LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global contract cleaning services market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Contract Cleaning Services Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“The growth of the global contract cleaning services market can be attributed to the strong demand from commercial end-users who are adopting a one-stop solution for various cleaning services. Vendors in the market are offering specialized cleaning services such as air duct cleaning, pressure washing, and clean room services, to increase the service portfolios that can help to increase their business,” says Sarah Haque, a lead research analyst at Technavio.
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The market research analysis categorizes the global contract cleaning services market into three major end-user segments. They are:
- Commercial
- Industrial
- Residential
Contract cleaning services market for commercial end-users
The market for contract cleaning services is expected to witness fast growth due to a wide range of industries demanding cleaning services on a daily, weekly, and monthly basis. Commercial end-users prefer contract cleaning services as they reduce their operational costs at the same time offer more efficient performance than in-house cleaning staff. Vendors in the market are focusing on capturing the market by gaining multiple year contracts, which helps to build their recognition in the market.
The increase in the construction of commercial buildings and rapid urbanization in developing countries will ensure that contract cleaning services would be in demand during the forecast period.
Contract cleaning services market for industrial end-users
Industrial end-users include heavy industries, construction, and manufacturing units across the globe. Contract cleaning services market for industrial end-users is expected to grow at a moderate rate due to factors such as the presence of a wide range of specialized industrial cleaning services that offers higher efficiency and reliability than contract cleaning services providers. Industrial cleaning requires specialized training, which is handled by vendors involved specifically in industrial cleaning services. Industrial cleaning is more hazardous and cost intensive than commercial and residential cleaning, since it involves a larger area, chemicals, and other physical hazards, along with the need for specialized equipment. For instance, cleaning oil storage containers or tanks require sophisticated tools and equipment as well as more time.
“Although some key vendors are now focusing on providing specialized industrial cleaning services to capture the market, most contract cleaning companies cater to the commercial and residential sectors only,” says Sarah.
Contract cleaning services market for residential end-users
This segment holds a small share of 15% of the global contract cleaning services due to factors such as the need for outsourcing is limited in residential since in-house staff or maid services are a preferred choice. However, contract cleaning services for residential end-users is likely to grow at a faster pace during the forecast period due to increasing dual-income families who prefer to avail these services for efficiency in work.
Growing construction of residential buildings is also a factor that helps the contract cleaning services market to grow at a faster pace. Big ongoing projects in residential and commercial buildings in Qatar, UAE, and Saudi Arabia will also contribute significantly to the market growth of contract cleaning services. Some major projects include Capital Market Authority in Riyadh, Saudi Arabia; Diamond Tower, Jeddah, Saudi Arabia; and Damac Heights, Dubai.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- ABM
- ISS
- Service Master
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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