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North America FM market to reach US$610.21 billion by 2024
Transparency Market Research has announced the release of a new report on the North America facilities management market, which was valued to be US$198.26 bn in 2015 and is anticipated to reach US$610.21 bn by the end of forecast period, expanding at a Compound Annual Growth Rate of 13.5% therein.
The report examines the historical trajectory of the global market and presents detailed forecasts regarding the market's development from 2016 to 2024, examining the competitive dynamics, segmentation, and major drivers and restraints of the global refrigerated counters market in order to provide a complete overview.
Based on type of service, the demand for soft services is highest in the North America FM market and the hard service segment is projected to exhibit a comparatively lower growth rate over the forecast period.
On the basis of industry, the corporate sector is estimated to hold a leading share of 21.1% in 2016.
The retail and commercial sector is expected to grow at a high CAGR of 14.1% from 2016 to 2024.
The US held the leading share in the North America market, accounting for 57.4% in 2016. Canada holds close to one-third of the market and is anticipated to witness increased growth during the forecast period, registering a 14.1% CAGR.
The report's writer recognises that outsourcing support services helps organiSations focus on their business strategies and core functions, thereby gaining an advantage over competitors. It also helps organisations re-examine and improve their business plans and save time as well as money. The trend of outsourcing support services has gained much popularity across industries in recent years and this is one of the key factors expected to boost the adoption of facilities management in North America.
"The adoption of outsourced services is expected to have a medium impact in the short and medium term of the forecast period and is linked to the penetration of outsourced facilities management services in Asia Pacific, North America, and Europe," notes the author of the report. "However, this factor is anticipated to have a high impact in the long term due to the increasing adoption of facilities management services and the rise in third-party contracts for facilities management outsourcing."
On the down side, increasing labour costs, the supposed non-existence of standards to measure performance as well as quality of services, and the high cost of in-house service implementation threaten to hamper the growth.
The North America FM market is extremely fragmented and the top 10 players accounted for less than 10% of the market in 2015. Some of the prominent FM service providers actively involved in the market are Bilfinger HSG Facility Management GmbH, Cofely, Compass Group, Cresa, Ecolab USA, GDI Integrated Facility Services, G4S, ISS World Services A/S, Mitie Groupand Sodexo.
Facilities Management Market, By Service Type:
* Hard Services
* Plumbing and Air Conditioning Maintenance
* Fire Protection Systems
* Mechanical and Electrical Maintenance
* Others (Fabric Maintenance, etc.)
* Soft Services
* Waste Management
* Others (Administrative Services, etc.)
Facilities Management Market, By Industry
* Government and Public Sector
* Health Care
* Residential and Education Institutions
* Retail and Commercial
* Others (Food, Sport, etc.)
Facilities Management Market, By Country
* The U.S.
The report, titled 'Facilities Management Market (Service Type - Hard Services and Soft Services- North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024, is available for purchase now.
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6th October 2016