North America Facility Management Services Market Overview
The facility management services are adopted by various organizations such as information technology, real estate, energy, furniture and transportation among many others to maintain and improve the facilities and services of that organization. It is the core responsibility of the facility management services to control all the processes of the companies that have implemented these services in order to enhance the overall productivity combined with improving the quality of the life of employees of that company. The facility management services find its application in various end-user industries such as residential, retail, commercial, educational, healthcare, government and others. Security and maintenance is expected to boost the growth of the retail and commercial segment significantly in North America’s facility management services market by 2023.
Market Size and Forecast
Globally, North America grabbed the largest share in facility management market during 2016. The rising infrastructural facilities coupled with better economic growth fuelled the facility management market in the region. Last year, the U.S. contributed the largest share in the revenue generated in the North America region and is projected to maintain its dominance in near future. The U.S is projected to be a mature facility services management market in future owing to the presence of many organized and un-organized players in the region. On the other hand, Canada is expected to be a smaller market when compared to U.S., however the growth rate is believed to be higher in Canada than its counterpart. According to the World Bank, the GDP growth of the United States was 17,305 Billion constant 2010 USD, while Canada’s GDP growth in constant 2010 USD was 1,884 Billion in 2017.
According to a recent study conducted by Research Nester, the North America market of facility management services is expected to grow at a compound annual growth rate of around 13% during the forecast period 2018-2023. Requirement of maintenance of the administrative assets in North America is anticipated to generate about USD 451 Billion in terms of revenue by the end of 2023.Based on the services type, the North America facility management services market is segmented into soft services and hard services. The hard services segment is expected to dominate the overall North America facility management services market during the forecast period.
Our in-depth analysis of the North America facility management services market includes the following segments:
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges:
North America facility management services market is one of the growing markets across the globe. Rise in infrastructure & economic development in the region are projected to fuel the expansion of the market over the forecast period. Rising concern in the evaluation of business investments & utilization of resources through optimistic approach is expected to contribute significantly in the overall growth of facility services management market in North America during the forecast period 2018-2023.However, the convenience towards developing technology is estimated to be the concerning factor behind the growth of the North America facility management services market in the near future.
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