Facility management solutions are a set of IT tools, including visual display tools and databases, utilized to manage a number of facilities in an organization. These type of solutions aid facility managers in managing and tracking the data within an organization. The employment of facility management solutions can be broadly seen in the public, healthcare, defense, aerospace, and retail sectors. Due to the swift growth in infrastructure development, there has been an increase in new facilities, particularly in the real estate, manufacturing, and public sectors, thus raising the demand for facility management solutions.
Evolution of Smart Buildings to Fuel Facilities Management Market
Facility management solutions have emerged as a key tool for presenting top-quality services in security, maintenance, and cleaning at economical prices. The global facilities management market was valued at US$606.4 bn in 2015 and is predicted to reach US$1,887 bn by 2024, rising at a 13.60% CAGR from 2016 to 2024. The increasing demand for maintenance and support services from a number of manufacturers globally is a key factor boosting the growth of the global facilities management market. In addition, the consistent development of smart buildings will also positively impact the growth of the market. Furthermore, the changing workforce dynamics globally will also stimulate the growth of the market for facilities management.
Corporate Sector Constituted Largest Share of 21.3% in 2015
On the basis of service type, the global facilities management market is categorized into soft services and hard services. On the other hand, in terms of end-use industry, the market is segmented into retail and commercial, corporate, residential and educational institutions, government and public services, healthcare, and manufacturing, and others including sports, food, etc. Of these, the corporate sector emerged as the largest revenue generator in the market in 2015 and constituted a share of around 21.3%. It is also the most swiftly developing segment in the market and is predicted to expand at a remarkable 15.10% CAGR between 2016 and 2024.
Asia Pacific Facilities Management Market to Exhibit 15.50% CAGR 2016-2024
Geographically, the global facilities management market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa (MEA). Amongst these, the Europe facilities management market emerged as the largest market, representing a share of US$219.5 bn in 2015, and is predicted to reach a value of US$624.9 bn by 2024. On the other hand, the facilities management market in Asia Pacific is the most swiftly growing market and is poised to touch U$437.1 bn by 2024, rising at a 15.50% CAGR between 2016 and 2024.
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The reasons for the dominance of Asia Pacific include the steady growth of the residential and education sectors and their increasing demand for soft services such as pest control, catering, catering, and waste management. Within Asia Pacific, both India and China are expected to experience significant development in the market for facilities management due to the increasing technical outsourcing in a number of industries in these nations.
The prominent players in this market are Arthur McKay & Co Ltd., Bilfinger HSG Facility Management GmbH, Bellrock Property & Facilities Management Ltd., Broadspectrum (Australia) Pty Ltd., Quess Corp Ltd., ISS World Services A/S, Knight Facilities Management, Spotless Group Ltd., and Sodexo, Inc., among others.