The global soft services facilities management market size is projected to touch USD 635.13 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. Rising government-backed investments in building smart cities will play a crucial role in the growth of this market, according to the Fortune Business Insights™ report, titled “Soft Services Facilities Management Market Size, Share & Industry Analysis, By Service Type (In-house and Outsourcing), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2019-2026”.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
As per the report, the value of this market stood at USD 425.53 billion in 2018. Additionally, the report provides answers to the following questions:
- Which factors are driving and restraining the market?
- Which regions are expected as the most lucrative for the market?
- Who are the key market players and what are their most preferred strategies?
- How are the current industry trends influencing the market?
- How has the market been segmented and how are the segments, individually and collectively, shaping the growth of the market?
List of Companies Covered in the Soft Services Facilities Management Market Report:
- AMEC Facilities
- Tenon Group
- Jones Lang LaSalle Incorporated
- Compass Group
- CBRE Group Inc.
- Johnson Controls International plc.
- Cushman & Wakefield plc.
- ISS A/S
Fusion of Intelligent Technologies and Existing Systems to Elevate Market Potential
Smart and sustainable technologies such as the Internet of Things (IoT) have opened new avenues for businesses to enhance their efficiency and productivity as well as lower operational costs. Office spaces, for example, can install sensors to monitor room temperature, noise level, and carbon dioxide concentration to better regulate power consumption and take measures to improve air quality. Furthermore, integration of modern automation technologies in existing system can turn out to be a beneficial long-term investment. For example, procurement procedures can be automated and optimized, reducing additional expenditure on labor and ensuring high rate of return on investment. Thus, with businesses growing more complex and workplaces expanding in size, the demand for soft services management is likely to rise substantially in the forthcoming period.
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Asia-Pacific to Lead the Pack Backed by Speedy Infrastructure Development
With a market size of USD 128.20 billion in 2018, Asia-Pacific is perfectly poised to dominate the soft services facilities management market share in the upcoming years. The primary factor propelling the market growth in this region is the rapid development in infrastructure, which has laid the foundation for the growth of various industry verticals in the region.
In the Middle East & Africa and Latin America regions, the market will be mainly driven by the heavy investments made by governments in these regions in commercial infrastructure projects. In North America and Europe, the market growth will remain stable owing to extensive outsourcing operations by businesses along with strong presence of global service providers in these continents.
Portfolio Expansion to be the Key Focus Area for Market Players
The soft services facilities management market analysis suggests that major players in this market are investing all their energy in diversifying their portfolio of services. To that end, these players are investing in other companies, acquiring smaller players, and enhancing their R&D capacity.
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