Soft Services Facilities Management Market Size, Share and Growth Rate 2026
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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The idea behind developing smart cities is to efficiently manage and conserve energy as well as promote use of clean and renewable energy sources. The UN Habitat estimates that urban areas are responsible for around 55% of the global greenhouse gas (GHG) emissions. The Energy and Resources Institute (TERI) opines that smart cities will emerge as clusters of smart energy management, providing a viable cure for this situation. In this context, the market for soft services stands to benefit as these services can further augment efficient energy usage in urban agglomerations, driving the soft services facilities management market trends as a result.
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.
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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. Aramark ISS A/S Sodexo Regional Analysis:
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.
Industry Developments:
October 2019: Lincolnshire Management, a private equity firm based in New York, announced its investment in the Dutch firm Powerhouse and two other closely associated companies. The intention of Lincolnshire is to build a leading national company that will provide remodel, refresh, and facilities management services to blue chip companies across the US. December 2017: With a view entrench its position in the US, the Paris-based ATALIAN Group’s New York-based facility management company ATALIAN Global Services acquired the Suburban Integrated Facilities Resources, a company based in Massachusetts. This acquisition will expand ATALIAN’s soft services portfolio and broaden its business horizons in the US.