The soft services facilities management market has seen considerable growth, rising from $541.75 billion in 2023 to $587.95 billion in 2024, at a CAGR of 8.5%. This growth is driven by cost reduction pressures, globalization, stricter health, safety, and environmental regulations, economic growth, and improved service quality expectations. The market is expected to continue its upward trajectory, reaching $850.91 billion by 2028, with a CAGR of 8.7%. This expansion will be driven by the growing complexity of facilities management needs, increased demand for integrated service solutions, and advancements in technology and service delivery methods.
Major Driver In The Soft Services Facilities Management Market
The soft services facilities management market is poised for growth due to high rates of infrastructure development. This growth is driven by increased government investments and public-private partnerships focused on economic development and urban modernization. Soft services facilities management encompasses maintenance, cleanliness, security, and functionality of construction sites and completed projects. The Office for National Statistics reported a rise in annual construction new orders from $92,997 million in 2021 to $103,580 million in 2022. The soft services facilities management market, valued at $8 billion in 2023, is projected to expand to $10 billion in 2024 and reach $15 billion by 2028.
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Soft Services Facilities Management Market Competitive Landscape
Compass Group, CBRE Group, Johnson Controls International plc, Sodexo S.A, Jones Lang LaSalle Incorporated, G4S Secure Solutions, Allied Universal, Aramark, OCS Group, Ecolab Inc., Securitas AB, ISS World, EMCOR Group Inc., Updater Services (UDS), Cushman And Wakefield plc., Cintas Corporation, Mitie Group, Apleona HSG, Tenon Group, Continuum Services, Camelot Facility Solutions, Knight Facilities Management Inc., Entire Facilities Management, Spotless Group Holdings Limited, BESIX Group
Key Soft Services Facilities Management Market Trend
The soft services facility management market is seeing innovations with new Home Services solutions that offer a range of high-quality and cost-effective residential services. In March 2023, Infracare Facilities Management, a UAE-based company, launched Infracare Home Services. This service provides comprehensive residential maintenance including cleaning, plumbing, electrical repairs, and handyman services, supported by 24/7 customer support and highly trained professionals, tailored to meet individual home needs.
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Soft Services Facilities Management Market Segmentation
The soft services facilities management market covered in this report is segmented –
1) By Type: Office Support And Landscaping Services, Cleaning Services, Catering Services, Security Services, Other Soft Facilities Management (FM) Services
2) By Service Type: In-house, Outsourcing
3) By End User: Commercial, Institutional, Public Or Infrastructure, Industrial, Other End Users
By Geography:The regions covered in the soft services facilities management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the soft services facilities management market in 2023.
The Soft Services Facilities Management Global Market Report 2024 furnishes information about the global soft services facilities management market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
