Research Nester has released a report titled “Contractual Cleaning Services Market – Global Demand Analysis & Opportunity Outlook 2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The demand for contractual cleaning services has grown significantly amongst the commercial consumers over the years, especially with the increasing number of construction activities including bridges, streets and highways, across various regions worldwide. The need for timely maintenance and cleaning amongst the commercial consumers such as public institutions, hospitals and healthcare facilities has significantly helped to raise the adoption of contractual cleaning services. On the other hand, the residential sector and the industrial sector too has observed a robust adoption in contractual cleaning services on the back of the lack of cleaning capability of the user along with the need for living in a healthy living environment. Recently, there is a surge in the health complications caused by staying in poor indoor environment. Such factors are anticipated to drive the growth of the global contractual cleaning services market over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
The global contractual cleaning services market is anticipated to gain a CAGR of 8.02% during the forecast period, i.e. 2020-2028. Growing awareness for waste management amongst end users and the rising demand for specialized cleaning services from several commercial institutions, such as offices, hospitals and industrial plants among others are some of the major factors anticipated to promote towards the growth of the global contractual cleaning services market. The market is further anticipated to gain an absolute $ opportunity of USD 209041.1 million by growing at 1.85x during the forecast period. Additionally, the market is further anticipated to gain an incremental $ opportunity of USD 13732.3 million in the year 2020 as compared to the previous year.
The global contractual cleaning services market is segmented by verticals into residential, institutions, organizations and industrial. Among these segments, the organizations segment registered the largest market share of 43.98% in the year 2018 and is anticipated to gain an incremental $ opportunity of USD 6106.9 million in the year 2020 as compared to the previous year. The segment is also is anticipated to gain an absolute $ opportunity of USD 92893.1 million by growing at 1.86x and further attain a CAGR of 8.08% during the forecast period.
Geographically, the global contractual cleaning services market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, the market in North America is anticipated to grow by a CAGR of 7.53% during the forecast period owing to the rising construction activities and the growing adoption of advanced contractual cleaning services in the region. Additionally, the market in the region, which registered the largest market share of 35.80% in the year 2018, is anticipated to grow by 1.78x and gain an absolute $ opportunity of USD 68357.8 million during the forecast period.
However, concerns for the growing competition in the contractual cleaning services market that is hampering the profits of the service providers, challenges of having skilled labour to perform cleaning tasks, and the rising cost of labor across the globe are some of the factors anticipated to impact negatively towards the growth of the global contractual cleaning services market during the forecast period.
This report also studies existing competitive scenario of some of the key players of the global contractual cleaning services market, which includes profiling of Compass Group plc (LON: CPG), ISS A/S (CPH: ISS), Sodexo (EPA: SW), Aramark Co. (NYSE: ARMK), Vanguard Cleaning Systems, Inc., The ServiceMaster Company, LLC, and CBRE Group, Inc. (NYSE: CBRE).
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