The industry of facility management is still relatively nascent across the globe and is in its preliminary growth stage. The market of the facility management growth was sustained by the business increment of the multinational corporates, particularly in the BPO industry, along with aspects such as developed healthcare and growing building proficiency in some of the locations across the globe. In addition, the integrated facility management infiltration is lower owing to the inclination for the single and bundled services by the most end users, exclusively local corporates. Not only has this, as the number of MNCs augments in the region, the requirement IFM is also anticipated to augment.
Additionally, it is anticipated that soft services registered the Facility Management Market in the underdeveloped regions as compared to the hard services during the recent past years. The advancement in the segments namely commercial, real estate and residential due to Build, Build programs has intensified the requirement for soft services across the globe due to the increase in requirement for cleaning and security services. Whereas the hard services sector has a lower share as numerous organizations tend to associate the equipment OEM for servicing, in case the equipment requirements to be fixed or maintenance is demanded. The single services and bundles services underwritten more to the facility management market and compared to the integrated facility management services Market. In addition, the single bundled services are primarily preferred by the local businesses in the developed regions.
The local businesses do not yet perceive the value they can get from IFM. During the recent past years, the commercial segment underwrote the greatest revenue share to the overall facility management industry. The facility management corporates have been delivering the soft and hard services to the commercial complexes over the years and the effective growth in this segment has generated the large potential for the facility management corporates. This was followed by the residential segment, healthcare segment, infrastructure and industrial segment in the terms of revenue.
Additionally, the soft services facility management Industry has been further sectored by type of services. It is predicted that the Cleaning services were the prime contributor to the soft services industry during the recent past years followed by security and other soft services including pantry services, waste management, landscaping, courier services, reception services, mailroom, and other services.
Whereas, in the Philippines, the Electromechanical services have registered the hard services market followed by operational and maintenance services and fire protection and security systems during the recent past in terms of revenue. The electromechanical services had the maximum share as entities have to experience expenditure on building temperature control, air conditioning, electricity, and several others. Additionally, it is more luxurious to fix equipment falling under this category at the time of conservation, which creates its revenue share even sophisticated. The increase in construction developments has also resulted in the elevated requirement of the electromechanical services. Therefore, in the coming years, it is anticipated that the market of facility management will increase around the globe more positively over the coming years.
Related Reports:-
Indonesia Facility Management Market Outlook to 2023
Vietnam Facility Management Market Outlook to 2023
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
