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Mega Food Park Schemes to boost facility management market

Demand for security services

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Demand for security services

Technavio

 

A revamp SEZ policy and launching of Mega Food Park Schemes will boost facility management services market in India by US$14.98 billion, or a CAGR of 18% during 2018-22, said a Technavio report.

The market is driven by the development of SEZs and mega food parks, said the 133-page research report on “Facility Management Services Market in 2018-2022”.

In addition, the rising demand for security services in the banking sector is anticipated to further boost the growth of the facility management services market in India.

The growing need of companies for tax and other business-related benefits is encouraging the development of SEZs in India.

In fact, the government is planning to increase its investments to revamp the SEZ policy. The government is also launching Mega Food Park Schemes to maximize value addition and minimize food wastage, said the report.

These factors are opening new opportunities for vendors that offer facility management services such as security, housekeeping, water management, catering, electrical management, and cleaning.

Thus, the development of SEZs and mega food parks is expected to drive market growth during the forecast period, said the report. Fiinews.com

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