Reduction of operational costs has become one of the priorities for organizations operating in various industries, be it residential, corporate, manufacturing, construction, and educational. Conserving the available resources has become equally important. Facilities management has thus become a primary tool for many organizations to save resources and minimize operational costs.
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Facilities management services are known for pioneering maintainable approaches to business campus operations via large-scale and long-term initiatives. Today, many organizations have incorporated various hard and soft facilities management services. Globalization, economic growth, and technological advancements are some of the many trends that are consistently helping the facilities management service providers build an attractive future. The global facilities management market stood at US$606.4 bn in 2015 and is predicted to reach US$1,887 bn by 2024. The market is predicted to exhibit a 13.60% CAGR from 2016 to 2024.
Regulatory Developments Help Organizations Offer Enhanced Facilities Management Services
Increased competition and economic pressure from the changing regulatory developments have encouraged companies to evaluate their business operations before conducting business. To cope with the changing regulatory developments and to survive in the competitive environment, organizations from various industries have started to avail efficient facilities management services.
Facilities management services find application in industries such as corporate, healthcare, government and public, manufacturing, residential and education institutions, and retail and commercial. Organizations from some other industries such as food and sports also implement effective facilities management services.
At present, the global facilities management market is dominated by the corporate sector. In 2015, this sector accounted for 21.3% of the global facilities management market. The corporate sector is primarily boosted by the rising need to maintain and support key services in the BFSI and IT sectors. Going forward, this sector is predicted to exhibit a 15.10% CAGR in the period between 2016 and 2024.
Europe Facilities Management Market to be Worth US$624.9 bn by 2024
Based on region, the global facilities management market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. At present, Europe dominates the global facilities management market. This market stood at US$219.5 bn in 2015 and is expected to reach US$624.9 bn by 2024, progressing at a 12.50% CAGR from 2016 to 2024. The rising demand for operational support and maintenance services from manufacturing industries is predicted to boost the Europe facilities management market.
However, by 2024, Asia Pacific is expected to register the fastest growth, with a 15.50% CAGR expected for the segment from 2016 to 2024. The Asia Pacific facilities management market will reach US$437.1 bn by 2024 owing to the steady development of the residential and education sectors. The demand for soft services such as catering, pest control, waste management, security, and mailroom from the residential and education sectors is expected to increase in the coming years. In Asia Pacific, China and India are anticipated to be the most promising markets for facilities management services. This is because of the rise in technical outsourcing and soft services in various industries.
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Companies such as Arthur McKay & Co Ltd., Bilfinger HSG Facility Management GmbH, ISS World Services A/S, Quess Corp Ltd., Spotless Group Ltd., Bellrock Property & Facilities Management Ltd., Broadspectrum (Australia) Pty Ltd., and Knight Facilities Management are offering state-of-the-art facilities management services across the globe.