Published On : 30 Oct 2018
Be it any sector, everyone needs to utilize a plethora of facilities that mainly exist as helpful actions in day-to-day lives. Plumbing, laundry, catering, healthcare, pest control, and many others, are some of the key facilities that witness a large demand all over the globe. Thanks to such a high demand, a distinct facilities management market exists from a worldwide perspective.
Widespread urbanization and industrialization has increased the demand of numerous facilities, some of which are described above, thereby driving extensive growth in the global facilities management market. Moreover with increasing funding from governments, many players have vested their interests in developing their numerous facilities. This too is augmenting extensive growth in the global facilities management market. With most facilities undergoing humungous evolution, a rampant need for their effective management has occurred, consequently proving to be beneficial to the market’s expansion. Some of the major trends occurring in this market are increasing automation, pouring of huge investments, and improving service quality. Lastly, with continues advancements happening in various technological aspects as well as infrastructural development, the global facilities management market is expected to grow with leaps and bounds in the near future.
However, some of the facilities might be substantially costly mainly from the perspective of facilitating production-based processes. Immense costs might go into research and development of the facilities, consequently hampering the global facilities management market’s growth. Costly maintenance and installation are discouraging new entrants and small businesses having less capital to avoid utilizing the facilities. In addition, less awareness about the advantages of necessary facilities mainly in remote and underdeveloped regions also poses as an obstacle to the market in developing and emerging economies. Nevertheless, several businesses are expected to regulate costs of various facilities and consequently improve the quality of efficiency of their services. This is certainly expected to soon reduce the restraints affecting the global facilities management market.
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This market depicts the presence of a highly competitive and fragmented vendor landscape, majorly due to the presence of innumerable companies in the market. Many players are vying to outperform their rivals by introducing improved technological aspects for their facilities on a regular basis. With the number of players entering the global robotic total station market increasing by the day, the market is expected to depict an intensified competition in the next few years.
Several companies are also focusing on improving their geographical extents in order to register splendid revenue in the market. Businesses are also focusing on improving their product and service quality to attract more customers. Mitie Group PLC, Cresa, LLC, G4S Plc., Ecolab USA Inc., Cofely, GDI Integrated Facility Services, Compass Group PLC, Sodexo, Inc., Bilfinger HSG Facility Management GmbH, and ISS World Services, are key players operating in the global facilities management market.
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