The software segment by component is estimated to lead the market growth during the forecast period.
According to The Insight Partners market research study of “Asia Pacific Facility Management Solution Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Deployment, Component, Enterprise Size, Application and Country.” The Asia Pacific facility management solution market is expected to reach US$ 307.89 million by 2028 from US$ 153.06 million in 2021; it is estimated to grow at a CAGR of 10.5% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific facility management solution market and the factors driving market along with those that act as hindrances.
With the digital transformation, the use of cloud-based platform is increasing due to its simple deployment and reduced deployment time and cost. Further, the internet infrastructure has matured in developed countries and is flourishing in several developing countries, allowing end users to access the cloud-based platform. A few benefits of cloud-based facility management solutions are secure hosting of critical data, improved security and scalability, and quick recovery of files. The backups are stored on a private or shared cloud host platform. Therefore, organizations can easily recover critical server data. Also, with a stable internet connection, the data can be easily accessed anywhere via secure logins. Cloud-based facility management solutions also decrease repair and maintenance costs and enhance customer satisfaction. Thus, several businesses are adopting the cloud-based platform for facility management software across the region. For instance, companies such as Honeywell, QuickFMS, and Focus Softnet Pvt Ltd provide cloud-based facility management solution. Therefore, numerous benefits have propelled the use of cloud-based solutions for integrating facility management services, which is projected to create lucrative opportunities for the facility management solution market in the coming years. Also, the rising trend of outsourcing facility management operations would help create future demand for facility management solutions.
In APAC, India is the worst-hit country due to the COVID-19 outbreak. With stringent regulations in APAC, the COVID-19 pandemic has propelled the adoption of automation in facility management processes, such as energy management, service requests, move-ins, and workspace customization. Increasing government investments in the building infrastructure sector and rising technological advancements in facility management services would create new opportunities for facility management solution market players in the coming years. For instance, drones can be used for inspection and security, holograms can be used for doors and electronic equipment, and elevator maintenance can be accessed through microchip implants. In addition, IoT (internet of things) technology is being used for indoor navigation, maintenance, security, and smart meeting rooms. Further, using RTLS (real-time locating systems), companies can track the large numbers of supplies and people. Therefore, the COVID-19 pandemic positively impacts the facility management solution market in APAC.
Based on component, the Asia Pacific facility management solution market is bifurcated into software and services. Based on application, the Asia Pacific facility management solution market is segmented into government, retail, pharmaceuticals, BFSI, transportation and logistics, IT and telecom, manufacturing, and others. Based on deployment, the Asia Pacific facility management solution market is bifurcated into on-premise and cloud-based. Based on enterprise size, the Asia Pacific facility management solution market is bifurcated into small and medium enterprises and large enterprises. Geographically, the Asia Pacific facility management solution market is sub-segmented into China, Japan, India, Australia, South Korea and Rest of APAC.
Axonator Inc., FacilityBot Pte Ltd, FM:Systems, IBM Corporation and ServiceChannel are among the leading companies operating in the Asia Pacific facility management solution market.
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