Integrated Facility Management Market to Grow at a CAGR of 5.01% until 2026
Increasing investment in healthcare,
infrastructure, and manufacturing by public and private sectors to boost up global Integrated Facility Management Market through 2026.
According to TechSci Research report, “Global Integrated
Facility Management Market By Type (Hard Service and Soft Service), By
Service (Building and Property Management, Cleaning and Hygiene, Security and
Staffing, IT Support and Others), By
Solution (Asset & Space Management, Project Management & Real Estate
Portfolio Management & Lease Administration, Energy & Environment
Sustainability Management, Maintenance Management and Others), By End-User (BFSI,
Utilities, Aerospace & Defense, Telecommunication, Manufacturing, Supply
Chain & Logistics, Real Estate & Infrastructure, Healthcare, Retail,
Energy & Resources and Others), By Region, Competition, Forecast &
Opportunities, 2026’’,
The Global Integrated Facility
Management Market is projected to cross USD116 billion by 2026, growing at a
CAGR of 5.01% in the next five years. Rising development of high-rise
commercial and residential buildings, increasing capital inflow into the real-estate
sector, and growing infrastructural development
and construction activities are expected to propel the Global Integrated Facility Management Market.
Moreover, the enhanced cost reduction methods, innovations and
developments, more transparency in service will positively influence the Global
Integrated Facility Management
Market in the coming years.
Global
Integrated Facility Management Market can be segmented based on type, service,
IT support, solution, end-user, and region. In terms of type, the market can be
bifurcated into hard service and soft service. Hard Service are related to physical
structure of the building, equipment, project, etc. These services accounted
for share of 53.09% in 2020 due to growing urbanization,
rise in government initiatives and increased construction projects in growing
economies. Rise in awareness among enterprises has led to increase in adoption
of outsourcing facility management services for cost optimization and better
organization.
Based
on service, the market can be segmented into building and property management,
cleaning and hygiene, security and staffing, IT support and others. The
building and property management had around 26% market share in 2020 owing to
increase in quality office spaces and increase in owners and buyers of
commercial properties. Rise in leasing services has also increased the demand
for office spaces, however this was affected in the year 2020 due to COVID-19,
which led to the shutdown of office complexes due to lockdown imposed to
restrict the spread of disease. But the market is soon recovering as most of
the offices have resumed and people have started coming to offices again. As an
impact of COVID-19, the market has largely seen an increase in demand for support
services where the facility service providers play a major role in maintaining
the quality of work through their IT departments. The increased focus on
healthcare has taken a huge shift for facility management market as the
projects for sanitation and cleaning have increased worldwide. The healthcare,
and IT support are the new key drivers that will help the Global Integrated
Facility Management Market to grow at a faster pace in the forecast period.
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Global Integrated Facility Management Market "
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Based
on solution the market is
segmented into asset and space management, project management & real estate
portfolio management & lease administration, energy & environment
sustainability management, maintenance management and others. The
asset & space management segment is primarily dependent on urbanization and
advancement of commercial spaces. Successful portfolio management reinforces
the strategic configuration of real estate decisions and strategies. The
increased focus of countries on environment and sustainability owing to the
need for proper waste management, HVAC (heating, ventilation and air
conditioning), fire safety, outdoor space management are expected to drive the
growth of Global Integrated Facility Management Market in the forecast period.
In the Global
Integrated Facility Management Market, North America was the largest
contributor with around 39% value share in 2020 followed by Asia pacific and
Europe. United States was the
largest contributing country in the region with 77.43% share in 2020, followed
by Canada and Mexico. The market is also growing in developing countries at a
faster pace with increasing awareness of outsourcing services.
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JLL Inc (Jones Lang LaSalle IP, Inc), ISS A/S
(International Service System), CBRE Group Inc, Cushman & Wakefield plc,
Sodexo Inc., Compass Inc., Aramark Corporation, Coor Service Management Holding
AB, Mitie Group PLC, MacLellan Integrated Services, Inc. are among the leading
players operating in Global Integrated Facility Management Market. Companies
operating in the market are using organic strategies, partnerships, mergers,
and collaborations to boost their share in Global Integrated Facility Management
Market. Significant players in the business are concentrating on accomplishing
ideal operational expenses, upgrading the service quality, real-time response,
connectivity and 24/7 availability and merging with small players to sustain in
the competitive market. Besides this, high funding in innovation and
development for enhancing the service quality is likewise a factor considered
by the players to remain in competition.
“The role of facility management is
evolving for the organizations and governments across the globe. The need for
outsourcing facility management is increasing with a larger scope that includes
all aspects of enhanced space productivity, reduction in unused space,
enhanced staff productivity, upgraded communication, operational cost savings, better
compliance, and improved strategic planning for the future. The rise in infrastructure development
and well maintained and clean spaces in commercial and industrial sectors with
all the facilities for the ceaseless activities of the organizations is driving
the market of integrated facility management. Continuance of such upward trend
in infrastructure and construction activities and IT services across the globe
is expected to drive the Global Integrated Facility Management Market in the
coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Global
Integrated Facility Management Market By Type (Hard Service and Soft Service),
By Service (Building and Property Management, Cleaning and Hygiene, Security
and Staffing, IT Support and Others), By
Solution (Asset & Space Management, Project Management & Real Estate
Portfolio Management & Lease Administration, Energy & Environment
Sustainability Management, Maintenance Management and Others), By End-User
(BFSI, Utilities, Aerospace & Defense, Telecommunication, Manufacturing,
Supply Chain & Logistics, Real Estate & Infrastructure, Healthcare,
Retail, Energy & Resources and Others), By Region, Competition, Forecast
& Opportunities, 2026” has
evaluated the future growth potential of Global Integrated Facility Management Market
and provides statistics and information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global
Integrated Facility Management market.
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