Dublin, Nov. 28, 2019 (GLOBE NEWSWIRE) -- The "FM Boom in Southeast Asia-Focus on the Vietnamese Market, Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The Vietnamese facilities management (FM) market is expected to record a growth rate of 5.5% in 2019. By 2023, the total market is expected to record a compound annual growth rate (CAGR) of 6%, reaching $470.8 million.

Rapid growth in Vietnam's economy is driving building construction in various sectors, such as healthcare, financial, industrial, and residential, thereby boosting the demand for FM services. Moreover, there is a growing awareness on the benefits of outsourcing building services for reducing operational costs. Major restraints to growth in the FM market in Vietnam include preference for managing certain building services in-house, cost sensitivity, and lack of knowledge on outsourcing benefits. These factors often defer engagement with third-party providers of FM services.

The market is highly fragmented, with the share of individual participants being not more than 5%. There are no apparent market leaders, as each service provider serves its own clientele. The distinctive requirements and standards sought by end-users from different sectors have resulted in growing preference for sector-focused service providers. End-users prefer local service providers that are familiar with the domestic workforce and the local language and culture.

In the Vietnamese FM market, there needs to be a strong focus on key services-cleaning, repair and maintenance, and security. There is also a need for higher R&D investments for enabling greater automation in security services and cost reduction to offer competitive prices. FM companies need to keep up with anticipated trends such as the provision of green cleaning and energy management services using environment-friendly chemicals, substantial R&D investment, and partnerships with energy efficiency experts. For example, green cleaning is already an upcoming trend in other countries. In Vietnam, it is still considered as a new trend and adopted in niche segments such as green buildings and private hospitals.

Going forward, the market will move toward domestic hybrid building service providers offering all kinds of services to customers. This can be done by building specialized teams, hiring skilled resources in specific areas of focus, or executing M&As with other FM companies.

The scope of the FM market for this study covers cleaning, security, and repair and maintenance. The end-use sectors covered in this study are commercial, education, healthcare, public sector, and industrial.

Major Issues Addressed

• What are the key growth drivers and restraints for the FM market in Vietnam?
• What is the size of the FM market in Vietnam, and how is it growing year on year?
• Which are the end-users and FM service types that are likely to impact the market opportunity moving forward?
• Who are the leading FM providers, and what are the purchase criteria in this market?
• What are the emerging opportunities that FM providers in Vietnam can leverage?

Key Topics Covered

Executive Summary

• Key Findings

Introduction

• Scope
• Market Definitions
• Key Questions this Study will Answer

Drivers and Restraints-Total FM Market

• Market Drivers
• Drivers Explained
• Market Restraints
• Restraints Explained

Market Forecast

• Revenue Forecast and Discussion
• Percent Revenue Forecast by Service Type
• Revenue Forecast by Service Type
• Revenue Forecast Discussion by Service Type
• Percent Revenue Forecast by End User
• Revenue Forecast by End User
• Revenue Forecast Discussion by End User
• Percent Revenue Breakdown by Service Type and End User

Competition and Purchase Trends

• Competitive Landscape
• Notable Market Participants
• Common Competitive Factors of Top Participants
• Purchase Decision Trends

Growth Opportunities and Call to Action

• Services-Growth Opportunity 1: Focus on Key Services
• Services-Growth Opportunity 2: Service Innovation
• Services-Growth Opportunity 3: Invest in IFM
• End Users-Growth Opportunity 1: FM Going Green
• End Users-Growth Opportunity 2: Pivot to Key End Users
• Strategic Imperatives for Success and Growth

Conclusion

For more information about this report visit https://www.researchandmarkets.com/r/w4dbwl

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900