South Korea Facility Management Market Size (2024 - 2029)

South Korea Facility Management Market Analysis

The South Korea Facility Management market is expected to grow during the forecast period by registering a CAGR of 3.8% during 2022-2027.

• South Korea is one of the countries with the largest number of buildings with high stories. With most buildings now fitted with state-of-the-art technology, a skilled workforce is needed to maintain them. This is turning more companies towards outsourcing their facility management to experts who can ensure they meet regulatory stipulations. Increasing cooperation between conglomerates and foreign facility management companies is expected to drive the market.
• With the re-kindled focus on economic policies and expansion of services post Covid-19, the financial management market is expected to grow significantly owing to the increasing adoption of work optimization and productivity. Further, the facility manager's role is growing more notable and changing from operational to strategic.
• The COVID-19 pandemic has presented itself as an opportunity for the facility manager to consolidate the new office environment and address the demands of employees in terms of working from home in the corporate culture. Though, more compliance is anticipated, also concerning suppliers. The focus will be more on quality and results and less on a fixed schedule.
• However, labor-management relations and inflexible labor laws have been an ongoing problem in South Korea. Additionally, the increasingly stringent building regulations and rising green facility management trends are expected to provide impetus. Another driving factor is strong support from Government and regulatory bodies on sustainability, energy efficiency, and green management.

South Korea Facility Management Industry Segmentation

Facility management (FM) is a profession that incorporates many disciplines to ensure functionality, safety, comfort, and efficiency of the built environment by integrating people, process, place, and technology. FMs contribute to the business's bottom line through its responsibility for maintaining what is often an organization's most significant and most valuable assets, such as property, equipment, buildings, and other environments that house personnel, productivity, inventory, and other elements of the operation.

Facility management services involve the management of building upkeep, utilities, maintenance operations, waste services, security, etc. These services are further divided into hard facility management services and soft facility management services spheres.

Both in-house facility management and outsourced FM services are considered in the scope. The market for integrated facility management service (IFM), along with single and bundled services, is included in the outsourced FM services segment.

South Korea Facility Management Market is segmented by Type of Facility Management (In-house Facility Management and Outsourced Facility Management (Single FM, Bundled FM, Integrated FM)), by Offering type (Hard FM, Soft FM), and by End-user (Commercial, Institutional, Public/Infrastructure, Industrial).