LONDON–(BUSINESS WIRE)–#MarketIntelligence–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Building Maintenance Services Market – Procurement Intelligence Report.
Buyers from the industrial and commercial sectors prefer to outsource non-core functions to reduce their operational expenditure and to deepen their focus on their core operations. Building maintenance operations are among such non-core functions and their rapid rate of outsourcing to enterprises will bring sizeable investments in the global building maintenance services market. Motivated by this spend growth, the enterprises are leveraging technologies such as IoT, BIM, machine learning, artificial intelligence, wearables technology, drones, and automated facility management software to their operational efficiency. This will promote the acceptance of these services among buyers and will drive the spend momentum of the building maintenance services market at a CAGR of more than 5% between 2018-2023.
“The stringent enforcement of EHS regulations in Europe and North America will drive market growth in these regions through 2023,” says SpendEdge procurement expert Tridib Bora.
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Some Insights into the Building Maintenance Services Price Trends
The quality and execution of these services are highly dependent on the skills of the workforce. However, a rapidly declining unemployment rate is compelling building maintenance services suppliers to increase their investments to hire and retain skilled and experienced workers. This is increasing their operational expenditure which will buyer’s procurement spend in this market.
- Material costs incurred by building maintenance services suppliers are expected to increase due to regulatory pressure to utilize environment-friendly, less hazardous, and energy-efficient products for building maintenance activities. This will have an inflationary impact on the service charges.
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What are the scopes of optimizing procurement spend in the building maintenance services market?
Strategic supplier selection is the key to optimizing procurement spend in the building maintenance services market. In view of this, this report has enlisted the key supplier selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the suppliers.
Buyers are advised to create benchmark studies to compare and comprehend labor rates of various services including inspection, cleaning, electrical maintenance, plumbing, and waste management, which comprise the building maintenance services. This will aid in creating efficient negotiation strategies to achieve better cost savings.
Buyers from different industries require specific sets of maintenance requirements which make it necessary to assess the supplier’s capability to provide industry-specific solutions. This assessment can be done by examining the service provider’s previous partnerships with other companies in the same industry.
- It is prudent of buyers to partner with building maintenance services suppliers who provide preventive maintenance services. Such services are functional in mitigating risks associated with unforeseen system shutdowns. This will reduce operational downtime and losses for companies.
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Some of the key topics covered in this report are:
- Building maintenance services market spend segmentation by region
- Total cost of ownership analysis in the building maintenance services market
- Regional spend opportunity for building maintenance services suppliers
- Building maintenance services suppliers cost structure
- Building maintenance services suppliers selection criteria
- Building maintenance services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the building maintenance services market
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