Transformative Mega Trends including Building Technology Progression, and Future of Workplace are Key to Service Providers
Singapore's facility management (FM) market is in the advanced stage of the growth lifecycle due to the strong culture of outsourcing and the high acceptance of value-added or innovative offerings. It is a mature market, and a large number of regional and global service providers have set up their headquarters in the city.
A conducive business environment and mature end users position Singapore as a profitable market for FM. A favorable response to new technologies and solutions and active stakeholder participation (stakeholders include regulatory bodies and service providers) are equally important factors that drive market growth. These factors drive overall FM development in the country.
However, the market is also clouded by manpower issue, saturation, and budget restriction impacting outsourcing decisions. The high reliance of manpower in the market, coupled with the growing cost as a result of the implementation of Progressive Wage Model (PWM), made it difficult to compete in terms of pricing. These factors delay market advancement.
Singapore has high outsourcing rate and good acceptance of new technologies, approaches, or business models. The maturity among service providers translates into higher adoption of technology-supported solutions. The need to reduce reliance on manpower and improve productivity, coupled with mature end users that welcome the use of technologies, saw an increasing trend of technologies being incorporated. The need to meet building standards has also led to increasing demand for advanced solutions, which has increased reliance on technologies to achieve favorable FM outcomes.
This study analyzes the Singaporean FM market, covering market drivers, restraints, forecasts, trends, and competitive landscape of the overall market. The study also provides base year analysis of each of the service segments covered. This study covers 2019 to 2026 time frame with 2020 being the base year. There are 4 key growth opportunities identified in this study.
Key Issues Addressed
- Is the market growing? How long will it continue to grow, and at what rate?
- What are the potential market and the current outsourcing trends like?
- Which are the factors contributing and deterring market development? How do these factors affect the market?
- How will the structure of the market change with time? Is the market observing consolidation?
- Are the products offered today meeting customer needs or is additional development needed?
- What are the key growth opportunities market participants should pay attention to
