Singapore and Malaysia are expected to witness the highest IFM adoption rates in Southeast Asia, reveals Frost & Sullivan
SANTA CLARA, Calif., Aug. 19, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis on Southeast Asian integrated facilities management (IFM) finds that the IFM market is on an upswing in the region due to the demand for energy efficiency, regulatory support, narrowing expectation gaps between service providers and end-users, and the emergence of service providers that offer specialized FM services. As a result, this market is estimated to garner $2.41 billion in revenue by 2025 from $1.82 billion in 2020, registering a 5.8% compound annual growth rate (CAGR). Additionally, the increasing deployment of technologies due to COVID-19 and environment-conscious consumers' emphasis on adopting energy-efficient methods will further expedite market progress. Though IFM adoption levels are anticipated to vary across the Southeast Asian countries, Singapore and Malaysia are expected to observe the highest adoption rates.
This study analyzes commercial, institutional, public/infrastructure, and industrial market segments, among others. In these market segments, industrial is expected to witness the highest CAGR at 7%, followed by institutional at 5.9% during 2020-2025.
For further information on the analysis, Southeast Asian Integrated Facilities Management (IFM) Growth Opportunities, please visit: http://frost.ly/67a.
"Changes in the mindset across all stakeholders, including service providers, clients, and occupiers, are significantly impacting facilities management (FM), whether in terms of a value proposition or service requirements," said Janice Wung, Program Manager, Industrial Practice, Frost & Sullivan. "Innovation through the incorporation of technology-supported propositions or enabling technologies is key to the future of FM."
Wung added: "IFM opportunities can involve various building-related components, and these can range from energy to visitor experience. Due to this, service providers must identify the need to act swiftly through collaborations/partnerships with suitable technology or platform providers or firms that possess strong technical or niche capabilities."
The increasing demand for energy efficiency and sustainability is driving the IFM market, thereby presenting lucrative prospects for market participants, such as:
* Workplace management to optimize occupier experience: Service providers can look for opportunities in existing engagements by integrating workplace management into core FM/IFM services.
* Data analytics to improve maintenance and costs: Acknowledging the growing demand for data analytics will allow service providers to drive awareness.
* Energy management to optimize cost and comply with building standards: As technology and innovation continue to be the core of energy management solutions, service providers should incorporate technologies such as real-time reporting to optimize the solutions.
* Market collaboration and consolidation to leverage knowledge and experience: Vendors should identify areas ripe for expansion supported by partnerships/collaborations with specialized or technical firms.
Southeast Asian Integrated Facilities Management Growth Opportunities is the latest addition to Frost & Sullivan's Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Southeast Asian Integrated Facilities Management Growth Opportunities
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