South Korea Facility Management Market Size

South Korea Facility Management Market Analysis

The South Korea Facility Management market is expected to grow during the forecast period by registering a CAGR of 3.8% during 2022-2027.

• South Korea is one of the countries with the largest number of buildings with high stories. With most buildings now fitted with state-of-the-art technology, a skilled workforce is needed to maintain them. This is turning more companies towards outsourcing their facility management to experts who can ensure they meet regulatory stipulations. Increasing cooperation between conglomerates and foreign facility management companies is expected to drive the market.
• With the re-kindled focus on economic policies and expansion of services post Covid-19, the financial management market is expected to grow significantly owing to the increasing adoption of work optimization and productivity. Further, the facility manager's role is growing more notable and changing from operational to strategic.
• The COVID-19 pandemic has presented itself as an opportunity for the facility manager to consolidate the new office environment and address the demands of employees in terms of working from home in the corporate culture. Though, more compliance is anticipated, also concerning suppliers. The focus will be more on quality and results and less on a fixed schedule.
• However, labor-management relations and inflexible labor laws have been an ongoing problem in South Korea. Additionally, the increasingly stringent building regulations and rising green facility management trends are expected to provide impetus. Another driving factor is strong support from Government and regulatory bodies on sustainability, energy efficiency, and green management.