Facility management market to cross $19 billion by 2020.

 

India Report │The Indian facilities management market is estimated to grow 17 per cent to cross $19 billion mark over the next five years, says a report.

Publicado por FAMASE el 03/08/2015 (ENG)


 The swiftly growing services sector is creating huge potential for FM services, which is anticipated to grow at a CAGR of around 17 per cent during 2015-2020 and reach to approximately $19.4 billion by 2020, the report by Global Infrastructure Facilities and Project Managers Association (GIFPMA) said. The report pointed out that various factors such as boom in real estate, increasing awareness levels, growth in retail and hospitality sectors are the major drivers of this sector.



"In light of the immense growth potential that the sector promises, many players, including foreign players, have dotted the Indian market... India's service sector is the fastest growing part of its economy," the study said.




As per the report, the overall services sector held 33.3 per cent of GDP (at current prices) in 1950-51 and it grew to 64.8 per cent in 2012-13.




Commenting on the findings, GIFPMA President Amit Raual said: "Companies are increasingly concerned about the skills of the manpower provided by them with changing needs of the customer... It was also found that the qualification and the minimum salary of the manpower vary with the type of service to be offered."



As per the report, with administrative and HR departments of around 300 companies across India, 87 per cent of the respondents expect knowledge of basic English, 87 per cent of them expect dress code and 73 per cent expect tidiness and basic etiquettes.




"Almost 93 per cent of corporates are concerned about the police verification of the people deployed at sites," he added.




Talking about the salary structure, Raual said it varies with the type of service to be offered, which is lower in soft services. GIFPMA analysis highlights that soft services is dominating the market with the share of about 65 per cent, in which housekeeping and security occupy large shares of 45 per cent and 34 per cent respectively.



More info and original published │The Economic Times


 

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