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 1,234.55 billion
USD in the year 2020. 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.
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.
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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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