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Transparency Market Research

Global FM market to be worth $1,887bn by 2024

The worldwide market for facilities management is anticipated to witness a robust CAGR of 13.6% between 2016 and 2024, according to a new report.

Transparency Market Research says the global market, which was valued at $606bn in 2015, is expected to be worth $1,887bn by the end of 2024.

The corporate domain is a major contributor to the global revenue in the facilities management market and is expected to rise at a maximum pace of 15.1% CAGR from 2016 to 2024.

This segment represented a 21.3% share in the facilities management market in 2015, fueled by the needs of the flourishing IT and BFSI (banking, financial services, and insurance) sectors.

Europe leads the total market value by a wide margin and estimated to be worth $624.9bn by the end of 2024, equivalent to a 12.5% CAGR attributable to increasing demand for maintenance and support by manufacturing enterprises in the region, along with the rising demand for various types of specialised services, i.e. fabrication, plant maintenance and HVAC.

While the UK is the biggest generator of revenue in the European facilities management market, Germany is expected to post the most astounding development over the coming years.

Moreover, Asia Pacific is another key market which is expected to rise speedily by registering a 15.5% CAGR over the course of the forecast period. Its facilities management market is predicted to achieve a value of $437.1 n by the end of 2024, owing to the fast advancement in educational and private sectors.

Healthcare FM

Global healthcare FM market to be worth $577.9bn by 2025

A new report from Transparency Market Research (TMR) says the global healthcare facilities management market is prospering, and that demand will continue to increment at an impressive CAGR of 13.4% between 2017 and 2025.

The report estimates the global market for healthcare facilities management to be worth US$577.92 billion by the end of 2025, significantly up from US$187.35 bn in 2016, with the competitive landscape anticipated to offer new opportunities for both prominent as well emerging players.

TMR segments the global healthcare facilities management market into hard services including plumbing, air conditioning maintenance, fire protection systems, mechanical & electrical maintenance and fabric maintenance, plus soft services including cleaning and pest control, laundry, catering, waste management, security and administrative services.

Among all these, the soft services sub-segment of cleaning and pest control is currently experiencing high demand, and is expected by TMR to remain most lucrative throughout the forecast period, based on the fact that maintaining a clean environment in the potentially highly contaminated surroundings of healthcare facilities is paramount.

Geographically, the report rates North America and Europe as most profitable regions, wherein a number of developed countries have robust healthcare infrastructure. However, the vastly populated region of Asia Pacific, which houses a number of emerging economies, is projected for the most prominent growth rate during the forecast period.

TMR cites the popularity of medical tourism and increasing disposable income of the urban population as the primary reasons why a number of key companies in the healthcare facilities management market are having a foray in Asia Pacific.