Facility Management (FM) is a bundle of services offered to an organization to manage different operations of their buildings or facilities. These services include the management of physical aspects like HVAC (Heating, Ventilation, & Air Conditioning), plumbing & wastewater, catering, lighting & electrical, as well as soft services like housekeeping, security, cleanliness, etc. With the growing awareness about the benefits of these outsourcing FM services, several organizations, especially in the United States, are increasingly adopting them to enhance their overall productivity and yield better revenues.
The USA Facility Management Market is projected to grow at a CAGR of around 5.5% during the forecast period, i.e., 2023-28. The growth of the market is projected to be driven primarily by massive investments by the US government in expansions of industries like construction, transportation, corporate, & hospitality, among others. Consequently, the demand for facility management services is on an unprecedented rise to improve the overall operational efficiency & productivity of businesses with increased cost-effectiveness.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Region Covered||South, West, Midwest, Northeast, Others|
|Key Companies Profiled||Compass Group, Sodexo, EMCOR, Cushman & Wakefield, Trane, CBRE, Jones Lang LaSalle Incorporated (JLL), G4S PLC, ISS, Ecolab|
|Unit Denominations||USD Million/Billion|
Besides, with the swift expansion of the corporate sector and the increasing establishment of multinational companies & start-ups in the country, the US government is actively working on constructing more & more office buildings, i.e., another prominent aspect augmenting the demand for facility management services.
With significant advancements in several fields, new & innovative technologies are being integrated into different FM services, and one of them is the BIM (Business Information Modeling), i.e., a 3D tool that provides a digital picture of a facility & its assets. BIM is gaining ground in the facility management industry and helping facility managers easily attain all the information about a building.
In the US, more & more FM service providers are embracing this technology to achieve improved space management, effective maintenance, efficient energy usage, and enhanced lifecycle management. Moreover, educational institutions are also adopting BIM to achieve improved operational efficiency, better decision-making, and effective cost management. Hence, these aspects project a pool of profitable opportunities for the USA Facility Management Market through 2028.
Latest Trend in the USA Facility Management Market
As organizations & investment firms are increasingly focusing on areas of core competencies, the task of running their facilities is being outsourced to third-party service providers who have the required expertise & workforce. FM companies in the US are exploring new prospects by integrating multiple facility management services, such as energy management, real estate, production maintenance, employee-related service, etc., into one bundled product in order to attain consistency throughout services while helping end-users in achieving cost savings and improving overall operation processes with only fewer people required for maintenance. Hence, the emerging trend of integrated FM services in the country is set to generate lucrative opportunities for the USA Facility Management Market over the coming years.
Covid-19 Impact Analysis for the USA Facility Management Market
The advent of Covid-19 in 2020 had a decelerating effect on most industries across the USA, and the Facility Management Market was no exception. The market underwent moderate effects of the crisis, principally due to the imposition of stringent movement restrictions & lockdown by the US government to curb the spread of this dreadful disease. Initially, while organizations were compelled to work from home, the demand for facility management services underwent a temporary decline and resulted in significant financial losses for the leading industry players.
However, the demand for these services escalated dramatically across the healthcare sector, principally to ensure utmost safety & hygiene in the facility while managing all the operations efficiently. It, in turn, displayed a positive effect on the market throughout the USA. Besides, with the gradually reducing number of Covid-19 cases, the USA government uplifted the restrictions and allowed the recommencement of business operations. It, in turn, propelled the demand for facility management services throughout the country to ensure safety & hygiene in facilities.
Based on Type of Services:
Of them all, risk services are anticipated to display the fastest market growth during 2023-28. It owes principally to the rapidly increasing cases of cyber threats & attacks in the country, gaining growing government support through favorable policies & massive investments to enhance safety & attain improved risks management services. It, in turn, is stimulating the demand for facility management services offering to enhance risks protection and driving the market through 2028.
Moreover, the rapid digital transformation & increasing automation are also surging the demand for risk facility management services across the USA. It, in turn, is positively influencing the overall market growth and projecting remunerative prospects for the leading players in the industry.
Based on the Operating Model:
Here, the Outsourced model is anticipated to demonstrate the fastest growth in the USA Facility Management Market during the forecast period. It attributes principally to the mounting inclination of organizations toward employing third parties for outsourcing their non-core activities so that they can focus entirely on the core business operations.
Besides, since outsourced service providers always have an edge in offering technologically advanced solutions, it is attracting more & more companies to opt for outsourced facility management services, thereby augmenting the overall market growth.
Based on End-Users:
Here, the healthcare sector is emerging as an opportunistic area for the facility management market in the US. It owes to massive investments in healthcare infrastructure developments by both the government and public/private sectors, i.e., leading to the increasing number of healthcare facilities in the country to cater to the growing pool of patients with different illnesses, especially chronic diseases. As a result, with the rising establishment of hospitals and clinics, the demand for effective facility management services is also notably surging in the US.
Moreover, the mounting need for implementing effective waste disposal & cleaning practices to avoid disease transmission in healthcare facilities is another prominent aspect augmenting the demand for outsourced FM services in the country. Therefore, as more & more hospitals are issuing contracts to FM service providers in order to ensure effective management of their operations, it seems clear that the healthcare sector is set to generate new avenues for companies operating in the USA Facility Management Market to witness remunerative prospects in the coming years.
Frequently Asked Questions
A. The USA Facility Management Market is projected to grow at a CAGR of around 5.5% during 2023-28.
A. The swiftly expanding healthcare & hospitality sectors are projected to drive the USA Facility Management Market through 2028.
A. The surging adoption of facility management services to enhance safety & hygiene across healthcare facilities, especially since the Covid-19 pandemic has surfaced, is a prominent trend projecting significant expansion of the USA Facility Management Market through 2028.
A. The outsourced operating model is anticipated to emerge as an area of remunerative opportunities for the leading players in the USA Facility Management Market in the coming years.