Janitorial Service Market Size, Share & Trends Analysis Report By Application (Residential, Commercial), By End Use (Standard Cleaning, Damage Restoration Cleaning), By Region, And Segment Forecasts, 2020 - 2027
New York, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Janitorial Service Market Size, Share & Trends Analysis Report By Application, By End Use, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05965054/?utm_source=GNW
Janitorial Service Market Growth & Trends
The global janitorial service market size is anticipated to reach USD 322.95 billion by 2027., expanding at a CAGR of 3.1% from 2020 to 2027. The growing commercial sector and reduction in office vacancy rates are acting as major drivers for the market. Increasing the reach of international companies in developing countries is also creating demand for janitorial services.
As per the CBRE MarketFlash report, the vacancy rate in the U.S. in quarter 1 of 2018 was 13% and in 2020, it was 12.3%, resulting in a decline in the vacancy rate. Moreover, the vacancy rate in quarter 1 of 2010 was over 17%. This aforementioned factor is acting as a major driver for the rise in demand for janitorial services.
Consumers prefer outsourcing janitorial services owing to cost-effectiveness and ease of management.According to the ‘Cleaning Costs and Frequencies Report’ published by Contracting Profits, Facility Cleaning Decisions, and BSCAI, 65% of multi-tenant offices, 80% of K-12 schools, 85% of colleges/universities, and 90% of hospitals all have floors mopped daily or multiple times a day.
This aforementioned factor is driving demand for janitorial services.
In terms of application, the commercial segment held the largest share of 90.3% in 2019. The growing commercial sector, coupled with rising workplace wellness, is acting as a driver for higher demand in the commercial sector. Increasing demand from office spaces, commercial complex, healthcare institutes, coupled with educational institutes, federal, state, and local government buildings, and not-for-profit organizations, is fueling the growth of the commercial segment.
In Japan, the prime Grade A office market in Tokyo was highly active in 2018 owing to increasing demand from corporates on expectations for the country’s monetary policy to remain accommodative following the upcoming election.The proportion of high-tech companies in Grade A office had increased from 4% in 2013 to 16% in 2018.
In order to maintain the office premises and get this done at a minimum time limit, consumers prefer skillful janitorial services.
The standard cleaning segment dominated the market with a revenue-based share of 60.9% in 2019. Every operating workplace, factory, institute, retail establishment, and commercial center opt for standard cleaning. Services in standard cleaning include trash removal, dust and detail, restroom cleaning, and carpet cleaning.
North America dominated the market with a revenue-based share of 27.8% in 2019. The presence of leading corporates and international companies and the growing trend of green product consumption are fueling the demand in the region.
Janitorial Service Market Report Highlights
• The commercial application segment held the largest share of 90.3% in 2019
• By end-use, the standard cleaning segment was valued at USD 154.02 billion in 2019
• Asia Pacific is expected to witness the fastest growth over the forecast period with a revenue-based CAGR of 4.3% from 2020 to 2027.
Read the full report: https://www.reportlinker.com/p05965054/?utm_source=GNW
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