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Integrated Facilities Management (IFM) Services Market in Singapore
Frost & Sullivan, Aug 2007, Pages: 102
This Frost & Sullivan research service titled Integrated Facilities Management (IFM) Services Market in Singapore examines the potential within this market and highlights major participants competing in this space. It also offers detailed market growth forecasts based on services provided such as janitorial, engineering, waste management, and landscaping. In this research service, Frost & Sullivan's expert analysts thoroughly examine IFM in the education, healthcare, government, military, and commercial sectors.
The creation of real estate investment trusts (REITs) in Singapore, a result of its booming property market, is a major driver of the integrated facilities management (IFM) services market. Interest in REITs is increasing, as the returns from a well-managed property can be profitable for both investors and property owners. Fund managers and other property managers are, therefore, indirectly driving the practice of outsourcing facilities management to qualified third-party providers that are expected to ensure that the property and facilities are well managed and appreciate in value.
This trend has provided a much-needed boost to the IFM services market. 'Overall, the third-party IFM services market in Singapore is headed in the right direction, with market penetration at significantly high levels and awareness constantly increasing,' notes Terrence Duncan. 'As businesses and Government operations become more streamlined in the near future, they are expected to overcome internal bureaucracy issues and strongly evaluate the benefits offered by domestic and international IFM participants.'
The Singapore Government’s efforts to actively promote the concept of IFM and its initiatives to outsource the management of major Government departments and facilities to third-party providers have had a major impact on the country’s IFM services market. Although many organizations and businesses in Singapore have traditionally preferred to retain the facilities management function in-house, the Government’s leading example combined with its efforts to reduce bureaucratic obstacles and increase transparency in procurement and tendering processes, has redefined corporate attitudes toward outsourcing IFM services. Privatization of the public works department to ensure its recognition as an independent unit is also likely to create increased opportunities for large, local third-party IFM providers.
Technology Integration and Advancements Becoming Essential to Succeed
Technological advances in terms of new software development and new hardware usage are expected to contribute to the growth of the IFM services market in the long term. Due to the constant pressure to perform better and offer enhanced services, technological developments give IFM participants the tools and solutions they need to become virtually indispensable to property owners and managers. Apart from developing advanced software, various kinds of machinery have been tested to aid in effective facilities management. Investing in technology development is, therefore, becoming critical for IFM providers to succeed in a modern business environment. With the Internet revolutionizing the way buildings are connected and tasks are managed, IFM providers must consider linking various equipment with related troubleshooting procedures using the Internet.
In terms of hardware development, handheld devices that enable real-time data transfer and monitoring are increasingly becoming an essential investment for many IFM companies in Singapore, though smaller participants may find this beyond their reach. 'Being able to monitor a certain facility at any given time and request for services is the general understanding toward achieving an integrated level of facilities management,' says Terrence Duncan. 'Such practices are likely to boost client confidence in handling major projects and mission-critical maintenance.'
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