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Facilities Management Market to Experience Massive Growth in ASEAN-6, Given High Demand for Urbanization Post COVID-19 Finds Frost & Sullivan - Frost & Sullivan analysis indicates FM service providers to shift towards performance-based contracts and integration of digital technologies for growth opportunities - Frost.com
Facilities Management Market to Experience Massive Growth in ASEAN-6, Given High Demand for Urbanization Post COVID-19 Finds Frost & Sullivan

 

NewswireToday - /newswire/ - Santa Clara, CA, United States, 2020/08/06 - Frost & Sullivan analysis indicates FM service providers to shift towards performance-based contracts and integration of digital technologies for growth opportunities - Frost.com.

   
 
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Frost & Sullivan’s recent study, Analysis of the Growth Strategies of ASEAN-6 Facilities Management Companies, reveals that the facilities management (FM) market within the six member nations for ASEAN (Thailand, Vietnam, the Philippines, Indonesia, Malaysia, and Singapore) is estimated to drop by 3.7% in 2020. The impact from COVID-19 is likely to affect projects and businesses, with the slowdown in the value chain expected to hamper the delivery of FM services to new buildings.

However, FM services such as sanitation will become even more essential after COVID-19 as the market recovers to reach pre-pandemic levels by 2023 and grow steadily thereafter. Two years later, the market is likely to reach $17 million in 2025 up from $13.28 million in 2019, with a compound annual growth rate (CAGR) of 4.2%. Significant enablers of the FM market include an increase in urbanization, a surge in adoption of digital technologies, rising awareness of FM services, and a change in work culture and workplace design.

“The overall lack of awareness about the importance and effectiveness of outsourced FM services has impeded healthy growth; however, this is likely to change post-COVID-19, with greater demand for cleaning and environmental services. Hence, it is imperative that FM companies improve these services to meet market demand,” said Melvin Leong, Director, Industrial, Asia-Pacific. “There is a lot of potential in the ASEAN-6 FM market post-pandemic as the region is expected to stabilize faster than any other region globally. Amongst the FM markets of the individual countries, Indonesia is expected to remain the largest but Thailand is the fastest growing.”

Leong added,“Significant business model innovation will also happen with performance-based contracts that guarantee service and performance to FM clients. Companies can also invest in futuristic technologies such as artificial intelligence and cloud computing to enhance process efficiency and ensure effective service delivery for end users.”

Post COVID-19, FM services will gain greater prominence, presenting immense growth prospects for FM market participants, including:

• Offering performance-based service contracts, which may be a solution for cost-sensitive customers during difficult times;
• Investing in online human resourcing platforms to help reduce human resource liability and negotiate wage payments;
• Partnering with automation manufacturers and application developers to leverage their solutions to strengthen existing FM services;
• Adopting and integrating digital technologies with FM services, thus improving the service providers’ internal processes.

Analysis of the Growth Strategies of ASEAN-6 Facilities Management Companies, Forecast to 2025 is the latest addition to Frost & Sullivan’s Energy & Environment research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For over five decades, Frost & Sullivan (frost.com) has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Analysis of the Growth Strategies of ASEAN-6 Facilities Management Companies, Forecast to 2025 / PAE9

 
 
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Facilities Management Market to Experience Massive Growth in ASEAN-6, Given High Demand for Urbanization Post COVID-19 Finds Frost & Sullivan

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