SELBYVILLE, Del., Oct. 19, 2020 /PRNewswire/ -- Global Market
Insights, Inc. has recently added a new report on the facility
management market, which estimates the market valuation for
facility management will cross US $2
trillion by 2026. The increasing demand to manage
organizational functions by integrating people, place, and process
within large environments is expected to contribute significantly
to market growth.
The growing demand for a clean and well-maintained space to
ensure focus on core competencies is expected to support facility
management growth. The outsourcing of facility management services
helps enterprises to simplify their processes and increases
business efficiency. In addition, it helps organizations to reduce
the cost associated with external equipment and products and
employment of skilled labors for managing facilities. Organizations
can ensure health & safety requirements of large-scale
facilities.
Request a sample of this research report
at https://www.gminsights.com/request-sample/detail/4403
The in-house service segment in the facilities management market
is anticipated to grow at a CAGR of above 7% from 2020 to 2026. The
in-house facility management provides businesses with the ability
to add workforce required for specific business requirements. It
further incurs a fixed cost that helps businesses to plan proper
financial planning. The demand for in-house facility management
service is attributed to fixed cost and rising number of
startups.
The management service segment in the facility management market
will grow at a CAGR of over 8% from 2020 to 2026. The need to
provide continuous and efficient power supply to organizations
working across hospitality, tourism, and other critical
infrastructure sectors is expected to drive the segment's growth.
The service providers take complete control maintenance of
electrical equipment and utilities in organizations, enabling
enhanced business efficiency. Moreover, the increasing demand for
preventive maintenance of HVAC and electrical distribution
systems is enabling the market growth.
The adoption of facility management services by government &
public sector enterprises is increasing significantly. The agencies
are adopting diverse services including waste management services,
street and public areas cleaning and maintenance, managing complete
operations of government offices and public environments. This
helps government agencies to focus primarily on the core objective
of serving country's citizens. This also helps governments to
ensure safety, security, and cleanliness of a wide range of
assets.
Asia-Pacific is expected to
hold above a 25% share of the facilities management market by 2026.
The growing government initiatives for smart city development and
large infrastructure development projects in the region are
supporting the market growth. Moreover, government agencies are
collaborating to develop large-scale projects. For instance, in
July 2019, Japanese and Myanmar governments formed a joint venture for
the construction of Hanthawaddy International Airport. The airport
will be built in the Bago Region of Myanmar and is likely to entail an investment
of around USD 1.5 billion.
Browse key industry insights spread across 364 pages with 469
market data tables and 28 figures & charts from the report,
"Facilities Management Market Share & Forecast
2020-2026" in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/facilities-management-market
The companies operating in the market are focusing on
diversifying their sales and distribution network to enhance
their market presence. For instance, in October 2020, CBRE Group, Inc. pledged to invest
USD 1 billion by 2021 to diversify
its supplier and distributor network. In addition, the company has
planned to increase its spending by up to USD 3 billion over the next five years. This
enhancement is expected to help the company to introduce and
deliver new products, services, and solutions to a broader customer
base.
Some major findings of the facility management market report
include:
- The enhanced COVID-19 protocols and safety measures related to
health and safety taken by public and private enterprises are
expected to support technology development in the market
- The need to manage workspaces through services, such as space
utilization, contract management, energy & utilities, etc., is
enabling the market growth
- Asia-Pacific is anticipated to
hold a major market share for facility management services due to
supportive government initiatives and large-scale infrastructure
developments
- Major players operating in the facility management market are
Aramark Corporation, CBRE Group Inc., Compass Group Plc, IBM
Corporation, Oracle Corporation, etc.
- Companies operating in the market are focusing on the
development of advanced platform solutions such as EverSafe
platform for Aramark Corporation
Browse the complete report's table of contents
at https://www.gminsights.com/toc/detail/facilities-management-market
Partial chapters of the report's table of contents
(TOC):
Chapter 3 Facilities Management Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact analysis of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Regional outlook
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific
3.3.2.4 Latin America
3.3.2.5 Middle East &
Africa (MEA)
3.3.3 Impact on industry value chain
3.3.4 Impact on competitive landscape
3.4 Industry ecosystem analysis
3.4.1 Technology & innovation Landscape
3.4.2 Cognitive facilities management
3.4.3 Internet of Things (IoT)
3.5 Regulatory landscape
3.5.1 International Facility Management Association (IFMA)
3.5.2 ISSA (International Sanitary Supply Association)
3.5.3 North America
3.5.3.1 Facility Management Institute (FMI) By General Services
Administration (GSA)
3.5.3.2 Facility Maintenance Policy (Canada Government)
3.5.4 Europe
3.5.4.1 Guide to the Safety, Health and Welfare at Work Act
2005
3.5.4.2 Institute of Workplace and Facilities Management
(IWFM)
3.5.4.3 British Institute of Facilities Management (BIFM)
3.5.5 Asia Pacific
3.5.5.1 National Building Code of India 2016
3.5.5.2 Facilities Management Association of Australia (FMA)
3.5.6 Latin America
3.5.6.1 International Federation of Consulting Engineers (FIDIC)
(Brazil)
3.5.6.2 Construction & Engineering Law 2019 (Mexico)
3.5.7 MEA
3.5.7.1 Middle East Facilities Management Association
(MEFMA)
3.5.7.2 South African Facilities Management Association
(SAFMA)
3.5.8 Growth drivers
3.5.8.1 Rapidly growing tourism and hospitality sectors
3.5.8.2 Supportive government initiatives for the development of
smart cities and business hubs
3.5.8.3 Rising demand for value-added services
3.5.8.4 Growing investments in the construction sector
3.5.8.5 Necessity to comply with environmental and regulatory
norms
3.5.8.6 Inclination towards virtual workplace and demand for
personalized services
3.5.9 Industry pitfall and challenges
3.5.9.1 Slow adoption of outsourced facilities management
services
3.5.9.2 Integration of facility management with legacy ERP
systems
3.6 Growth potential analysis
3.7 Porter's analysis
3.7.1 Bargaining power of suppliers
3.7.2 Bargaining power of buyers
3.7.3 Threat of new entrants
3.7.4 Threat of substitutes
3.8 PESTEL analysis
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Related Images
facilities-management-market-size.jpg
Facilities Management Market size worth over $2 trillion by 2026
Facilities Management Market size is set to surpass USD 2 trillion by 2026, according to a new
research report by Global Market Insights, Inc.
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