The Cleaning Services Market Projected to Grow at a CAGR of 11.5% and Garner a Revenue of $462,476.8 Million in the 2021–2028 TimeframeDownload Sample Reports Overview
The global cleaning services market is estimated to generate a revenue of $462,476.8 million by 2028, increasing from $201,023.4 million in 2020, at a noteworthy CAGR of 11.5%.
Impact Analysis of COVID-19 on the Cleaning Services Market
During the prevalence of COVID-19 pandemic, cleaning services market observed a moderate growth, across the world. COVID-19 pandemic has had a devastating effect on many business sectors. Due to complete lockdown and travel restrictions, many commercial buildings were closed which has hampered the cleaning services business. Also, due to a rise in the fear of viral transmission among people, many people prevented themselves from entertaining any kind of residential home cleaning services. This factor further restricted the cleaning services market share growth.
However, to contain viral transmission in hospital vicinities and residential arears, the use of sanitization and disinfection services has increased. This factor is likely to drive cleaning services market revenue in the coming years.
Cleaning Services Market Analysis:
Growing awareness about the importance of clean surroundings & environment on health & wellbeing among people across the world is expected to drive cleaning services market. Cleaning services comprise many different services like vacuuming, floor cleaning, and pressure cleaning. People prefer such types of cleaning for both residential and commercial places because these services provide facilities for deep corner cleaning and also maintenance of electronic devices like AC and fridge. Also, adopting such services helps people save their time and spend some more time with their family and friends. Such factors are likely to flourish cleaning services market share growth in the next few years.
However, many small scale companies in the cleaning services market are unable to provide good and efficient cleaning & dusting services due to lack of man power and advanced technology required for cleaning. Also, there is unavailability of skilled labor. Such factors are likely to restrain the cleaning services market size growth in the next few years.
Growing demand for cleaning services in the market by the consumers to maintain their clean working environment has encouraged many services providing companies to open their new ventures and invest in cleaning services market. Also, preference of millennial for high level cleaning is further expected to generate huge revenues for the cleaning services market size growth.
Cleaning Services Market Segmentation
The cleaning services market is segmented based on type, end-user, and region.
Based on the type, the cleaning services market is segmented into window cleaning, vacuuming, floor care, janitorial, carpet & upholstery, and other services. The janitorial sub-segment is predicted to have the highest revenue in the global market and register a revenue of $114,814.2 million during the forecast period. The growth of the sub-segment is majorly driven by people’s preference for contract based cleaning services. As the number of small scale industries have increased in cleaning services market, these companies have collaborated with major companies to provide cleaning services on contractual basis to their employees. Such factors are anticipated generate huge market revenue.
Based on the end user, the global cleaning services market is segmented into commercial and residential sub-segments. Commercial sub-segment is anticipated to have the highest revenue growth and the market shall generate a revenue of $263,450.5 million in 2028. The increase in the revenue of the sub- segment owes to growing number of big commercial buildings across the globe. As the number of commercial buildings like shopping complex, office buildings, and hospitals has increased, the requirement of good cleaning services has also increased. This factor is expected to flourish the market growth even further.
The Asia-Pacific cleaning services market accounted $44,024.1million in 2020 and is projected to register a revenue of $108,219.6 million by 2028. The regional growth is attributed to the presence of countries like China and Japan who are among the leading countries in cleaning services utilization. Also, the growing prevalence of lifestyle changes and increasing dual income in the region are further anticipated to generate huge cleaning services market revenue.
Key Players in the Cleaning Services Market
The companies involved in the cleaning services market are
- ABM Industries Inc.
- Analog Cleaning Systems
- Aramark Corporation
- Jani-King International, Inc.
- Pritchard Industries Inc
- ISS Facility Services, Inc.
- The Servicemaster Company, Llc.
Porter’s Five Forces Analysis for the Cleaning Services Market
- Bargaining Power of Suppliers: The number of suppliers in the cleaning services market is very high in number. Thus, they have to carefully optimize their services price range in order to attract more consumers.
Thus, the bargaining power suppliers is low.
- Bargaining Power of Buyers: Buyers are increasing in number and they have many different option for undertaking cleaning services. Therefore, they have high choices in choosing the services that best fit their requirements in less time frame.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: Since the market is growing rapidly, and the demand for good cleaning services has increased, new companies entering the market have started providing cleaning services with latest technology products to attract the consumers and establish their market presence.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: As cleaning services are themselves a substitute for manual cleaning, thus, they have no other substitute in the market.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the cleaning services market is growing and there is a huge scope for high growth.
Therefore, competitive rivalry in the market is high.