United States IT Outsourcing Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Singapore Facility Management Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028) The Singapore Facility Management Market size is expected to grow from USD 1.19 billion in 2023 to USD 1.19 billion by 2028, at a CAGR of 0.02% during the forecast period (2023-2028). Key HighlightsThe growing emphasis on outsourcing non-core operations and growth in the real estate sector is expected to drive the Singapore market for facility management services. Along with this, the government regulation on safety measures and environmental concerns to follow green practices is expected to drive the market.In terms of sophistication and development, Singapore is a leader in the markets for facility management services that are outsourced. Small local players concentrate on single contracts and single-service solutions, while the region's facility management industry operates with integrated contracts provided by significant vendors like ACMS Facilities Management, United Tech Engineering Pte Ltd, etc., across various countries and borders. However, given the regional dynamics, there are more options than ever to combine facility management and corporate real estate.Additionally, facility management (FM) covers infrastructure management for an organization, strategies, and procedures for managing buildings and general harmonization of the workplace. For an organization, this system standardizes services and streamlines procedures.Many service providers operating in the area over the past ten years, including CPG Facilities Management, Propell Integrated Pte Ltd, and others, have concentrated on growing their presence to capitalize on the rising demand for facility management, particularly in light of the current trend favoring outsourcing non-core operations. Given the dynamics across the nation, Singapore has also seen a rise in opportunities to exploit facility management and corporate real estate in creative ways.The government's limited finances, which force it to continuously outsource necessary facility management services, are the primary drivers of the public sector's contribution to the Singapore facility management industry in terms of end-user demand.Given that the demand for workers with better standards and technological advancements has led to a strong development rate in the Singapore facility management industry. During the anticipated period, this scenario is anticipated to support the market's growth. The pandemic has contributed to the region's consistent market growth. The pandemic, however, has resulted in reduced production, which has sharply decreased corporate inputs.Facilities management companies experienced a range of business effects from the COVID-19 pandemic. People's freedom of movement was restricted, which led to a fall in project work and activity levels at numerous client sites. The pandemic lockdown had a negative impact on important market players, including CPG Facilities Management, Surbana Jurong Group, and others.Singapore Facility Management Market TrendsDigitalization and Performance Measures implementation Drives the Facility Management Communication has become more precise and adaptable due to digitalization, an engineering discipline that controls the development of electronic devices, processes, and systems. In Singapore's real estate industry, digital technical technologies, including big data, the Internet of Things, digital twins, and blockchain, are all recognized. Through a tight relationship with rapid technological advancement in instantaneous information and adaptable communication, facility management has been growing in the nation.? Facility managers receive a concise summary of tactical and strategic FM from performance assessments. The effectiveness of facilities is always greatly impacted by decisions made by facility managers regarding strategy. Additionally, asset managers can assess a facility's operational effectiveness in the past and present and make wise judgments for strategic planning due to performance assessment in facility management. The potential to expand the use of major digitalization, such as building information modeling (BIM), reality capture technology (including 3D laser scanning, point cloud, and photogrammetry), radio frequency identification (RFID), and geographic information systems (GIS), in order to capture, transfer, and store big data/information from the design and construction stages through to building operation and maintenance stages, has attracted considerable attention. The technique based on the combination of aerial photogrammetry from unmanned aerial vehicles (UAVs) and the GIS can be applied to built environments like roads, bridges, parking lots, etc., in addition to building roofs. In Singapore, for instance, the technique is being tested on rooftops, roadways, bridges, and outdoor parking lots. The findings demonstrated that the suggested approach might be used to assess and check the effectiveness and safety of built settings, including parking lots, corridors, reservoirs, roadways, and horizontal planes. Smart Facility Management in Building Maintenance Holds its Significance Growth In order to optimize building management and energy efficiency, smart facilities management (FM), which integrates systems, processes, technologies, and humans, has been effectively adopted in the form of mobile and desktop applications. Building owners have shown a great interest in creating intelligent structures or communities that cater to a range of client experiences in recent years. Businesses that prioritize the customer experience and capitalize on digital economies of scale will succeed as the economy transitions from traditional industry silos to integrated digital ecosystems. By 2025, more than half of Singapore's buildings will be 30 years old or older. Therefore there is an increased need for effective solutions that can boost productivity in building management while enhancing communications and reducing reaction times. For instance, Certis Technology Singapore created a Smart FM platform that makes use of the BIM, IoT, cloud, big data, and artificial intelligence to maximize energy savings and enhance building management and maintenance. In order for the built environment to remain future-ready, Smart FM technologies will be crucial. To fully realize the promise of Smart FM technologies in promoting data-driven decisions, instigating change, and enhancing management results for Singapore's buildings and facilities, processes and people must be taken into account.Singapore Facility Management Industry Overview The Singapore Facility Management Market is moderately consolidated with the presence of diverse firms of different sizes. This market is anticipated to encounter a number of partnerships, mergers, and acquisitions as organizations continue to invest strategically in offsetting the present slowdowns that they are experiencing. The clients in this region are employing FM services to increase the ease of their business operations. The market comprises key solutions and service providers, such as CPG Facilities Management, UNITED TECH ENGINEERING Pte Ltd, Surbana Jurong Group, Propell Integrated Pte Ltd, Frisco Technology & Services Pte. Ltd. In April 2022, Surbana Jurong Group was appointed by the national coastal protection agency PUB to undertake a site-specific study aimed at protecting the northwest coast of Singapore from sea level rise. The study will focus on developing measures to safeguard the four coastal reservoirs from seawater inundation and reinforcing their structures against future sea-level rise, ensuring their integrity. In September 2022, Savills Singapore enhanced its property and integrated facilities management platform by acquiring the majority of absolute maintenance services (AMS). This strategic move allowed Savills Singapore to enter the facilities services market, expanding and strengthening its property and integrated facilities management capabilities. The acquisition will enable Savills to extend its reach to government and institutional clients, establishing a property management (PM), integrated facilities management (IFM), and facilities services platform. Furthermore, it will offer a wider range of services and end-to-end solutions in the residential and commercial sectors to its existing private and corporate clients.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support