Integrated Facility Management Market to Grow at a CAGR of 5.01% until 2026
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Increasing investment in healthcare, infrastructure, and manufacturing by public and private sectors to boost up global Integrated Facility Management Market through 2026.
According to TechSci Research report, “Global Integrated Facility Management Market By Type (Hard Service and Soft Service), By Service (Building and Property Management, Cleaning and Hygiene, Security and Staffing, IT Support and Others), By Solution (Asset & Space Management, Project Management & Real Estate Portfolio Management & Lease Administration, Energy & Environment Sustainability Management, Maintenance Management and Others), By End-User (BFSI, Utilities, Aerospace & Defense, Telecommunication, Manufacturing, Supply Chain & Logistics, Real Estate & Infrastructure, Healthcare, Retail, Energy & Resources and Others), By Region, Competition, Forecast & Opportunities, 2026’’,
The Global Integrated Facility Management Market is projected to cross USD116 billion by 2026, growing at a CAGR of 5.01% in the next five years. Rising development of high-rise commercial and residential buildings, increasing capital inflow into the real-estate sector, and growing infrastructural development and construction activities are expected to propel the Global Integrated Facility Management Market. Moreover, the enhanced cost reduction methods, innovations and developments, more transparency in service will positively influence the Global Integrated Facility Management Market in the coming years.
Global Integrated Facility Management Market can be segmented based on type, service, IT support, solution, end-user, and region. In terms of type, the market can be bifurcated into hard service and soft service. Hard Service are related to physical structure of the building, equipment, project, etc. These services accounted for share of 53.09% in 2020 due to growing urbanization, rise in government initiatives and increased construction projects in growing economies. Rise in awareness among enterprises has led to increase in adoption of outsourcing facility management services for cost optimization and better organization.
Based on service, the market can be segmented into building and property management, cleaning and hygiene, security and staffing, IT support and others. The building and property management had around 26% market share in 2020 owing to increase in quality office spaces and increase in owners and buyers of commercial properties. Rise in leasing services has also increased the demand for office spaces, however this was affected in the year 2020 due to COVID-19, which led to the shutdown of office complexes due to lockdown imposed to restrict the spread of disease. But the market is soon recovering as most of the offices have resumed and people have started coming to offices again. As an impact of COVID-19, the market has largely seen an increase in demand for support services where the facility service providers play a major role in maintaining the quality of work through their IT departments. The increased focus on healthcare has taken a huge shift for facility management market as the projects for sanitation and cleaning have increased worldwide. The healthcare, and IT support are the new key drivers that will help the Global Integrated Facility Management Market to grow at a faster pace in the forecast period.
Browse 190 Figures spread through 237 Pages and an in-depth TOC on" Global Integrated Facility Management Market "
Based on solution the market is segmented into asset and space management, project management & real estate portfolio management & lease administration, energy & environment sustainability management, maintenance management and others. The asset & space management segment is primarily dependent on urbanization and advancement of commercial spaces. Successful portfolio management reinforces the strategic configuration of real estate decisions and strategies. The increased focus of countries on environment and sustainability owing to the need for proper waste management, HVAC (heating, ventilation and air conditioning), fire safety, outdoor space management are expected to drive the growth of Global Integrated Facility Management Market in the forecast period.
In the Global Integrated Facility Management Market, North America was the largest contributor with around 39% value share in 2020 followed by Asia pacific and Europe. United States was the largest contributing country in the region with 77.43% share in 2020, followed by Canada and Mexico. The market is also growing in developing countries at a faster pace with increasing awareness of outsourcing services.
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JLL Inc (Jones Lang LaSalle IP, Inc), ISS A/S (International Service System), CBRE Group Inc, Cushman & Wakefield plc, Sodexo Inc., Compass Inc., Aramark Corporation, Coor Service Management Holding AB, Mitie Group PLC, MacLellan Integrated Services, Inc. are among the leading players operating in Global Integrated Facility Management Market. Companies operating in the market are using organic strategies, partnerships, mergers, and collaborations to boost their share in Global Integrated Facility Management Market. Significant players in the business are concentrating on accomplishing ideal operational expenses, upgrading the service quality, real-time response, connectivity and 24/7 availability and merging with small players to sustain in the competitive market. Besides this, high funding in innovation and development for enhancing the service quality is likewise a factor considered by the players to remain in competition.
“The role of facility management is evolving for the organizations and governments across the globe. The need for outsourcing facility management is increasing with a larger scope that includes all aspects of enhanced space productivity, reduction in unused space, enhanced staff productivity, upgraded communication, operational cost savings, better compliance, and improved strategic planning for the future. The rise in infrastructure development and well maintained and clean spaces in commercial and industrial sectors with all the facilities for the ceaseless activities of the organizations is driving the market of integrated facility management. Continuance of such upward trend in infrastructure and construction activities and IT services across the globe is expected to drive the Global Integrated Facility Management Market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Integrated Facility Management Market By Type (Hard Service and Soft Service), By Service (Building and Property Management, Cleaning and Hygiene, Security and Staffing, IT Support and Others), By Solution (Asset & Space Management, Project Management & Real Estate Portfolio Management & Lease Administration, Energy & Environment Sustainability Management, Maintenance Management and Others), By End-User (BFSI, Utilities, Aerospace & Defense, Telecommunication, Manufacturing, Supply Chain & Logistics, Real Estate & Infrastructure, Healthcare, Retail, Energy & Resources and Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Global Integrated Facility Management Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global Integrated Facility Management market.
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Created on Jul 27th 2021 08:27. Viewed 87 times.