market Research (TMR), in its new report, states that the global facilities management market is collectively dominated by these four companies where they accounted for 28% of the market in 2015. Key companies operating in this global market are concentrating on mergers and acquisitions to maintain their dominance throughout the forecast period. Partnerships with expanding customer network and regional coverage are expected to create new opportunities in the global market.
The global facilities management market is expected to reach US$1,887 bn by 2024. Based on region, the global facilities management market is likely to be dominated by Europe. “The Europe facilities management market is predicted to reach US$624.9 bn by 2024,” states a TMR analyst. The rising demand for support services and maintenance services from the manufacturing industry can be credited to be the primary factor likely to propel the Europe facilities management market. Factors such as the rising demand for technical services including fabrication, HVAC, and plant maintenance are also predicted to propel the Europe facilities management market. However, Asia Pacific is likely to be one of the promising markets for facilities management in the coming period.
Demand for Facilities Management Services from Corporate Sector Continues to Increase
The facilities management sector serves various industries including manufacturing, government and public, corporate, retail and commercial, education and residential, and healthcare. The corporate sector is expected to be the largest end-use industry, expected to exhibit a 15.10% CAGR from 2016 to 2024. The demand for facilities management services from the corporate industry is expected to increase owing to the rising need to maintain and support core corporate services such as banking and finance, insurance, and IT.
Cost Reduction to be Primary Feature of Facilities Management
Leading companies across all industries including manufacturing, residential, commercial, or corporate aim to minimize the cost of their daily operations and transactions. Facilities management is being used by various industries to handle services such as maintenance, security, and cleaning at low cost. Additionally, the changing government rules for waste management are expected to propel the demand for facilities management. Energy consumption is another vital factor that most of the businesses have to tackle. By designing an integrated business design, facilities management assist companies to optimize the use of energy, thus improve overall business performance.
Adoption of Outsourcing Services to have Moderate Impact
Facilities management outsourcing services are being used as an alternative to traditional services. The adoption of facilities management services among the small-scale and medium-scale business organizations is expected to increase, which is a challenge for the leading companies.
Mergers and Acquisitions to Create New Growth Opportunities
Many leading companies are aiming to sign merging agreements with the startup companies in the coming future. This will give a chance to the startup companies to adopt new technologies and implement innovative facilities management services, states a TMR analyst. Mergers and acquisitions will give a chance to the leading companies to capture a larger share of the global market, thus assist them to maintain their dominance. Many leading companies are aiming to target the untapped market, which is expected to further benefit the global facilities management market.
This information is based on the findings of a report published by Transparency Market Research titled “Facilities Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.”
The global facilities management market is segmented as follows:
Facilities Management Market, By Service Type
Facilities Management Market, By Industry
Facilities Management Market, By Region
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