North America Facilities Management Market: U.S. to Remain Leading Revenue Contributor Due to Increasing Demand for High-quality Life Services
Rapid advancements in technology are allowing today’s workforce to work virtually from anywhere and anytime. Various studies suggest that more than 75% of business professionals in North America use their mobile devices to check emails and conduct product research online. With tools such as mobile and cloud applications, organizations are developing scalable solutions that are helping their employees in enhancing productivity. This trend along with the increasing emphasis on process optimization in industries is fuelling the growth of the North America facilities management market.
Market intelligence firm Transparency Market Research (TMR) observes that with the increasing penetration of automation in the healthcare and manufacturing sectors, the demand for technical services such as repair and maintenance is rising rapidly. This factor, in turn, is driving the market. According to a report by TMR, the North America facilities management market is poised to rise at a CAGR of 13.5% from 2016 to 2024, reaching a value of US$610.21 bn by 2024 from US$198.26 in 2015.
Q. Why are developed countries more preferred destinations for the facilities management providers?
The growing demand for high-quality life services across various industries is contributing to the growth of the facilities management market in developed countries in North America such as the U.S. and Canada. Geographically. The U.S. was the leading revenue contributor in 2015, representing more than half of the total North America facilities management market. The increasing demand for performance improvement and cost reduction is leading to the growth of the market in this country. Moreover, organizations in the U.S. are increasingly shifting towards outsourcing support services to regulate their core business activities and benefit from third-party expertise in various business processes. Due to these factors, the country is expected to remain the front-runner throughout the forecast period.
Canada accounted for nearly 33% of the overall North America facilities management market in 2015 and is estimated to witness robust growth owing to the rising demand for enhanced energy efficiency of services of services in business activities. However, the increasing demand for technical services such as HVAC maintenance, fire protection, and plumbing is bolstering the growth of emerging markets such as Mexico. The Mexico facilities management market is anticipated to rise at a significant CAGR of 13.8% during the same period.
Q. Why is outsourcing emerging as one of the megatrends in the North America facilities management market?
Outsourcing support services provide organizations with the ability to focus on their core functions and business strategies, thereby helping in gaining a competitive edge over their contemporaries. It also helps companies in re-examining and improving their business plans and save both money and time. The trend of third-party contracts for facilities management outsourcing has gained considerable traction across industries in recent years and has emerged as one of the key factors driving the North America facilities management market.
Another emerging trend amongst companies in the market is the increasing focus towards reducing both waste and carbon emissions at various facilities management sites. For instance, in October 2016, Sodexo Inc. announced that by 2025, it has estimated to reduce carbon footprints at facilities management and food service sites by 34% through simple changes, such as recycling used cooking oil as biodiesel or implementing energy efficient HVAC systems at worksites.
Read Full Press Release @ http://www.transparencymarketresearch.com/pressrelease/north-america-facilities-management-market.htm
Some other key players in the market are Mitie Group PLC, ISS World Services A/S, G4S plc, GDI Integrated Facility Services, Ecolab USA Inc., Cresa LLC, Compass Group PLC, Cofely, and Bilfinger HSG Facility Management GmbH.