Report Predicts Growth of Custodial Services

The global market for janitorial services is expected to reach US$30 billion by 2024 with a compounded annual growth rate—or CAGR—of more than 4%, according to a new report by SpendEdge.

The study cites a rising disposable income in the middle class as a key driver in the increased demand for professional residential cleaning services. Lower unemployment numbers have led to a lack of skilled workforce in the commercial cleaning industry, which in turn has sparked an increase in service charges by contractors. SpendEdge’s report also forecasts commercial and residential cleaners will need to enhance their service portfolios in order to remain competitive in the future.