South Korea Facility Management Market Growth and Size, Rising Trends, Demand, Industry Share, Revenue, CAGR Status, Challenges, Business Opportunities and Forecast till 2033: SPER Market Research
The multifaceted discipline of facility management (FM) includes the planning, coordinating, and carrying out of different services to guarantee the best possible operation of an organization’s built environment. To increase productivity and accomplish organisational objectives, it integrates people, procedures, technology, and tangible assets. There are many different kinds of facility management services, including utilities management, property management, maintenance, cleaning services, security, and environmental health. They use a variety of tools, including computer-aided facility management (CAFM), building information modelling (BIM), and several monitoring and control systems. Commercial buildings, hospitals, schools, shops, factories, and government facilities are among the places where facility management is used. Cost savings, higher worker productivity, regulatory compliance, increased sustainability, and longer asset lifespan are just a few advantages they provide.
According to SPER Market Research, ‘South Korea Facility Management Market Size- By Type of Facility Management, By Offering Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that South Korea Facility Management Market is estimated to reach USD 61.97 billion by 2033 with a CAGR of 3.11%.
The main drivers of the South Korean facility management market’s expansion are the increased focus on process optimisation and energy efficiency improvements. In order to guarantee the efficiency, comfort, and functioning of the built environment—which includes infrastructure, buildings, and real estate—a broad range of services and disciplines are collectively referred to as facility management. Communications management, operations and maintenance, business continuity and emergency management, sustainability and environmental responsibility, and more are all included in facility management. Project management, hospitality and human elements, real estate and property management, and ergonomics are just a few of the many topics covered in this course. By outsourcing facilities management services, businesses can better fulfil their corporate social duties while preserving the general calibre of their core operations.
Lack of managerial awareness and standardisation causes organisations to face major facility management issues. The coordination and upkeep of material assets and infrastructure are included in facility management. Insufficient awareness among decision-makers can lead to inefficient resource allocation, which raises operational costs and results in inadequate maintenance. Inconsistent service quality across facilities due to non-standardized processes affects the experiences of both customers and employees; these factors impede market expansion throughout the projection period. With a mix of domestic and foreign players, the FM market in South Korea is still fragmented. A more fair playing field and high-quality service delivery can be achieved by establishing precise rules and standardised procedures.
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Due to the increased use of productivity and work optimisation, the South Korean facility management market is anticipated to rise significantly as a result of the renewed emphasis on economic policies and service growth following COVID-19. Additionally, the function of the facility manager is becoming more prominent and shifting from operational to strategic. The COVID-19 pandemic has given the building manager the chance to streamline the new office space and accommodate employees’ requests for remote work within the company culture. However, additional compliance is expected with regard to suppliers as well. The emphasis will be less on a set timetable and more on quality and outcomes. However, restrictive labour rules and labor-management relations have been persistent issues in South Korea.
The Seoul Capital Area (Sudogwon Region) market dominated the South Korea Facility Management Market due to being the South Korea’s economic hub. Some of the key players are – CBRE Group, Inc., Hyundai GBFMS, Samkoo Inc Co., Ltd, Savills Plc, Sodexo Oy.
South Korea Facility Management Market Segmentation:
By Type of Facility Management: Based on the Type Of Facility Management, South Korea Facility Management Market is segmented as; in-house facility management and outsourcing facility management
By Offering Type: Based on the Offering Type, South Korea Facility Management Market is segmented as; hard FM and soft FM.
By End Users: Based on the End Users, South Korea Facility Management Market is segmented as; commercial, institutional, public/infrastructure and industrial.
By Region: This research also includes data for Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), Others.
For More Information, refer to below link: –
South Korea Facility Management Market Forecast
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