Facilities Management (FM) Market Report to 2026 - Latest Trends and Advancement Outlook
Facilities Management (FM) Market in the Latin America will witness substantial growth over the coming years. In fact, the region accounted for a market share of over 10% in 2019 owing to rise in construction activities and infrastructure development.
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The Facilities Management (FM) Market is set to witness notable growth over the forecast time period owing to the increasing need for electrical equipment maintenance. The flourishing construction sector worldwide, in tandem with the rising demand for hard services across industrial complexes and the expanding real estate sector will also contribute to increasing facilities management industry size.
Meanwhile civil service segment will witness substantial growth over the coming years. In 2019, the segment witnessed a Facilities Management (FM) Market share of over 30%. This growth is ascribed to boom in global construction industry.
Facilities management includes a range of disciplines as well as services to ensure the safety, comfort, functionality, and efficiency of a built environment. It is also termed as facilities management systems and software. Immense amounts of data termed as IoT data is mainly generated from built environments through smart devices, meters, gauges, and sensors.
With respect to the service landscape, the Facilities Management (FM) Market is categorized into management services, hard services, and soft services. The services segment is further classified into specialized services, mechanical, civil, and electrical. Among these, electrical service segment will witness a CAGR of more than 9.1% through the analysis timeframe owing to increasing need for electrical equipment maintenance.
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MEA is expected to crop up as a vital revenue pocket for the Facilities Management (FM) Market. Estimates claim that the Middle East & Africa facilities management market will witness a CAGR of around 8.9% through the estimated time frame. This anticipated growth is attributed to the rising real estate sector and extensive outsourcing of soft services.
Meanwhile, the education application segment in Facilities Management (FM) Market is likely to witness a CAGR of around 10.9% over the forecast time period owing to increasing demand for soft services in education sector.
Hard services generally relate to the physical part of the building which cannot be removed. These services are often required by the law, to make sure that safety as well as welfare of customers and employees are met. The hard services segment is further classified into security, landscaping, laundry, and cleaning. Among these, laundry segment is slated to witness a CAGR of more than 7.9% through the forthcoming time period. Growing trend of same day laundry pickup and drop services are driving the growth of the segment.
Meanwhile, the education application segment is likely to witness a CAGR of around 10.9% over the forecast time period owing to increasing demand for soft services in education sector.
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In terms of application, the overall facilities management market is segmented into healthcare, transportation, education, commercial, industrial, and government & public sector. Among these, industrial application segment is expected to register momentous gains over the coming time period. In 2019, the segment held a Facilities Management (FM) Market share of over 18% owing to rising demand for hard services across industrial complexes.
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Rahul Varpe
Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...