Market Size of Latin America Soft Facility Management Industry
| Study Period | 2022 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2022 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Soft Facility Management Market Analysis
The soft facility management market in Latin America is estimated to register a CAGR of 5.0 % over the next five years. Several private and public projects, including construction, infrastructural, energy projects, etc., are creating a massive demand for the soft facility management market.
- The Key players in the soft facility management market include CBRE Group, Inc., Cushman & Wakefield plc, Sodexo, Inc., Ecolab Inc., and ISS A/S are offering cleaning facility management services, catering services, additional support, landscaping services, and security services that will drive new growth opportunities in the end-user industries (Commercial, Institutional, Public/Infrastructure, Industrial) across Latin America.
- An increase in the development of commercial facilities, along with significant investments in infrastructure projects such as hospitals, airports, and educational institutions, are expected to drive market growth. Increasing awareness of the benefits of soft facility management services is expected to fuel the market's growth.
- According to the United Nations Conference on Trade and Development (UNCTAD), Mexico was the 10th largest destination for foreign direct investments, with approximately USD 32 billion in 2021, an increase of USD 4 billion from 2020. Also, the value of greenfield projects announced increased by 43%. Growing investments in greenfield projects are expected to drive the growth of the market studied.
- The spread of COVID-19 has forced the mass closure of workspaces and the implementation of work-from-home policies in most industries, especially in the corporate buildings of the IT and telecommunication sector, which negatively affected the market. However, for some businesses, the new normal initially may mean virus-proofing their offices through short-term fixes, new working patterns, and long-term design upgrades that put hygiene at the core of workplace planning. This may positively impact the region's soft services, such as COVID-19 cleaning services.
