The third party integrated facilities management (IFM) service market in Singapore is poised for growth. With outsourcing and privatization trends gaining momentum among establishments and the rising awareness of the need for environment-friendly practices, the market is set to benefit significantly.
New analysis from Frost & Sullivan (www.buildingtechnologies.frost.com), Integrated Facilities Management (IFM) Services Market in Singapore, finds that the market earned revenues of $472.1 million in 2006 and estimates this to reach $1,011.6 million in 2013.
“The Singaporean Government has played its part and taken the leading role in boosting such services within the country,” notes Frost & Sullivan Research Analyst Terrence Duncan. “Clearly, government transparency is boosting the demand for third party IFM services.”
IFM mainly involves non-core activities such as janitorial, landscaping and certain engineering services, which the government and other private establishments prefer to outsource.
Resistance from in-house management is also expected to fade away as businesses start to pay more attention to only core activities within the organization. This should provide a fillip to the third party IFM services market.
However, constant requests from clients seeking only ‘management services’ pose a key challenge to IFM participants, who typically prefer completely outsourced tasks during a contract.
In addition, more than 30 percent of facilities management services in various segments are still being performed in-house or within a subsidiary company. Thus, organizations are not fully benefiting from specialized third party IFM services.
“Realizing the full potential of opting for third party IFM services will benefit the entire organization in the long run,” states Duncan. “Moreover, finding the right partner and carefully negotiating FM contracts will benefit a company’s bottom line.”
Major market segments have joined the bandwagon of adopting IFM services. However, third party service providers will need to aggressively market their products and ensure that all benefits are understood in a competitive market such as Singapore.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest analysis of the IFM Services Market in Singapore, send an e-mail to Donna Jeremiah, Corporate Communications, at djeremiah@frost.com with your full name, company name, title, telephone number, e-mail address, city, state, and country. We will send you the information through e-mail upon receipt of the above information.
Integrated Facilities Management (IFM) Services Market in Singapore is part of the Building Management Technologies Growth Partnership Service, which also includes research on Building Automation Systems Market in Hong Kong, Singapore and Malaysia. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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