Soft Services Facilities Market Size, Share, Growth Analysis, By Service(house and outsourcing), By Industry Vertical(Healthcare, Government, Education, Military and Defense), By Region - Industry Forecast 2024-2031

Soft Services Facilities Market size was valued at USD 447.66 billion in 2022 and is poised to grow from USD 470.94 billion in 2023 to USD 706.46 billion by 2031, at a CAGR of 5.2% during the forecast period (2024-2031).

Players in the market are investing in mergers and acquisitions to expand their business and consumer base. Adopting strategies such as product launches and portfolio expansion will provide them with an edge over their competitors. CBRE Group Inc. is aggressively investing in real estate businesses as part of its development services strategy. The company has pledged to invest USD 53.7 million in its investment management business in the future. 'ISS World', 'Compass Group', 'Sodexo', 'Aramark', 'CBRE Group', 'Johnson Controls', 'G4S', 'Mitie Group', 'ABM Industries', 'Cushman & Wakefield', 'JLL', 'Allied Universal', 'Securitas', 'OCS Group', 'Ecolab', 'Cintas Corporation', 'EMCOR Group', 'Interserve', 'Bilfinger SE', 'Spotless Group Holdings Limited', 'In April 2024, Cloud Software Group Inc. and Microsoft Corp. revealed an intensified collaboration with an eight-year strategic partnership agreement. This agreement will bolster their joint go-to-market efforts for the Citrix® virtual application and desktop platform, while also facilitating the creation of new cloud and AI solutions with a unified product roadmap. As part of the partnership, Cloud Software Group will invest $1.65 billion in the Microsoft cloud and its generative AI capabilities. ', 'In April 2024, Buildkite Pty Ltd (Buildkite), a rapidly expanding DevOps platform company, announced at the AWS Sydney Summit that it has entered into a multi-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS), the world's leading and widely adopted cloud platform. The collaboration aims to expedite the delivery of cloud-native applications across various industries, including digital native, financial services, retail, and enterprises undergoing digital transformation. As part of the agreement, AWS and Buildkite will join forces to market and distribute Buildkite's DevOps platform to customers across North America, EMEA, and APAC regions. Additionally, Buildkite will debut its DevOps platform on the AWS Marketplace, starting today. ', 'In February 2024, VMware, now under Broadcom Inc. following its acquisition, unveiled notable advancements in its Software-Defined Edge portfolio, encompassing 5G, SD-WAN, SASE, and Edge Compute technologies. These developments aim to empower Communications Service Providers (CSPs) in modernizing their networks and generating new revenue streams. Co-innovated with ecosystem partners, these enhancements also facilitate enterprises in running workloads at scale at the edge, leveraging automation and unparalleled observability.'

The Internet of Things is emerging as a major driver for soft services facilities management. The Internet of Things (IOT) provides a continuous stream of data that can help make better decisions and improve work processes across a variety of industries. The growth of outsourcing businesses and the focus of companies on providing value-added services (such as risk management and compliance with local labor laws) are two factors contributing to the soft services facilities management market's growth.

Since enterprises are concerned with improving their productivity and efficiency as well as reducing their energy consumption, they are taking various measures to achieve these goals. As a result of this, many soft services facility management manufacturers are adopting automated technologies to lower their energy consumption levels. Government intervention can compel suppliers to upgrade their existing technologies and conform to regulatory norms. Facilities management solutions providers are benefiting from government initiatives to invest in the real estate sector and build smart cities. These initiatives are creating opportunities for providers to provide innovative and cost-effective solutions to manage facilities. This is due to the integration of energy-efficient and product-integrated buildings into various operational functions.

The Asia Pacific market for soft services facilities management holds the largest share of the market due to the large number of manufacturing companies operating in the region, along with the increasing popularity of outsourcing businesses. There are a wide variety of comprehensive solutions available, making this a popular market. In recent years, a high infrastructure development rate has led to a quick rise in the success rates of certain industries, such as banking and insurance, healthcare, manufacturing, and retail. The growing demand for facilities management services from various end users is likely to drive growth in the market over the next few years.