Service standardization is critical due to the presence of a large number of MNCs in the region
SINGAPORE, Sept. 13, 2018 /PRNewswire/ -- A booming construction market and the desire among the private and public sectors to build world-class infrastructure has added thrust to the integrated facilities management (IFM) market in the developing economies of Asia-Pacific. These countries, however, tend to be conservative spenders and the demand for high-value IFM services is limited to MNCs, large corporations, and the public sector. The more developed nations, such as Australia, Singapore, and Malaysia, are major markets for high-end IFM services due to the governments' and consumers' emphasis on smart or energy-efficient buildings. Green commissioning services and green FM service solutions that allow clients to maintain their green certification have given a huge added boost to IFM in mature markets.
"Asia-Pacific has traditionally been late adopters of integrated concepts, and the lack of standardization in IFM technologies has further hindered market growth in developing nations," said Janice Wung, Program Manager, Energy & Environment.
"On the other hand, there is continuous demand of IFM in mature markets due to contract renewals and upcoming sectors signing long-term partnerships with IFM providers, as in the case of Australia," she added.
Frost & Sullivan's recent analysis, Asia-Pacific Integrated Facilities Management Market, Forecast to 2022, analyzes market drivers, restraints, forecasts, trends, and the competitive landscape of the overall FM and IFM market. It covers the verticals of commercial, energy & resources, education, healthcare, public sector, and industrial in the countries of Malaysia, Singapore, Indonesia, the Philippines, Vietnam, Thailand, Japan, South Korea, Australia, and New Zealand.
For further information on this analysis, please visit: http://frost.ly/2rj
"As cost management and quality continue to be key concerns for many businesses in the region, IFM service providers have been striving to offer service standardization as well as significant cost, energy, and ultimately, operational efficiencies. Standardization is especially important to MNCs as they have facilities in multiple sites," noted Wung.
IFM and FM service providers looking to make optimal use of the immense growth opportunities in Asia-Pacific need to refine their business strategies in line with the following market and technology trends:
- Cost efficiency: Budgetary pressures and the slowdown in end-user industries such as mining has intensified the need to achieve economy-of-scale, particularly for larger-scale contracts with single clients.
- Value-added services: Service providers with single services have to enhance their service offerings. Value-added solutions like integrated services will help them provide businesses with a single point of contact.
- Building long-term partnerships: Build capacity in terms of portfolio and workforce for managing critical environment facilities and ensuring long-term relationships. Strong partner relationship with companies in the supply chain is necessary to win long-term contracts such as public-private partnerships.
- Service standardization: Develop strong in-house expertise in managing multiple sites while maintaining service quality. Gaining regional and global expertise through knowledge sharing and case studies will further sharpen their competitive advantage.
- Internet of Buildings: Incorporate software solutions that enable interoperability, Big Data Analytics, and the concept of Innovating to Zero. Invest in technologies and equipment such as sensors and platforms to engage with clients in real time.
Asia-Pacific Integrated Facilities Management Market, Forecast to 2022 is part of Frost & Sullivan's global Homes & Buildings Growth Partnership Service program.
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Asia-Pacific Integrated Facilities Management Market, Forecast to 2022
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SOURCE Frost & Sullivan