Facilities Management (FM) Market size worth $5 Tn by 2032

Facility Management Market size is projected to surpass USD 5 trillion by 2032, according to a new research report by Global Market Insights Inc.
 

The rise of the tourism and hospitality sectors will be a prominent reason for accelerating FM services demand. Based on statistics from the French Ministry of the Economy and Finance, in 2021, the country recorded the arrival of over 110 million foreign tourists, a 3% increase from 2019. These factors will impact the adoption of facility management solutions to maintain the safety and sustainability of hospitality facilities and ensure efficient day-to-day operations. Furthermore, the shifting preference toward outsourcing facility management services for cost reduction will fuel industry expansion.
 

Facility management service outsourcing to gain momentum for optimized operations

Based on type, the outsourced segment will account for nearly 55.5% share of the facility management market by 2032. Rapid business expansions and the rising complexity of core and non-core business processes will influence the need for facility management solutions. FM solutions are mainly leveraged as a key to running the daily operations of organizations. With the rise in competition, organizations are also continuing to rely on outsourced FM services to ensure optimal functionality and consistent growth.
 

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Focus on hygiene efficiency to stimulate soft facility management service delivery

The soft service segment is poised to depict about 14% growth rate through 2032, given the ability of the services to reduce the day-to-day burden of cleaning, landscaping, laundry, and security. Soft facilities management can also ensure a productive work environment while maintaining the optimum health and hygiene of employees. Additionally, the requirement to hire trained security personnel to safeguard organizations from illegal activities and hostile attacks will also encourage the adoption of facility security management services.
 

Browse key industry insights spread across 250 pages with 456 market data tables and 38 figures & charts from the report, “Facility Management (FM) Market Size, By Type (Outsourced, In-house), By Service (Hard Service [Electrical, Civil, Mechanical, Specialized], Soft Service [Cleaning, Laundry, Landscaping, Security], Management Service [Contract Management, Energy & Utilities, Maintenance Planning and Control]), By Application (Education, Commercial, Transportation, Industrial, Government & Public, Healthcare), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/facilities-management-market
 

Expansion of commercial establishments spurs the use of facility management tools

Based on the application, the commercial segment crossed USD 227.5 billion in 2022. The rising standard of living has boosted the construction of commercial buildings such as restaurants, malls, cafes, and sports facilities. Investments to expand retail and entertainment complexes have also surged, especially in developed nations. Factors such as these will proliferate the adoption of effective facility management solutions to cater to the needs of commercial establishments.
 

Emphasis on customer retention augments FM service demand in North American organizations

The North America facilities management market is slated to register over 10.5% CAGR from 2023 to 2032, owing to robust demand from universities, corporate offices, healthcare, and other industrial sectors. Based on data from the American Medical Association, in 2020, health spending rose by 9.7% in the U.S., driven especially by the COVID-19 pandemic. These trends combined with the emphasis on customer retention and loyalty, will increase the delivery of effective management services to health facilities across the North American region.
 

Merger and acquisition strategies to strengthen the competitive landscape

Serco Group Plc, Compass Group PLC, GDI Integrated Facility Services, Inc., SAP SE, Cushman & Wakefield plc, G4S PLC, IBM Corporation, Interserve PLC., ISS Facility Services, Inc, EMCOR Group, Inc., OCS Group Limited, Oracle Corporation, Sodexo, and Tenon Group are among the major companies profiled in the global facilities management market. These players are focusing on strategic mergers and acquisitions, among other strategies, to reinforce their footprint in the industry.