Market Trends of Asia-Pacific Soft Facility Management Industry
This section covers the major market trends shaping the APAC Soft Facility Management Market according to our research experts:
Infrastructure Developments are Expected to Bring New Opportunities for the Market
- An increase in the development of commercial facilities, along with large investments in infrastructure projects such as hospitals, airports, and educational institutions, are expected to drive market growth. Increasing awareness of the benefits of soft facility management services is expected to fuel the market's growth.
- Construction activities are expected to provide further momentum for the market's growth. Both central and state governments are undertaking several large and big commercial construction projects. According to the Reserve Bank of Australia, post-COVID-19, the construction sector increased by 8%.
- According to the Government of India, in March this year, the Government awarded another 8,500 km under the Bharatmala Pariyojana Project and completed an additional 11,000 km of national highway corridors. Such infrastructure developments will further boost the need for a soft facility management market.
- For instance, Aden completed its new water management plant in Vietnam. Such infrastructure developments will increase the demand for soft facility management services (cleaning and security services).
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India is Expected to Witness Significant Growth
- The commercial sector is gaining momentum in India due to the IT boom and smart city development plans. The country is attracting commercial investments that drive the need for soft facility management services.
- Smart city development plans in the county also drive the soft facility management market's growth. For instance, in December last year, the Union Government extended the timeline to June next year for the implementation of the Smart Cities Mission. The delay was caused due to the COVID-19 pandemic, and the government aims to develop 100 cities and gain investments of USD 200 million for infrastructural sectors.
- According to NITI Aayog, the Indian real estate sector is expected to reach a market size of USD 1 trillion by 2030 and will account for 13% of India's GDP by 2025. This indicates that the real estate sector is growing, and the need for soft facility management services will grow.
- For instance, in March this year, the Aviation Minister stated that by 2025, India would have 220 new airports as the country witnessed increased domestic and international travel during the pandemic. It was added that the Government of India intended to create 33 new domestic cargo terminals. Such investments planned by the government are expected to drive the soft facility management services in India.
- Healthcare infrastructure developments are growing owing to the increasing number of patients and rising healthcare expenditure by the public and private players in healthcare systems. As per the data published by the Union Budget, total healthcare spending is projected to grow at an average rate of 0.23% during current financial year.
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