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IFM Market in Hong Kong
Frost & Sullivan, Dec 2010, Pages: 75
This research service highlights the integrated facilities management market in Hong Kong. It includes an executive summary, which includes key research findings of the research service. It also includes a country profile, where PEST analysis, key economic indicators, construction trends overview and sustainability issue overview are given. A segment on in depth analysis of the market is included, together with market dynamics and competitive landscape. Lastly, market trends, profile of major participants, market opportunities and strategic conclusions of the research service are included as well.
Research Overview
This Frost & Sullivan research service titled IFM Market in Hong Kong provides political, economic, social and technological (PEST) analysis, key economic indicators, construction trends, overview and an analysis of sustainability. Market trends, profiles of major participants and strategic conclusions are included. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: healthcare, education, commercial, retail and wholesale and industrial.
Market Overview
Energy-efficient Services to Help Hong Kong's Integrated Facilities Management Market Reach $3,099.7 million in 2016
With Hong Kong being highly dependent on international trade and finance, the integrated facilities management (IFM) market in the country is stronger than in other Asia Pacific countries. The market generated revenues of $2, 251.8 million in 2009, with an annual growth rate of 4.5 percent. Multinational companies, especially international banks, have started to completely outsource their facilities management (FM) functions to IFM service providers. Janitorial and mechanical and electrical (M&E) are the main services that are outsourced, indicating that the market has significant potential to grow. The government and regulatory bodies in the IFM market are highly involved in advocating energy efficiency in the building industry. Hence, the FM companies have opportunities to provide energy-saving services. “The market growth rate is expected to increase steadily by 2016 due to the stability of Hong Kong's economy, which is growing between 4 and 5 per cent, annually,” notes the analyst of this research service. “In addition, the high availability of experienced FM professionals in the market suggests growth.”
The highly competitive IFM market drives the participants, even major ones, to adopt a competitive pricing strategy to remain in business. “FM service companies in Hong Kong are currently under extreme pressure to cut costs,” explains the analyst. “Additionally, the economic downturn forced companies to reduce FM budget.” The market experienced only a slight dip in 2009, due to its strong presence in Hong Kong and the increasing economic integration with China. However, growth has been restricted due to the competitive pricing strategy and the lack of loyalty among skilled employees. The IFM market in Hong Kong is characterised by linked organisations. This character of the market hinders rapid improvements. To compound matters, a number of low-cost Chinese service providers have entered the market in the recent past. Most of them, however, are bundled or single service providers and do not pose any direct threat to IFM companies.
The market may get respite from some of these challenges through the efforts of the IFMA HK Chapter. This organisation oversees the IFM market in Hong Kong and is one of the most established FM associations in Asia Pacific. Its initiatives in increasing awareness on outsourcing the IFM services have paid off with the market beginning to move into the maturity stage.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Healthcare
- Education
- Commercial
- Retail & wholesale
- Industrial
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