Facilities Management Market expected to become worth US$1,887 bn by the end of 2024


Facilities Management Market: Overview

Facilities management aims to achieve effective and efficient delivery of various support facilities for different firms. It basically coordinates between supply and demand services among public and private companies. In today’s cutthroat environment, reduction in cost has become necessary in various sectors such as corporate, manufacturing, educational, or residential. Facilities management helps to achieve just that with their services ofmaintenance, cleaning, and security. This helps organizations cut down on operations and maintenance costs Rising government controls on waste management have constrained companies to incline in the direction of facilities management in a hope to better the long term supportability of environment and their organizations.

The worldwide market for facilities management is anticipated to witness a robust CAGR of 13.6% within the forecast period from 2016 to 2024. Rising at this pace, the market which was valued at US$606.4 bn in year 2015, is expected to become worth US$1,887 bn by the end of 2024.

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The different end-use segments in facilities management market are manufacturing, public and government, retail and commercial, healthcare, corporate, and educational, and private. The corporate domain is a major contributor to the global revenue in the facilities management market and is expected to rise at a maximum pace of 15.1% CAGR from 2016 to 2024. This segment represented a 21.3% share in the facilities management market in 2015, fueled by the needs of the flourishing IT and BFSI (banking, financial services, and insurance) sectors.

While Europe and North America are anticipated to witness large scale adoption of facilities management in the corporate segment, the Asia Pacific and the Middle East and Africa region are relied upon to pick up pace because of the surging adoption of outsourced facilities management administrations.

Europe Register to be Most Dominant Region among others in global Market

Geographically, the worldwide facilities management market includes Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Europe, among them, leads the market with a wide margin. It is estimated to be worth US$624.9 bn by the end of 2024. The Europe market, which was worth US$219.5 bn in year 2015, will likely attain the value by rising at a 12.5% CAGR. This is mainly because of the increasing demand for maintenance and support by manufacturing enterprises in the region, along with the rising demand for various types of specialized services, for example, fabrication, plant maintenance, and HVAC. While the U.K. is the biggest generator of revenue in this facilities management market, Germany is also anticipated to enlist the most astounding development over the coming years. Moreover, Asia Pacific is another key market which is expected to rise speedily by registering a strong 15.5% CAGR over the course of the forecast period. Its facilities management market is assessed to achieve a value of U$437.1 bn by the end of 2024, owing to the fast advancement in educational and private sectors.

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Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Trimble Navigation Ltd. (U.S.), Archibus, Inc. (U.S.), CA Technologies (U.S.), FM System Inc., (U.S.), Planon Corporation (Netherlands), and iOffice Corporation (U.S.) are some of the major firms leading global facilities management market.

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