U.S. Facility Management Market Trends, Share, Growth, Challenges, Revenue, Future Opportunities, and Forecast by 2033 – SPER Market Research
Facilities management (FM) is a career that focuses on helping people. It guarantees the built environment’s efficiency, sustainability, comfort, safety, and functionality—that is, the structures in which we live and work as well as the infrastructure that surrounds them. Facility management is an organizational function that aims to improve people’s quality of life and the efficiency of the main business by integrating people, location, and process within the physical environment. Each organization’s activities are supported by this mix of job duties, which fosters a seamless systemic environment from the parking lot to the executive suite. The people who coordinate the procedures that make the built environment successful are facility managers, who ensure that we enjoy the safest and best experience possible.
According to SPER Market Research, ‘United States Facility Management Market Size- By Type of Facility Management Type, By Offering, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033′ states that the United states Facility Management market is estimated to reach USD 484.71 billion by 2033 with a CAGR of 6.93%.
An aging population and rising healthcare demands are fueling the need for healthcare facilities, making the healthcare sector one of the fastest-growing in the United States. Additionally, these facilities are extremely complicated, and their efficient management calls for specific knowledge and skills. Additionally, institutions need to adhere to strict requirements for infection control, sanitation, and safety. The healthcare industry is implementing new technology in an effort to lower costs and enhance patient care. Additionally, a large number of healthcare institutions contract with outside companies to handle facilities management tasks. Thus, for the previously mentioned reasons, the healthcare sector supports the growth of the U.S. market
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The necessity for a qualified staff and ongoing labor shortages are two of the main issues facing the US facility management business. Maintenance, HVAC, plumbing, electrical, security, and cleaning are just a few of the many services that fall under FM. However, a major obstacle for both building owners and FM service providers is still locating competent workers to carry out these duties.
The skilled trades’ aging workforce is making the labor shortage problem worse. Because many seasoned specialists are getting close to retirement age, there is a shortage of qualified personnel.
The ensuing lockdowns brought on by the COVID-19 pandemic have disrupted the economy. Although it has affected the industry as well, facilities managers have responded to the pandemic by looking at new options for remote work or socially remote workplaces. On the other hand, growing awareness of security, maintenance, cleanliness, and administration is anticipated to fuel future market expansion. The governments of the nations most affected—Spain, Italy, the United States, China, and the United Kingdom—are also spending money on these services in an effort to eradicate COVID-19 from the containment zones. Service providers are also focusing on providing end-to-end property management services to enable government agencies and enterprises function efficiently in constrained spaces.
California leads the nation in the demand for facility management due to its enormous economy and abundance of public, commercial, and residential facilities. Some of the key players are – CBRE Group, Inc, Jones Lang LaSalle Incorporated, Cushman & Wakefield plc, Emeric Facility Services, SMI Facility Services, Sodexo.
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U.S. Facility Management Market Scope
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