South Korea Facility Management Market Size, Share, and COVID-19 Impact Analysis, By Type (Inhouse Facility Management, Outsourced Facility Management), By End User (Commercial, Residential, Industrial, Others), and South Korea Facility Management Market Insights Forecasts to 2032

Industry: Electronics, ICT & Media

RELEASE DATE Dec 2023
REPORT ID SI3183
PAGES 200
REPORT FORMAT PathSoft

South Korea Facility Management Market Insights Forecasts to 2032

  • The South Korea Facility Management Market Size was valued at USD XX Billion in 2022.
  • The Market Size is Growing at a CAGR of 3.6% from 2022 to 2032.
  • The South Korea Facility Management Market Size is Expected to Reach USD XX Billion by 2032.

 

South Korea Facility Management Market

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The South Korea Facility Management Market Size is Expected to Reach USD XX Billion by 2032, at a CAGR of 3.6% during the forecast period 2022 to 2032.    

 

Market Overview

The term facility management (FM) refers to the management methods and procedures used for an organization's infrastructure management, building management, and overall productivity at work. With this system, an organization's procedures are simplified and services are uniform. Several service providers in the area have focused on expanding their footprint over the last ten years to capitalize on increasing demand for facility management, particularly in light of the current trend that values outsourcing non-core functions. Furthermore, as a result of the country's dynamics, South Korea has seen an increase in opportunities to creatively leverage corporate real estate and facility management. The growing importance of outsourcing non-core operations and the expansion of the real estate industry are expected to drive the South Korean market for facility management services. Furthermore, the market is expected to be driven by government regulations concerning environmental concerns, safety precautions, and environmentally friendly methods. The country's increased infrastructure spending is one of the main factors driving the growth of the facility management market in South Korea.

 

Report Coverage

This research report categorizes the market for South Korea’s Facility Management market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea Facility Management market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea Facility Management market.

 

South Korea Facility Management Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD XX Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:3.6%
2032 Value Projection:USD XX Billion
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:120
Segments covered:By Type, By End User, and COVID-19 Impact Analysis.
Companies Covered:Samkoo Inc Co., Ltd, Hyundai GBFMS, CBRE Group, Inc., Sodexo Oy, Savills Plc and other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The growing emphasis on process optimization and energy efficiency enhancements are the primary factors propelling the growth of the South Korea facility management market. Facility management refers to a wide range of services and disciplines aimed at ensuring the functionality, comfort, and efficiency of the built environment, which includes buildings, real estate, and infrastructure. Facility management encompasses communications management, operations and maintenance, business continuity and emergency management, as well as environmental responsibility and sustainability. This course covers a variety of topics, including project management, hospitality and human aspects, real estate and property management, and ergonomics. Businesses can better manage their corporate social responsibilities, comply with health and safety rules and regulations, and maintain the overall quality of their core operations by outsourcing facility management services.

 

Restraining Factors

Organizations have significant challenges when it comes to facility management owing to a lack of managerial awareness and standardization. Facility management includes the coordination and maintenance of infrastructure and material assets. Decision-makers who lack sufficient awareness may allocate resources inefficiently, resulting in insufficient maintenance and increased operating costs. Non-standardized processes cause inconsistent service quality across facilities, which has an impact on both customer and employee experiences; such factors hamper market growth during the forecast period.

 

Market Segment

  • In 2022, the in-house facility management segment accounted for the largest revenue share over the forecast period.

Based on type, the South Korea facility management market is segmented into in-house facility management and outsourced facility management. Among these, the in-house facility management segment has the largest revenue share over the forecast period. This is due to internal systems can operate more smoothly and effectively compared to outsourced counterparts. In-house facility management services are associated with financial gains, increased customer satisfaction, and better career opportunities for employees. The increased reliance on internal software for facility operations management will be exacerbated by the trend of urbanization and industrialization.

 

  • In 2022, the commercial segment accounted for the largest revenue share over the forecast period.

Based on end users, the South Korea facility management market is segmented into commercial, residential, industrial, and others. Among these, the commercial segment has the largest revenue share over the forecast period. Because of the growing demand for easy, safe, and secure workspaces, office buildings are expected to account for a sizable portion of this market. This industry includes a wide range of businesses, including independent automated teller machines (ATMs), credit unions, insurance outlets, bank branches, brokerages, and check-cashing facilities.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea Facility Management market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Samkoo Inc Co., Ltd
  • Hyundai GBFMS
  • CBRE Group, Inc.
  • Sodexo Oy
  • Savills Plc
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In March 2022, Sean Techs, through its brand Seantex, launched the smart building management solution S-CUBE in collaboration with Monet Korea, an IoT sensor company. Seantex intends to enter the smart building market by combining IoT technology and equipment predictive maintenance expertise.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea facility management market based on the below-mentioned segments:

 

South Korea Facility Management Market, By Type

  • Inhouse Facility Management
  • Outsourced Facility Management

 

South Korea Facility Management Market, By End User

  • Commercial
  • Residential
  • Industrial
  • Others

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