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The facility management services market is predicted to grow at a CAGR of 12.6 percent over the forecast period, from US$ 42.2 billion in 2021 to US$ 76.3 billion in 2026. Finds a study by Future Market Insights. Increased investments in the real estate and construction industries around the world are credited with the rising facility management services market share.
Several factors are likely to boost the adoption of facility management services, including rising demand for cloud-based facility management solutions and an increase in demand for facility management systems integrated with intelligent software.
Demand for cloud-based facilities management systems is surging to boost market potential.
The expansion of the facility management services market is fueled by factors such as increased industrialization and urbanization, increased residential and non-residential building, and increased awareness of asset protection. Furthermore, several facility management service providers, such as CBRE Group, Quess Corp Ltd, and others, are working to integrate sustainable development, technology, infrastructure, people, and real estate to achieve optimum efficiency.
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As a result, the global facility management services market is predicted to rise as people become more conscious of the importance of protecting their assets or properties. However, the lack of trained personnel and resources in emerging nations, as well as a lack of managerial awareness and reliance on in-house facility management teams, are impeding the demand for facility management services.
The facility management system will benefit from growth in the infrastructure sector. Infrastructure investment is a priority for governments in a number of countries. They have begun to make significant investments in the construction of trains, ports, airports, and other infrastructure. There have been a number of cooperation with a variety of private companies, including service providers, to keep the infrastructure sustainable. Furthermore, governments are entering into agreements with a number of multinational players to finish and connect their infrastructure both inside and beyond borders.
As a result, the facility management services market is likely to be driven by the expansion of the infrastructure sector in various nations. Furthermore, service providers all around the world have a plethora of options for obtaining contracts from the private sector.
However, one of the issues limiting the facility management services market outlook is security worries about the integrity of devices and networks. Increasing security breaches and cybercrime group threats are causing distrust, which is harming industry growth.
As per the global facility management services market study, growth is hampered by a lack of stable contracts, little use of technology, and a lack of resources and competencies. The infrastructure sector’s rapid growth necessitates more workers, which has an impact on domestic facility management across the country. These are the main elements influencing the market’s development. However, the workforce and cost control will be critical in resolving such difficulties.
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Jones Lang LaSalle Incorporated, CB Richard Ellis (CBRE), GDI Integrated Facility Services, Inc., Colliers International, Aramark, Compass Group, Cushman & Wakefield, EMCOR Group, Inc., G4S plc, IBM Corporation, Interserve PLC, ISS Facilities Services Inc., OCS Group, and Veolia Environment are some of the major players in the facility management services market.
The global demand for facility management services is still extremely fragmented, with several leaders competing for market share. The rising hospitality industry of regional markets is attracting the attention of prominent corporations operating in the market. Government officials are assisting these companies in expanding their strong foothold in facility management process through strategic priorities. This aspect helps cater to the hospitality industry’s changing regulatory needs, notably during the height of the ongoing pandemic’s safety standards.
Organizations aren’t fully aware of the advantages of facilities management. The issue stems from a lack of knowledge and adoption of required technology. Many companies are still implementing cloud computing technologies and have yet to implement an IoT ecosystem.
Furthermore, their move from traditional workplace layouts to contemporary ones is still in its early stages. Despite the fact that facilities management is a vital element of operations, businesses are ignorant of the new options available.
This has made it difficult for businesses to give their facilities management department comparable weight without jeopardizing their main business operations.
Another issue that occurs, particularly in operations with many buildings, is a lack of consistency. When problems occur, immediate action is essential to ensure access and security.
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Key Questions Answered in the Report
How much is the Facility Management Services Market worth? Which Segment leads in the Facility Management Services Market?
What is the Demand for Facility Management Services driven in Germany?
What is the Asia Pacific facility management services market worth?
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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