Need to Address Rising Operational and Maintenance Cost to Amplify Adoption of Facilities Management

Need to Address Rising Operational and Maintenance Cost to Amplify Adoption of Facilities Management

Global market for facilities management is expected to report a 13.6% CAGR during the forecast period. This market is expected to witness an upward growth in value from US$606.4 bn in 2015 to US$1,887 bn by 2024.

Cost reduction is the most imperative factor for all the sectors namely residential, educational, corporate, and manufacturing. Facilities management has recently surfaces as the perfect tool for offering high-end services such as inexpensive security, maintenance, and cleaning. The fiscal pressure that many companies have is basically due to the incessantly growing cost of operations and maintenance which severely affects the performance of the organization in the long run. The enhancement of several business activities also depends on the effective control of gas emissions owing to growing regulations being imposed by government regarding energy consumption, environment protection, and waste management. Thus, facility management helps businesses to sustain efficiently along with the environment without harming it. 

The global facilities management market is likely to exhibit an excellent CAGR of 13.6% from 2016 to 2024. The market is likely to rise to US$1,887 bn by the end of 2024 form a valuation of US$6060.4 bn in 2015 fueled by the emerging and current trends.

How will facilities management help in handling cost issues? 

With more and more enterprises aiming for reduction in costs related to operations and maintenance, facilities management has surfaced as a boon and an ideal solution for institutions in the long, medium, and short term. Facilities management services have been aiding several companies in reducing their capital expenditures and also increasing investments in several primary services, an ambition for which many organizations strive. Facilities management outsourcing services have surfaced as a substitute option for organizations that want to focus completely on their core business strategies and functions. In medium and short term, the deployment of outsourced facilities management services is anticipated to have a moderate influence.

In order to maintain their existence customer base and also expand, leading companies are entering into strategic agreements as well as mergers and acquisitions. In April 2017, Sanjay Maintenance Services Pvt. Ltd., one of the leading facilities management company was acquired by Samara Capital, a mid-market and India-focused private equity fund. 

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Which sector is leading in terms of adoption of facilities management services? 

The services that facilities management provides caters to numerous industries such as residential, educational, healthcare, corporate, commercial and retail, manufacturing, and public and government. Out of these, the corporate sector emerged as the leading user facilities management services owing to the rising need to aid and maintain core functions in corporate sectors such as banking, financial services, and insurance, and IT. 

Which region should be the key focus for market players?

Asia Pacific is expected to present market players with lucrative growth opportunities in the coming years and is poised to lead in terms of growth till the end of the forecast period. This growth can be attributed to the robust development of the residential and educational sectors and the demand for services such as security, waste management, cleaning, pest control, mailroom, and catering in countries such as China and India. 

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