Growth Forecast for Worldwide Janitorial Services Industry
The global market for janitorial services is expected to grow to US$320 billion by 2027 with a compounded annual growth rate—or CAGR—of 5.4%, according to a new study from market research firm Research and Markets.
The study found cleaning and janitorial services to be the most outsourced services in various facilities including corporate offices, schools, hospitals, hotels, retail outlets, and commercial and residential buildings. According to the report, the restoration cleaning segment, in particular, is expected to grow during the next six years due to an increased demand for services after facility remodeling and natural disasters, such as hurricanes. Developing technologies, such as Internet of Things (IOT) systems, are predicted to drive investment in the market as well.