I n d u s t r y B r i e f
CBRE to Dominate India Facility Management Market through 2023
I n d u s t r y B r i e f
CBRE to Dominate India Facility Management Market through 2023
According to recently published TechSci Research report “ India Facility Management Market By Service , By Application , Competition Forecast & Opportunities , 2013 – 2023 ’’, India facility management market is projected to surpass $ 100 billion by 2023 on account of growing demand from commercial & residential sector and increasing population in the country ’ s tier 1 cities . Moreover , government ’ s smart city initiative coupled with booming IT and banking sectors is likely to positively influence India facility management market in the coming years . However the market is dominated by unorganized players
Among different services , India facility management market is dominated by property services as these services are widely used across residential and commercial sectors . Commercial sector had the largest application share , in value terms , in India facility management organized market in 2017 , and the segment is likely to maintain its dominance throughout the forecast period as well . A large demand for facility management emanates from West India which can beattributed to high and rising construction activities in the region . Most of the facility management services are insourced in the country and this trend is expected to continue during the forecast period .
Upcoming metro projects in the country , allotment of funds under new housing schemes by the government of India and technological integration of facility management services resulting in high cost savings and return on investment are likely to boost the revenues of facility management service providers in the country during the forecast period . Moreover , rising number of infrastructure projects in the country would further steer growth in India facility management market over the course of next five years .” said Mr . Karan Chechi , Research Director with TechSci Research , a research based global management consulting firm .
12 TechSci Research