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North America Facilities Management Market to hit US$610.21 by 2024 - TMR

ALBANY, New York, April 05, 2018 -- The North America facilities management market features a high degree of fragmentation with top 10 companies holding a meager 10% share in the overall market, states Transparency Market Research (TMR) in a new report. The market is served by several international and regional players wherein price wars and efforts to forge long-term service contracts renders intense competition in amongst them. To sustain competition, companies are focusing on improving service quality, reduce the time involved to complete tasks, employ advanced cleaning and maintenance services, and roll out bundled services.

As per the TMR report, the demand in the North America facilities management market is likely to translate into a revenue of US$610.21 by the end of 2024, expanding at a healthy CAGR of 13.6% between 2017 and 2024.  The opportunities in the market translated into a revenue of US$248.87 bn in 2017. Of the key service types, soft services segment currently holds the dominant share in the overall market. Hard services segment, on the other hand, is anticipated to register lackluster growth over the forecast period. Among the key end users of facilities management, corporate sector is anticipated to remain attractive with a revenue of US$124.75 bn by 2024.  However, retail and commercial sector is predicted to emerge lucrative expanding at the leading growth rate over the forecast period.

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Advantages of Saving Valuable Employees’ Time Boosts Uptake

Increasing practices of outsourcing services is primarily driving the North America facilities management market. Businesses are increasingly engaging third-party contractors to outsource facility management for a certain period of time. This helps businesses to focus on core business functions and save valuable time of resources from being used for non-core business activities. Thus, outsourcing helps reduce costs and expenses of businesses in the long run. The demand for facilities management is witnessing an upswing across several industry verticals such as healthcare, government, government, and corporate among others.

Furthermore, increasing demand for standardization of support services is boosting the adoption of facilities management services. Businesses are recognizing the importance of quality support services that makes a mark among clients, which may indirectly boost business growth. Large businesses are increasingly collaborating with world-class facilities management service providers that maintain quality standards and take onus in the event of subpar or poor service rendered.

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Lack of Quality Standards Globally Limits Adoption

However, the market could suffer from several growth challenges. Nonexistence of standardization leading to lack of parameters to quantify performance and quality of services is a roadblock to the market’s growth. Quality and service standards are region specific with lack of standardization standards at global level. While different countries have recognized agencies that have set standards for standardization of services, there does not exist a single agency that monitors standardization of services globally.

Apart from this, increasing labor cost and increasing practices of developing in-house services are bottlenecks to the growth of facilities management market. Facilities management service providers are facing challenges of increasing labor costs during the tenure of long-term service contracts. Consequently, organizations are opting for short-term contracts or single contract thereby impacting the growth of facilities management market.

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Moreover, due to nonexistence of quality standards, several organizations are forming their own in-house services by hiring personnel to be exclusively engaged in support services.

The review presented here is based on the findings of a TMR report, titled “Facilities Management Market (Service Type - Hard Services (Plumbing, Air Conditioning Maintenance, Fire Protection Systems, and Mechanical and Electrical Maintenance) and Soft Services (Cleaning and Pest Control, Laundry, Catering, Waste Management, and Security); Industry - Corporate, Government and Public, Healthcare, Manufacturing, Residential and Educational, and Retail and Commercial) - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”

Browse Research Release at https://www.transparencymarketresearch.com/north-america-facilities-management-market.html

Key Takeaways;

  • Advantages of saving valuable employees’ time drives adoption
  • Lack of standardization parameters at global level crimps growth

The North America facilities management market is segmented as follows;

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
    • Cleaning and Pest Control
      • Sterilization
    • Laundry
    • Catering
    • Waste Management
    • Security
    • Others (Administrative Services, etc.)

Facilities Management Market, By Industry

  • Corporate
  • Government and Public Sector
  • Health Care
  • Manufacturing
  • Residential and Education Institutions
  • Retail and Commercial
  • Others (Food, Sport, etc.)

Facilities Management Market, By Country

  • The U.S.
  • Canada
  • Mexico

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”

Contact Us

Mr. Atil Chaudhari
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: [email protected]
Website: http://www.transparencymarketresearch.com
Research Blog: http://www.techyounme.com/


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