Growing demand for outsourcing facility management services and rising inclination toward building automation and incorporation of building automation are expected to drive the India facility management market.
According to TechSci Research report, “India Facility Management Market- By Region, Competition, Forecast & Opportunities, FY2017-FY2027”, the India facility management market is anticipated to grow at a CAGR of 14.84% in the forecast period, 2023-2028, to reach USD97.29 billion by 2028. The rise in the efforts by the leading authorities to develop smart cities in the country to enhance the living standards of citizens and the growing focus of employers on ensuring employees’ safety and health at the workplace drive the demand for the India facility management market. The development of smart cities in the country fuels the need for high-end technological infrastructure, comprehensive IT infrastructure, and a network of sensors, wireless devices, and cameras to deliver essential services in these cities. The surge in need for seamless data connectivity in these cities and the adoption of automation technology is expected to bolster the India facility management market growth over the next five years.
However, the cost-driven market and absence of a skilled workforce may restrain the India facility management market growth in the forecast period.
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The India facility management market is segmented into service, application, service type, regional distribution, and competitive landscape.
Based on application, the market is divided into commercial, residential, and industrial. The commercial segment dominated the market in 2022 and held 51.59% of the total market share. It is expected to grow at a steady CAGR of 14.83% in the forecast period, 2023-2028. The market is driven by the ongoing large-scale development of real estate projects and the high-end investments by the public and private market players to support the construction industry. The government of India has introduced various initiatives, such as Make in India and the Smart Cities Mission, which have accelerated the growth of the construction industry. Massive support from the government and increasing investments in the infrastructure sector are expected to drive the growth of the commercial sector over the next five years.
Based on service type, the market is divided into hard services and soft services. Soft services led the market in 2022 and held 53.93% of the overall market share. The growth of the segment is attributed to the rise in the demand for soft skills and expertise in various industries such as cleaning, support, catering, and security. With the growing industries, the demand for soft skills to grow at a CAGR of 13.91% over the forecast period, 2023-2028.
Based on the regional analysis, South India dominated the market and captured 31.80% of the total market share. The facility management market of South India is expected to grow at a CAGR of 15.07% in the coming years. Rapid commercialization and modernization and the presence of IT hub in the Southern region is increasing the need for infrastructure development and construction of organized spaces. Many companies are automating facility management services to enhance their energy efficiency.
Major market players operating in the India facility management market are :
- Jones Lang LaSalle Property Consultants (India) Private Limited
- Quess Corp Limited
- Colliers International (India) Property Services Private Limited
- Sodexo India Services Private Limited
- BVG India Limited
- Updater Services Private Limited
- CBRE South Asia Private Limited
- SIS Limited
- Cushman and Wakefield India Private Limited
- Knight Frank India Private Limited
- EFS Facilities Services India Private Limited
- ISS Facility Services India Private Limited
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“India’s e-commerce industry is growing at a rapid pace due to high internet penetration and the proliferation of smart devices in the country. The high per capita income and increased awareness of consumers, and growing retail industry is boosting the integration of smart technologies in the last-mile delivery process. Smart technologies like RFID tags and GPS help track the movements of a vehicle in real-time. This technology is embedded with IoT-enabled sensors, which allows monitoring of temperature and humidity, thereby providing the customers with enhanced transparency to track the goods. The increasing need for last-mile delivery services is expected to propel the India facility management market growth till 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Facility Management Market By Service (Property, Cleaning, Security, Support, Catering & Others), By Application (Commercial, Residential, and Industrial), By Service Type (Hard and Soft), By Region, Competition Forecast & Opportunities, 2018-2028”, 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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