In the Asia Pacific region, the Vietnam facility management market is at an increasing stage. The industry revenue has augmented at an effective CAGR during the reviewed period. This growth was suggested by the wider FDI inflows in the region, public segment outsourcing, cost control measures, a wider requirement from the end-user segments, speedy urbanization, and technological advances, along with growing the requirement for the commercial and residential spaces in the region, wherein the market players catered to the requirement of the clients for both the hard and soft services. The consumers in the market are exceedingly price-sensitive and a shortage of consciousness related to the importance of the facility management services has effectively resulted in the lower penetration of such services.
The incorporated facility management market is comparatively at an increasing stage in the region and its attractiveness has increased in the outsourcing of the services and a focus to attain the cost and the operational effectiveness, for both the clients and merchants. In the Asia Pacific region, the facility management services are utilized by both the local corporates and MNCs in the region. However, the local corporates frequently prefer single or bundled services owing to their small scale of the functions whereas the MNCs prefer the integrated facility management (IFM) services in the location of the Asia Pacific region.
By the soft services and hard services, the soft services registered the market in Vietnam in terms of creating revenue in the recent past years. The advancement in the segment namely wider requirement for the retail and commercial spaces, real estate, growth in the foreign direct investment and an augment in the commercial activities has improved the requirement for the soft services in the region due to the effective increase in the demand for cleaning and security services. Not only has this, but the hard services also registered the remaining revenue share in the facility management market.
Although, by the type of services, in the Asia Pacific region, it is predicted that bundled services underwrote a foremost share in the terms of creating revenues for the industry in the recent past Bundled services are widely required by retail and commercial private segments. This was monitored by Single and integrated services.
In the Asia Pacific region, the Vietnam Facility Management services market is abstemiously determined in nature. JLL is the market leader and has the uppermost market share in the Facility Management market in Vietnam on the basis of revenue in the recent past years. This was followed by CBRE, RCR Resolve FM Vietnam, Sodexo, Aden, Atalian and several others. These market players contend based on the price of services, quality and acquaintance of services, track record, and historical history within the industry and segments serviced accomplished workforce, and conventional client relationships.
In the coming years, it is projected that the facility management market revenue will positively augment at an effective CAGR during the reviewed period. Moreover, the requirement for both the soft and hard services will be increased greatly owing to the effective growth in Government outsourcing. Therefore, in the coming years, it is anticipated that the market of Asia Pacific facility management will augment more strongly over the coming years.
Ankur Gupta, Head Marketing & Communications