The market for facility management services is projected to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2035, reaching a valuation of USD 670 billion. To ensure the smooth operation, comfort, safety, and efficiency of the physical environment, facility management (FM) is a business activity that combines people, technology, location, and process. Businesses and housing developments utilize a collection of maintenance services called ""facility management services"" to accomplish their objectives. The market for facility management services is growing because of the rapidly growing tourism and hospitality sectors, the requirement to comply with legal and environmental requirements, and the rising demand for value-added services.
Perspectives on Market Segments
The market segment is further divided into hard services and soft services based on the type of service; the hard services sector is thought to hold a dominant market share.
The market for facility management services is further divided into real estate, healthcare, education, and military & defense based on the end-use industry.
Regional Perspectives
North America, Europe, Asia-Pacific, and the rest of the world are the four main regions in which the facility management services market is mostly researched. The Asia-Pacific area holds the largest market share among them.
The biggest market share, around 37.92%, was held by the Asia-Pacific region in 2021. In addition to being a key center for industrial manufacturing, the area has seen a surge in business growth and big investments in recent years. The market is predicted to rise due to several factors, including rapidly increasing construction investment, infrastructure development, a growing focus on facility safety and security, and strict government rules regarding facility management.
Aside from this, the Asia-Pacific area is anticipated to have the biggest facility management market share because to the vast number of both organized and unorganized enterprises in China and India. Additionally, established businesses are focusing on forming partnerships with local players in order to provide their services to end customers and increase their market share.
Furthermore, the incorporation of developing technologies, including as the Internet of Things, artificial intelligence, and the usage of robots, is expected to drive steady expansion in the North American facility management services market.
In addition to these two areas, the European region is expected to grow significantly in the years to come because of the preventive steps being taken by the governments of several of the region's nations. By taking these proactive steps, service-oriented firms may maximize their workforce, productivity, and income.
Key Players
GDI integrated facility service (Canada), ISS Facility Service Inc. (Denmark), Cushman & Wakefield (US), Jones Lang LaSalle IP, Inc. (US), OCS Group Limited (UK), Quess Corp Ltd. (India), Knight Frank (UK), Sodexo (France), Compass Group PLC (UK), EMCOR group. Inc. (US), Aramark Corporation (US), ASMACS Group (India), CBRE (US), SIS Group Limited (India), Knight Frank (UK), Knight Frank (UK), and Apollo Facility Management Service (India) are important players in the facility management services market.
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