Market Trends of Asia Pacific Facility Management Industry
The Commercial Segment is Expected to Witness a Major Growth
- Offices built or occupied by business services, such as corporate offices of information and communication technologies and industrial equipment manufacturers. The importance of decoration and management has increased in the country's business sector market, given the provision of essential equipment and interior facilities and commercial buildings.
- Due to the increasing demand, increasing commercial properties and construction are expected to drive the segment. For example, according to the Singapore Department of Statistics, as of Q2 2023, 568 m2 of properties were under construction.
- The commercial end-user sector is mainly composed of office buildings used by service providers for the provision of business services, such as manufacturers' offices, information technology and telecommunications firms, or other third parties. As a result, the regional retail market has become even more important with regard to the total supply of commercial building decorations, necessary internal fittings, and management.
- Property accounting, contract management, renting, procurement administration, and a number of other services are required in commercial premises, so the need to hire professionals becomes necessary. In view of these factors, there are growth opportunities for the commercial sector in the market, and this trend is expected to continue significantly between 2024 and 2029.
- The market offers vendors a number of opportunities for implementation and operation of various IoT-based facility management that will enable smarter buildings to be built in China. This is because more and more people are interested in using IoT and smart building technologies. The need for facility management services in the area is also predicted to increase due to the rise in business acumen among industry suppliers and the diversification of the economy from different industries.
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Japan is Expected to Register the Fastest Growth in the Market
- Due to frequent incidents and occurrences, the Japanese facility management industry has become increasingly focused on the maintenance of buildings at a higher level and the need for disaster preparedness. Various firms are outsourcing these tasks to facility service providers due to the complexity associated with the cost-effective maintenance of crucial functions or sites.
- As the digitalization of facility management becomes increasingly complex with the rapid uptake of Internet of Things technology in Japan, demand for access control solutions is growing both at home and abroad.
- Moreover, while there is a growing need to reduce costs related to production lines in an industrial facility, there is a shortage of human resources in specialized occupations that can handle the operation of complex facilities.
- Japan's freight transport companies are facing shortages of workers and the maintenance of aging facilities, including its own buildings or equipment, such as air conditioning and lighting systems. Demand for buildings fitted with advanced security features that will make them easier to manage has grown as a result of improvements in living standards across the country. This trend, which is projected to become more pronounced in the forthcoming period, has been particularly marked in urban centers.
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