Facility Management Mkt To Cross $19Bn By 2020

GUWAHATI: The Indian facilities management market is estimated to grow 17 percent to cross US $ 19 billion mark over the next five years, says a report.

"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 US $ 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 percent 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."
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