A renewed and intensified focus on cleaning and disinfection, as well as other facility maintenance issues pertaining to the COVID-19 pandemic, will be reflected in the continued growth of the janitorial services industry.
That’s according to a new study from market research firm Research and Markets, which reports that the global market for janitorial services is expected to grow to US$320 billion by 2027.
That expansion would represent a compounded annual growth rate (CAGR) of 5.4 per cent.
A press release relating to the study stresses cleaning and janitorial services’ importance in maintaining dust-free workplaces and providing a healthy and germ-free environment. It adds that cleaning is one of the world’s most outsourced services across a wide variety of facilities.
Janitorial services, particularly in the time of a global pandemic, require a high number of workers and considerable labour and resources.
The study notes the development of the janitorial services market primarily relies on the growth of the real estate industry, pointing to a decline in growth suffered during the economic recession after 2008 because of the industry’s reliance on the real estate market.
However, it acknowledges that the growth of the janitorial services market is expected to be boosted by the fact that various government bodies and industrial companies are establishing a longer-term contract and focus on cleaning facilities. Another factor is that leading market operators are putting large-scale investment into R&D activities and utilizing technology like the Internet of Things and other IT solutions to manage cleaning services efficiently.
Also according to the report, the restoration cleaning segment is expected to grow particularly notably during the next six years due to an increased demand for services after facility remodeling and natural disasters, such as hurricanes.