Over the years, the Future of Facility Management has undergone a sea change as the emphasis grows on managing customer experiences as much as safety and space efficiency. Be it a residential facility, retail or commercial. Traditionally restricted to housekeeping, FM companies today offer a host of services to provide holistic management of property assets and facilities.
Facility Management is a service that integrates people, places, processes, services, and technologies to manage the functioning, safety, comfort, and efficiency of the working environment. In today’s economy, it is more important than ever for businesses to pay attention to how facilities are managed, and services are delivered.
Here facility management services play a strategic role in efficiently using a facility’s space and resources. The necessity of the hour is the readiness with increased safety, comprehensive security, and vigilance. As well as encouraging secure, hygienic, and future-proof spaces. Hence, the FM industry is actively adopting the latest technologies. Like IoT, AI, Mobile and SaaS in Buildings to manage the entire real estate portfolios efficiently.
The Facility Management industry is gradually shifting towards more automated service delivery, with companies offering technology-driven platforms. These technological adoptions ensure that the right data is collected, recorded, and interpreted in a manner that supports management efficiency. Additionally, adopting technology in buildings enables a more innovative FM workforce.
Results in a decrease in downtime, maintenance costs, improvements in the lifespan of equipment and structures, space flow and capacity, added value for the customer, and so on. The growing footprint of facilities management requires innovation and demand in focused Engineering Services, covering areas such as energy efficiency audits and Green Building concepts. Companies will begin using Artificial Intelligence/the Internet of Things to make themselves more efficient in the future.
The Future Trend of Facility Management Industry
The Indian Facility Management Industry will soon witness a huge demand for quality services that shall stand by international standards. This could also mean a massive opportunity for the Indian FM industry to grow and increase. As the market matures, companies will begin to look at FM as a more holistic service. Which includes all the different verticals such as Soft Services, Technical Services, Pest Management Services, Support Services, Cleaning, Security, Hospitality, etc.
Companies today prefer to deal with one company rather than smaller individuals that do not provide all the required services under one umbrella. Per a recent report, the Indian facility management market attained a value of USD 16 billion in 2021, driven by the rising population, rapid urbanization, and favorable government initiatives.
Aided by the growing demand for integrated facility management services. The market is expected to witness further growth in the forecast period of 2022-2027, at a CAGR of 17%. The opportunities are vast as long as the FM players evolve with the market demand. It will employ millions of individuals in the country in the coming years! The future of Facility Management is bright with upward and positive growth.