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.