The Hard Services Facility Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hard Services Facility Management Global Market Report 2024, The hard services facility management market size is expected to see strong growth in the next few years. It will grow to $810.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to an increasing focus on green buildings, remote work trends, smart building technologies, heightened focus on cybersecurity, urbanization, and infrastructure development. Major trends in the forecast period include a shift towards data-driven decision-making, increased reliance on outsourced facility management services, agile work environments, enhanced maintenance strategies, and adoption of predictive maintenance.
The rapidly growing hospitality sector is expected to propel the growth of the hard services facility management market going forward. The hospitality sector refers to the sector of the economy that encompasses businesses and services related to accommodation, food and beverage, entertainment, travel, and tourism. The growth of the hospitality industry can be attributed to increasing globalization, rising disposable incomes, and the growing demand for travel and leisure experiences. Hard services facility management in the hospitality sector ensures the efficient operation and maintenance of critical infrastructure such as plumbing, HVAC systems, and electrical systems, enhancing guest comfort and safety. For instance, in January 2023, according to a report published by the American Hotel and Lodging Association, a US-based trade association representing the hotel industry in the United States, from 2021 to 2022, U.S. hotel demand improved by 11.1%. In 2022, U.S. hotels experienced significant occupancy gains, reaching 62.7%, marking a 9% increase over the figures recorded in 2021. Therefore, the rapidly growing hospitality sector is driving the growth of the hard services facility management market.
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The hard services facility management market covered in this report is segmented –
1) By Type: Mechanical, Electrical, Plumbing (MEP) Heating, Ventilation, and Air Conditioning (HVAC) Maintenance Services, Enterprise Asset Management2) By Service Type: Outsourced, In-house3) By Industry Vertical: Healthcare, Government, Education, Military And Defense, Real Estate, Other Industry Verticals
Major companies operating in the hard services facility management market are focused on developing innovative services, such as digital platforms, to enhance operational efficiency, improve predictive maintenance, and offer real-time monitoring and analytics. A digital platform refers to integrated software solutions that facilitate the management, monitoring, and maintenance of a building's physical assets. For instance, in September 2023, Johnson Controls International PLC, an Ireland-based building technology company, launched a new OpenBlue service called Ensuring Security Device Performance. This service is designed to help customers enhance building safety, manage risk, and maximize the value of investments made in security technology. It combines Johnson Controls' OpenBlue suite of connected solutions with the ability to monitor and manage security devices across vendors, providing remote support services and insights from skilled engineers, as well as offering simplified, integrated zero-trust cybersecurity protection. The service aims to proactively maintain and update customers' security systems to ensure they remain operational, compliant, and secure from cyber threats.
The hard services facility management market report table of contents includes:
1. Executive Summary2. Market Characteristics3. Market Trends And Strategies4. Impact Of COVID-195. Market Size And Growth6. Segmentation7. Regional And Country Analysis...27. Competitive Landscape And Company Profiles28. Key Mergers And Acquisitions29. Future Outlook and Potential Analysis
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