India Facility Management Market Set to Witness Roaring Growth: Likely to Grow at a CAGR of 22.1% by 2027
Published | 03 November 2021
India graphene market is growing at a high CAGR because of the rising infrastructural development activities and construction and expanding tourism in the country, along with the significant adoption of technological advancements like Artificial Intelligence (AI)…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India facility management market is estimated to grow at the CAGR of 22.1% during the forecast period. The India facility management market is growing at a high rate because of the growing construction activities in India. The construction industry contributes more than 5% to the country’s GDP. Continuous urbanization, upcoming infrastructure projects, and a growing number of people are driving the demand for commercial buildings in India. Many industry participants are emerging in India, offering services at competitive prices as the facility management industry expands. Consequently, facility management is expected to grow in India over the forecast period.
Flourishing Tourism Sector in India Is Anticipated to Drive the India Facility Management Market
In 2018, India's travel and tourism sector was valued at USD 234 billion, making it the largest service sector. As this sector is the largest generator of foreign exchange in the country, the government undertakes various initiatives to develop this sector and attract more tourists. Moreover, the number of tourists boosts the demand for commercial spaces, such as hotels, public houses, restaurants, etc., and other infrastructure like historical sites. Managing these spaces and buildings, as well as making them accessible and safe, requires facility management services. The India facility management market is expected to be driven by these factors in the forecast period.
Growing Popularity of Cloud-Based Facility Management is Projected to Boost the India Facility Management Market
Currently, India has a very strong cloud infrastructure that is also growing quickly. Additionally, cloud penetration has also penetrated facility management, which is driving its growth across the country. Cloud facility management proves to be cost-effective and helps organizations cut operational costs as it offers remote access. Organizations in multi-level facilities or offices will benefit from this. Because of this, Indian facility management companies are increasingly offering their services via cloud software, driving market growth.
India Facility Management Market - By End-User
Based on end-users, the India facility management market is segmented into commercial, industrial, and infrastructure. The commercial segment accounts for the largest market share because of the high number of private companies and commercial spaces emerging across India. Commercial spaces, such as hotels, restaurants, sports, facilities, office buildings, etc., often opt for in-house facility management services to maintain compliance with the regulatory guidelines regarding safety and hygiene. On the other hand, the industrial sector is also anticipated to witness a high CAGR during the forecast period because of the growing manufacturing and production activities in the country, especially in the consumer electronics and automobile industry.
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India Facility Management Market - Regional Insights
Geographically, the India facility management market is segmented into North India, South India, East India, and West India. Among these, the Western region dominates the India facility management market. However, South India also covers a substantial share in the market because of the growing service sector in this region. The real estate industry in South India is anticipated to flourish in the forecast period and drive the India facility management market. Additionally, South India also attracts significant tourism to the country and is also investing in this sector, which is expected to boost the facility management market in the coming years.
Impact of COVID-19 on India Facility Management Market
The sudden outbreak of the COVID-19 pandemic had obstructed the economic activities of the country and restricted its growth. It had also initially impacted the India facility management market negatively. With the restrictions on construction activities and the temporary ban on commercial and industrial spaces, the demand for facility management declined sharply. However, the spread of the highly contagious disease has also provided growth opportunities for the market. The India facility management market is expected to grow positively during the forecast period due to the increased demand for soft services, such as cleaning and sanitizing buildings and spaces, especially healthcare facilities.
India Facility Management Market - Competitive Landscape
The leading players in the India facility management market are A La Concierge Services Pvt Ltd., BVG India Ltd., Checkmate Services Pvt. Ltd., ISS Facility Services India Pvt. Ltd., NISA Global, Nouvel Facilities Pvt. Ltd., Secure Parking Solutions Pvt. Ltd., ServiceMax Facility Management Pvt. Ltd., Tops Security Ltd., Walsons Services Pvt. Ltd., and other prominent players.
There are a limited number of participants in the India facility management market; nevertheless, the market is still flourishing. Therefore, it is a great opportunity for new entrants to provide services that cater to the needs of various commercial spaces. Companies rely on partnerships, mergers, acquisitions, joint ventures, and other competitive strategies to gain a competitive advantage in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India facility management market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India facility management market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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