Market Research Future (MRFR) will be publishing a cooked research report on the “Global Facility Management Services Market” that contains information from 2022 to 2030.
MRFR recognizes the following companies as the key players in the global Facility Management Services market: Aramark Corporation (US), Sodexo (France), ASMACS Group. (India), CBRE (US), SIS Group Limited (India), Knight Frank (UK), Compass Group PLC (UK), Cushman & Wakefield (US), EMCOR group. Inc (US), GDI integrated facility service (Canada), ISS Facility Service Inc. (Denmark), Jones Lang LaSalle IP, Inc. (US), OCS Group Limited (UK), Quess Corp Ltd. (India), and Apollo Facility Management Service (India).
The global Facility Management Services market is estimated to register a CAGR of over 7.73% during 2022-2030.
Facility Management (FM) is a business function that incorporates several other functions that ensure the smooth functionality, comfort, safety, and efficiency of the built environment while integrating place, people, technology, and process. Facility management services are a collection of maintenance services adopted by organizations as well as residential complexes for similar purposes.
Furthermore, the rise in globalization has enhanced this sector in several developing countries. According to the World Tourism Organization (WTO), there has been an increase in people traveling to different countries on a recurring basis from 50 to 60 percent. This has simultaneously increased the investments in many countries for developing the tourism sector.
According to the World Bank, the global economy has grown at a 3% rate during the last few years. This has affected the hospitality and tourism sectors across different countries. There has been a growth in international arrivals after the severe impact of COVID-19 in several regions. The pandemic negatively impacted international tourist activities by 93% in June 2020. The year 2020 was recorded as the worst year for these sectors. To overcome the situation, multiple strategies and campaigns are arranged by the countries to highlight the attractiveness of their respective tourist places. This is anticipated to further create a positive drive in the sectors by contributing to an overall per capita income. Hence, the growing tourism and hospitality sectors have been a major factor driving the growth of the facility management services market at a high rate during the study period.
COVID-19 Impact Analysis
According to MRFR analysis, there has been a slight dip in the overall year-on-year (y-o-y) growth in the market. From 2019 to 2020. Furthermore, year-on-year growth is expected to improve slightly 2020-2021. The reason for the dip is the tough decisions taken by governments to restrict the spread of COVID-19. These steps include nation-wide lockdowns and adjournment of enterprise operations, particularly in the construction, tourism, and hospitality fields. Due to these steps, the overall cash flows and revenue of leading companies have been negatively affected, which in turn has led to cost-cutting decisions by enterprises, thereby impacting the market. However, it is expected that from the new financial year, the overall business scenario is expected to improve and, therefore, the demand for facility management services is also expected to be boosted.
The global Facility Management Services market has been segmented on the basis of type. Services, application, and region.
The global Facility Management Services market, based on type, has been segmented into Hard Service and Soft Service. The Hard Service Segment has been further bifurcated into Smart Facility, Management Solutions, and Non-Smart Facility Management Solutions.
By Service Type, the market has been segmented into Hard Services and Soft Services. The Hard Service Segment has been further divided into Electrical, Civil, Mechanical, HVAC, and Others. Furthermore, the Soft Service segment has been divided into Cleaning, laundry, Landscaping, Catering, Security and Others.
On the basis of Application, the market has been bifurcated into Education Institutes, Commercial, Residential, Industrial, Government and Public, Healthcare, and Others.
Key Findings of the Study: