LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast facility management services market in India to post a CAGR of close to 18% during 2018-2022. The increase in outsourcing by government bodies is a key trend which is expected to impact the growth of the market.
Public sector organizations are reluctant in outsourcing hard and soft facility management services. However, due to the need for performance-based specialist jobs, public sector organizations are adopting third-party facility management services.
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In this report, Technavio researchers identify the development of SEZs and mega food parks as one of the key factors contributing to the facility management services market in India:
Development of SEZs and mega food parks
The development of SEZs and mega food parks has created an opportunity for facility management services. SEZ or special economic zones provide tax and other benefits to companies. Similarly, the development of mega food parks aims at bringing together all the stakeholders in the agriculture industry such as farmers, retailers, and food processors. This will create opportunities for vendors of facility management services.
According to a senior analyst at Technavio for automation research, “As part of its plan to develop Mega Food Parks, the government plans to develop 42 mega food parks which would comprise of collection centers, primary processing centers, central processing centers, and cold chain. The development of such large-scale infrastructure will increase the requirement for facility management services in India.”
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Facility management services market in India - segmentation and analysis
This market research report segments the facility management services market in India by end-user (IT, ITES, BPO, and BFSI; manufacturing; infrastructure; healthcare; retail; education; and government) and key regions (Mumbai and Pune, Delhi and NCR, Chennai, Hyderabad, and others).
In 2017, the IT, ITES, BPO, and BFSI held the largest share of the market accounting for more than 21% of the total revenue. This was primarily due to a widely prevalent services sector in the country coupled with prospective investments during the forecast period.
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