India Facility Management Market growth to Grow with a CAGR of 13.87%
India is one of the fastest
growing economies in the world, and this growth is leading to rapid
urbanization. This is creating a demand for new and improved infrastructure, as
well as for the facility management services needed to maintain and operate
this infrastructure.
According to TechSci Research report, “India
Facility Management Market - By Country, Competition, Forecast and
Opportunities, 2019-2029”, The growth of the market depends on several
factors, such as rising levels of outsourcing in building management, the
development of SEZs and mega food parks, and the focus on smart cities. Rising levels of outsourcing in building management
are the key factor driving the India Facility Management Services Market
growth. By outsourcing various facility-related services such as HVAC,
catering, security, and various other support services, end users can focus
their attention on core business activities. Companies today are more likely to
generate profit from their core processes, selling unprofitable or connected
processors and handing them over to third parties with the ability to take
responsibility. Abundant growth opportunities in end-user segments such as
healthcare, infrastructure, and retail
further emphasize the development of outsourcing services in the market. Outsourcing
of corporate support functions such as facility management. Ensures that the
provider is responsible for the facility's services and any risks that may be
associated with the services. Internal operations also include training of
service personnel, which contributes to the total cost of ownership. However,
using an outsourced provider can greatly minimize training and operational
costs, thereby maximizing profits. With investments in various areas of their
business, organizations recognize the need to hire professional service
providers to protect and protect their investments.
Employee attrition and lack of training can majorly
impede the growth of the market. Skilled, semi-skilled, and unskilled workers
are required to provide facilities management services. However, there is a
shortage of qualified and semi-skilled workers to provide facility management
services. Some facility management services such as plumbing, energy
management, water management, and catering can be managed, but the shortage of
skilled workers to provide services that require technical expertise is limiting
the market.
For example, new surveillance devices and security
gadgets are being developed for security services. However, it takes skill to
operate such devices. Although the general availability of unskilled labor
increases the bargaining power of suppliers, labor force retention remains a
major challenge for suppliers and is expected to act as a constraint on market
growth during the forecast period.
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India is an important destination for
the IT industry. This is due to the presence of multiple domestic and global IT
companies in the country. Increased use of digital technology and improved
internet connectivity are expected to increase the demand for data centers,
necessitating facility management services during the forecast period. There
are several public banks, private banks, foreign banks, regional banks, city
cooperative banks, regional cooperative banks, and cooperative credit
institutions in the country. The domestic banking sector is developing due to
the high penetration of digital devices and the increasing use of mobile
banking. All these factors increase the demand for facilities management
services in IT, ITES, BPO, and BFSI end-user segments. Therefore, the market is
expected to grow during the forecast period.
Major companies operating in India Facility Management
Market are:
- Sodexo Facilities Management Services
India Private Limited
- BVG India Limited
- ISS Facility Management
- G4S India
- Mortice Group PLC (TenonFM)
- Jones Lang LaSalle Property Consultants
(India) Private Ltd
- Quess Corp Limited
- Colliers International (India) Property
Services Private Limited
- CBRE South Asia Private Limited
- SIS Limited
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“Recovery of the facility management soft services
market in India from the COVID-19 crisis depends on increasing demand for
various services such as housekeeping, pest control, landscaping, and waste
management. The demand for frequent cleaning of commercial and industrial
facilities is increasing as cleanliness is an important consideration in the
region, especially to prevent the spread of COVID-19. Additionally, demand for
housekeeping services is expected to increase as additional precautions need to
be taken to ensure the safety of staff and guests. The reopening of industries
following the lifting of COVID-19-related shutdowns has further increased the
demand for waste disposal globally. Hence, such factors are expected to
increase the demand for soft services during the forecast period.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“India
Facility Management Market Segmented By Type (Hard Services
and Soft Services), By Sector Type (Unorganized and Organized), By End User
(Commercial, Industrial, and Infrastructure), By Region, By Competition
Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of India
Facility Management Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India Facility
Management Market.
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