The Facility Management Market has effectively observed the speedy growth during the forecast duration, whereas the market is still in its growth stage across both developed and underdeveloped regions. The market is greatly fragmented with a great number of players functioning within the FM industry. The market of FM in the past was registered by the soft services but the technological advancement and augmenting the requirement for the building maintenance has resulted in a growing requirement for hard services. Additionally, the foremost growth factors for the industry involve the booming real estate market, increasing the construction industry, a growing number of shopping malls and supermarkets, enlarging the hospitality segment and aim at green building aligned to the Vision 2030, generating the choices for the FM services in Oman.
Furthermore, growth in the project activity centered on tourism and the commercial segment has raised the requirement for soft and hard services in the region, leading to a positive impact on the facility management market. The augmenting inflow of foreign emigrants has also positively obstructed the growth of the industry.
Based on the sectors, the commercial segment underwrote the greatest revenue share to the entire facility management Market. The corporate of the facility management has been delivering the soft and hard services to the commercial complexes over the years and the growth in this segment has generated great potential for the facility management corporate. The hospitality segment added their fair share in the revenues of the FM industry. Contrariwise, the residential segment registered for the least revenue share of the FM market in terms of revenue in the recent past years. Other segments involve Industrial plants, infrastructure projects, airports, and several other segments together underwritten to the overall facility management market during the recent past years.
Although, the facility management industry in the Philippines is still relatively nascent in the region and is in its preliminary growth stage The facility management market growth was helped by the business development of the multinational corporation, specifically in the BPO industry, along with the aspects such as advancement healthcare and growing building proficiency in some locations in the region. The Combined facility management penetration is lower owing to the preference for the single and bundled services by the most end-users, particularly local corporate. However, as the number of MNCs growth in the region, the requirement IFM is also anticipated to grow.
The expansion in segments such as real estate, commercial and residential due to Build, Build program has improved the requirement for the soft services in the country due to growth in demand for cleaning and security services. The hard services sector has truncated share as many administrations tend to contact the apparatus OEM for servicing, in case equipment demands to be fixed, or preservation is demanded. The Single services and bundles services underwritten more to the FM market and matched to incorporated facility management services Market Single or bundled services are commonly preferred by local businesses in the respective region. Therefore, in the coming years, it is anticipated that the market for facility management will increase around the globe more significantly over the near future.