Facility Management Market Development History, Current Analysis and Estimated Forecast to 2032
The global facility management market is expected to attain robust growth through 2032 owing to the increasing demand for value-added services. In addition, rising investments in the construction industry is likely to propel market growth over the review timeline.
Increased investment in the construction and real estate industries around the world is expected to boost the market growth. For instance, in May 2021, the Brazilian government announced plans to invest $50 billion in the infrastructure sector. As a first step toward economic recovery, the nation intends to sell concessions on assets like airports, highways, ports, and railways.
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The facility management market has been bifurcated in terms of type, service, management service, application, and region.
Based on service, the management service segment held around 15% revenue share in 2022 and is anticipated to expand substantially from 2023 to 2032. Management services assist firms in making the best use of their facility's resources, including space and power. To assist firms in achieving quality, cost-efficiency, sustainability, and compliance, managed services enlist the assistance of qualified specialists who can organize various company tasks.
Under management service, the energy and utilities segment is poised to witness more than 13% CAGR through the forthcoming years credited to the expanding tourist and hospitality industries. For their operations to be successful, businesses in the hotel and tourism sectors need a consistent and effective power supply. Energy and utility services oversee central heating & water plants, high voltage electric systems, water storage & pumping facilities, as well as the accompanying distribution infrastructure required to convey these services within an organization.
With respect to application, the facility management market sector is speculated to grow steadily over the review years attributed to the global industrialization trend that is intensifying the market expansion for facility management. Manufacturing companies are outsourcing the upkeep of mechanical and electrical systems that comply with regulations.
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From the regional perspective, the Latin America facility management market is set to garner nearly $713 billion by 2032 ascribed to the increasing efforts of multinational businesses to expand in Latin American nations like Colombia and Chile. The use of facility management services in educational institutions, including schools, colleges, and universities, is a result of the expanding investment in the education sector.
Meanwhile, the Middle East & Africa facility management market is projected to grow considerably owing to the constant implementation of construction works as part of the strategic plan of Middle Eastern nations is what is fueling the rising commercial construction projects.
Global facility management market growth will be positively affected by the notable presence of reputed organizations, such as Aramark Corporation, CBRE Group, Inc., Compass Group PLC, EMCOR Group, Inc., IBM Corporation, ISS Facility Services, Inc, Interserve PLC., OCS Group Limited, Oracle Corporation, SAP SE, Serco Group Plc, Tenon Group, Sodexo, and Veolia Environment, among others.
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