How Much Is The Facilities Management Industry Worth? February 24, 2022
The North American facilities management market features a high degree of fragmentation with top 10 companies holding a meager 10% share in the overall market, states Transparency Market Research (TMR) in a new report. The market is served by several international and regional players wherein price wars and efforts to forge long-term service contracts render intense competition in amongst them. To sustain competition, companies are focusing on improving service quality, reducing the time involved to complete tasks, employing advanced cleaning and maintenance services, and roll out bundled services.
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As per the TMR report, the demand in the North America facilities management market is likely to translate into a revenue of US$610.21 by the end of 2024, expanding at a healthy CAGR of 13.6% between 2017 and 2024. The opportunities in the market translated into a revenue of US$248.87 bn in 2017. Of the key service types, soft services segment currently holds the dominant share in the overall market. Hard services segment, on the other hand, is anticipated to register lackluster growth over the forecast period. Among the key end users of facilities management, corporate sector is anticipated to remain attractive with a revenue of US$124.75 bn by 2024. However, retail and commercial sector is predicted to emerge lucrative expanding at the leading growth rate over the forecast period.
Advantages of Saving Valuable Employees’ Time Boosts Uptake
Increasing practices of outsourcing services is primarily driving the North America facilities management market. Businesses are increasingly engaging third-party contractors to outsource facility management for a certain period of time. This helps businesses to focus on core business functions and save valuable time of resources from being used for non-core business activities. Thus, outsourcing helps reduce costs and expenses of businesses in the long run. The demand for facilities management is witnessing an upswing across several industry verticals such as healthcare,