Research Nester has released a report titled “Contractual Cleaning Services Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global contractual cleaning services market in terms of market segmentation by verticals and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global contractual cleaning services market is segmented by verticals into residential, institutions, organizations and industrial, out of which, the organizations segment registered the largest market share of 43.98% in the year 2018 and is anticipated to gain an absolute $ opportunity of USD 92893.1 million by growing at 1.86x during the forecast period, i.e. 2020-2028. The segment is also is anticipated to register an incremental $ opportunity of USD 6106.9 million in the year 2020 as compared to the previous year by attaining a CAGR of 8.08% during the forecast period.
The global contractual cleaning services market is anticipated to gain a CAGR of 8.02% throughout the forecast period on the back of the growing awareness for waste management amongst end users along with the growing demand for specialized cleaning services from several commercial institutions, such as offices, hospitals and industrial plants among others. The market, which registered a value of USD 2,14,200.0 million in the year 2018, is further anticipated to gain an incremental $ opportunity of USD 13732.3 million in the year 2020 as compared to the previous year. Additionally, the market is also anticipated to gain an absolute $ opportunity of USD 209041.1 million by growing at 1.85x during the forecast period.
Regionally, the global contractual cleaning services market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in North America, which registered the largest market share of 35.80% in the year 2018, is anticipated to grow by a CAGR of 7.53% during the forecast period on the back of the rising construction activities in the region as well as the growing adoption of advanced contractual cleaning services. Additionally, the market in the region is also anticipated to grow by 1.78x and gain an absolute $ opportunity of USD 68357.8 million during the forecast period.
Growing Demand for Contractual Cleaning Services from Residential and Commercial Consumers
There is a significant demand amongst the commercial consumers such as public institutions, hospitals and healthcare facilities for contractual cleaning services owing to the increasing number of construction activities including bridges, streets and highways, across various regions worldwide. Moreover, there is a rising demand for contractual cleaning services across the residential sector and the industrial sector as at times there is a lack of cleaning capability of the user, which is raising the adoption of contractual cleaning services. On the other hand, growing awareness for the need of healthy living environment owing to the increasing concerns for the ill effects of living in a poor indoor environment has raised the need for proper hygiene and cleaning services. Such factors are anticipated to drive the growth of the global contractual cleaning services market over the forecast period.
However, concerns regarding the challenges of having skilled labour to perform cleaning tasks, along with the growing competition in the contractual cleaning services market that is hampering the profits of the service providers and the rising cost of labor across the globe are some of the factors anticipated to hamper the growth of the global contractual cleaning services market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global contractual cleaning services market, which includes company profiling of Compass Group plc (LON: CPG), ISS A/S (CPH: ISS), Sodexo (EPA: SW), Aramark Co. (NYSE: ARMK), Vanguard Cleaning Systems, Inc., The ServiceMaster Company, LLC, and CBRE Group, Inc. (NYSE: CBRE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global contractual cleaning services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.