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The Singaporean FM market is well developed with a comprehensive regulatory framework in place to drive the market. The strong outsourcing culture across the country, together with a conducive business environment, encourages both local and foreign service providers to establish their footprint in the country. The mature FM market in Singapore experienced strong consolidation trends. Much of the mergers and acquisitions (M&A) took place on the global level. However, as Singapore is regarded as the headquarter for most regional participants, the M&A impact was most felt in the domestic market than in other SEA markets. The greater familiarity of information technologies (IT) across most corporations and increasing need to raise operational efficiency lead to consistent FM demand. The market is also driven by strong adoption of sustainability, encouraging FM and integrated solutions market development. Furthermore, the growth in asset base due to construction activity and likelihood to outsource will continue to support future market development. However, budget restrictions and financial pressure, particularly in non-critical FM expenditure, and saturated end-user segments limit the potential market growth and development. Another key restraint for the domestic FM development is the lack of qualified and competent personnel, which is likely to affect the quality of FM services delivered. Key growth opportunities that are observed in the Singaporean FM market are automation and digitization, real-time analytics, FM in building design or creation, energy management, and demand from emerging or niche segments. FM service providers with long working relationships, strong portfolio, and heavy investment in technology-supported solutions will continue to strive in the Singaporean FM market due to strong outsourcing culture. This analysis on the competitive landscape of the Singaporean FM market identifies key market participants and provides an in-depth profiling of each key market participant. The study looks into the core segments and market participants’ positioning in each key end-user segment and maps out strategies adopted by each market participant from the aspects of service delivery, end-user focus, internationalization, sustainability, and future trend. This study covers 2018 as the base year.
Key Issues Addressed
Author: Janice Wung
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