This is having a negative influence on the growth of North America facilities management market. Owing to a myriad favorable factors, North America facilities management market is poised to clock a healthy 13.6% CAGR over the forecast period between 2017- 2024.
Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Facilities Management Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2024” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years.
Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the North America Facilities Management Market have been elaborated upon in the research report.
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The North America facilities management market is benefitting from increasing business practices of engaging third-party for support services.
Business are increasingly outsourcing facility management pursuits to focus on core business functions and save valuable time of employees from being used for non-core business functions. Thus, outsourcing helps businesses gain in the long run.
On the flip side, however, nonexistence of standard parameters at global level in order to gauge the performance and quality of services is slowing the growth of facilities management market. Factors such as surging labor costs during the tenure of long-term contracts is leading companies to make short-term or single contracts.
This is having a negative influence on the growth of North America facilities management market. Owing to a myriad favorable factors, North America facilities management market is poised to clock a healthy 13.6% CAGR over the forecast period between 2017 and 2024.
Retail and Commercial Industry Segment to Rise at Leading CAGR through 2024
The North America facilities management market is segmented in terms of service type, industry, and country. In terms of service type, the demand for soft services surpasses that of hard services.
Of the various soft service segments, cleaning and pest control holds prominence in North America facilities management market. Within cleaning and pest control segment, sterilization sub-segment is most lucrative and is anticipated to account for 4.5% market share by 2024.
The hard service type segment, on the other hand, is predicted to rise at a higher growth rate between 2017 and 2024. The increasing adoption of outsourcing of hard services across industry verticals to enhance the performance of core business activities are accelerating the growth of hard services segment.
Within hard services, the mechanical and electrical sub-segment is likely to account for significant revenue contribution to the overall market.
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Depending upon industry, corporate, healthcare, government and public sector, manufacturing, residential and educational, retail and commercial, and others are the segments into which the North America facilities management market is divided. Out of these, corporate sector currently holds the leading share in the North America facilities management market; the segment is anticipated to remain attractive through 2024.
Retail and commercial industry segment, on the other hand, is anticipated to rise at the leading CAGR through 2024. This is mainly because of increasing outsourcing of non-core business activities such as cleaning, security, repair, and maintenance.
Adoption across Various Industry Verticals Boosts U.S. Market
The key countries into which the North America facilities management market is bifurcated are the U.S, Canada, and Mexico. Among them, the U.S. accounts for leading revenue to the North America facilities management market; the segment is anticipated to be worth US$339.89 bn by the end of 2024.
The monumental demand for outsourced services that helps increase productivity in the corporate, manufacturing, retail, and commercial sectors are boosting the adoption of facility management services in the U.S.
Canada is the second-leading domestic market for facilities management in North America. The estimated revenue of Canada facilities management market is likely to be worth US$222.12 bn by 2024-end.
The growth of this domestic market is mainly because of increasing adoption of technical maintenance and cleaning services predominantly in business sector.
Some companies in the North America facilities management market are Bilfinger HSG GmbH, ISS World Services A/S, Sodexo Inc., Compass Group plc, Cofely GDF SUEZ, Cresa, GDI Integrated Facility Services, Ecolab USA Inc., G4S plc, and Mitie Group plc.
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