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Facility Management Market to Reach USD 1,759.25 Billion by 2028 | Facility Industry Exhibiting CAGR of 5.0% During 2021-2028

Companies covered in the Facility Management Market are Sodexo (France), CBRE Group, Inc. (United States), ISS A/S (Denmark), Compass Group (United Kingdom), Aramark (United States), Jones Lang LaSalle Incorporated (United States), Cushman & Wakefield plc. (United States), Tenon Group (India), Johnson Controls International plc (Ireland), Dussmann Group (Germany)

/EIN News/ -- Pune, India, April 18, 2022 (GLOBE NEWSWIRE) -- The Global Facility Management Market is expected to reach USD 1,759.25 Billion by 2028, exhibiting an excellent CAGR of 5.0% during the forecast period. In developing and developed nations, government bodies nowadays are striving persistently to strengthen their economic diversifications. To do so, they are investing huge sums in non-economic sectors, which also include the tourism sector. As per a published report by Fortune Business Insights, in a report, titled “Facility Management Market Share, 2021-2028.” The market size stood at USD 1,249.45 billion in 2021

The facility Management Market is projected to grow from USD 1,249.45 billion in 2021 to USD 1,759.25 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period.

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Industry Developments:

  • April 2021: UDS, a leading facility management company based in India introduced its new website that would enable clients to navigate easily. At the same time, they would be able to read in-depth blogs about how the company is playing a vital role in a wide range of industries.
  • April 2021: Tork announced the launch of its latest hygiene offering named Tork Office Hygiene Package. It would deliver tailored solutions to facility managers associated with novel challenges faced in multiple areas of office buildings, such as restrooms, receptions, breakrooms, conference rooms, and workspaces.

Regional Insights

Rapidly Surging Industrialization in China and India to Boost Demand in Asia Pacific

The market size in Asia Pacific stood at USD 479.53 billion in 2020. The region is estimated to dominate the market during the forecast period. China, one of the prominent countries in the region, has a population of nearly 1.39 billion people, which enables the country to provide cheaper labor compared to other nations. This makes the country a favorite location for industries worldwide to establish their manufacturing units. On the other hand, India is an emerging nation in terms of industrialization, which is again backed by the second population in the country. These factors are anticipated to scale up the Facility Management market share in the region.

The market in North America is anticipated to showcase considerable growth during the projected timeline. The rapid adoption of latest technologies, such as 5G, internet of things, and artificial intelligence by several end-user industries, is estimated to accelerate the demand for Facility Management in the region.

Browse Summary of this Research Report:

https://www.fortunebusinessinsights.com/industry-reports/facility-management-market-101658

Competitive Landscape

Strategic Partnerships to Help Key Players Acquire New Customers

Key enterprises operating in the global market are focusing on strategic partnerships to add more services to their portfolios. This will help them acquire new customers. For instance, in June 2020, Sodexo, a leading hospitality management company, partnered up with Bureau Veritas, a pioneer and testing and inspection services. The partnership will help Sodexo attain a hygiene verification label for its services.

Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 5.0%
2028 Value Projection USD 17593.25 Billion
Base Year 2020
Market Size in 2021 USD 1249.45 Billion
Historical Data for 2017 to 2019
No. of Pages 120
Segments covered By Service Type, Industry, By Region
Growth Drivers Growth in the Infrastructure Sector to Boost the Facility Management Market Growth
Investments in Tourism Industry by Governments of Several Countries is a Vital Trend
Adoption of Facility Management Services by Governments to Surge Post COVID-19 Pandemic
Pitfalls & Challenges Lack of Stable Contracts, Limited Use of Technology, and Lack of Capabilities and Resources to Hamper Growth


List of Key Companies Operating in Facility Management Market Include:

  • Sodexo (France)
  • CBRE Group, Inc. (United States)
  • ISS A/S (Denmark)
  • Compass Group (United Kingdom)
  • Aramark (United States)
  • Jones Lang LaSalle Incorporated (United States)
  • Cushman & Wakefield plc. (United States)
  • Tenon Group (India)
  • Johnson Controls International plc (Ireland)
  • Dussmann Group (Germany)

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Driving factors

Increasing Focus on Infrastructure Development to Drive Growth

Infrastructural development has been a key factor in the overall development of nations worldwide. For instance, according to the estimations given by Business Roundtable, an investment equivalent to one percent of the GDP of the U.S. would have added nearly USD 320 billion to the economic output of the country.  Surging investments in the development of infrastructure by governments and major enterprises globally are anticipated to drive the Facility Management market growth. In addition, rapid industrialization in developing countries globally is predicted to further boost the demand for Facility Management services. However, the majority of key nations lack the required resources that aid enterprises provide cutting-edge services. This may hinder growth in the long run.

Real Estate Segment Held 29.6% Share in 2019: Fortune Business Insights™

Based on the service type, the market for facility management is segregated into hard services, soft services, and others. By industry, it is fragmented into healthcare, government, education, military & defense, real estate, and others (IT & Telecommunication and BFSI). Amongst these, the real estate segment generated 29.6% in terms of the facility management market share in 2019. This growth is attributable to the expansion of the construction industry worldwide.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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Major Table of Contents for Facility Management Market Research Report:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Asia Pacific Facility Management Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • PESTLE Analysis
    • Porter’s Five Force Analysis
    • Asia Pacific Facility Management Market Share Analysis and Matrix, 2019
  • Latin America Facility Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
  • By Country (Value)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)

TOC Continued...!

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Saudi Arabia Facility Management Market Size, Share & COVID-19 Impact Analysis, By Service Type (Hard Services, Soft Services, and Other Services), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate, and Others), and Country Forecast, 2021-2028

Soft Services Facilities Management Market Size, Share & Industry Analysis, By Service Type (In-house and Outsourcing), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2019-2026

Construction Equipment Rental Market Size, Share & Industry Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Concrete & Road Building Equipment, and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2019-2026

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