Facilities Management Market - Corporate Sector is Anticipated to Hold 24.0% of

Posted by RASHMI on May 16th, 2019

Facilities management services are widely used to support business activities. Facilities management involves management and maintenance of business processes for the effective and efficient delivery of services across all applications, creating and sustaining a safe environment for industry.

Furthermore, facilities management helps companies focus on their core services and offers support which helps them in enhancing the quality of services. The market for facilities management is anticipated to clock a CAGR of 13.8% between 2017 and 2024.

As per a report by Transparency Market Research (TMR), the global facilities management market is projected to clock an impressive 13.8% CAGR between 2017 and 2024, for the market to be worth US87.19 bn by 2024. The opportunities in the market translated into a revenue of US2.07 bn in 2017.

By service type, soft services hold dominance with the segment anticipated to hold 62.3% of the overall market by 2024; the growth of soft services segment is mainly because of their growing demand in healthcare, corporate, and government sectors. In terms of industry, corporate segment holds prominence and the trend is estimated to remain this way through 2024.

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Attributed to the growth of business activities and service offerings, the corporate sector is anticipated to hold 24.0% of the overall market by 2024. North America, among key regions currently leads the facilities management market due to extensive availability of low-cost and high-quality facilities management service providers in the region.