FM necessity for asset owners
Cumulative market revenue for Facility Management (FM) services is expected to grow at a CAGR of 23.4% from FY2019 to FY2024, according to a ResearchAndMarkets report.
Professional FM services have now become a necessity for asset owners, as they not only help increase the lifespan of a building but also help owners meet international health and safety standards, said the report “India Facilities Management Industry Outlook, 2020”.
The increased need to reduce operating costs of facilities and buildings of end-user segments and increasing demand for energy conservation and optimum usage of building solutions is fuelling the growth of the FM market in India.
The shortage of skilled manpower for services that require technical expertise is a challenge for the service providers in the market, said the report released 11 Sept 2020.
Growing awareness levels, increasing acceptance of outsourcing non-core activities, adoption of technology and burgeoning demand from retail, offices, and industrial clients have together contributed to the growing demand for FM services in India.
The technology trends discussed in this study are the Internet of Things (IoT) and Big Data analytics, building information modeling (BIM) usage in facility management, cloud solutions, drones, artificial intelligence (AI) and robots, and green FM services.
Using environment-friendly solutions and reducing energy consumption through sustainable strategies to improve building efficiency are key areas for FM companies that they have started focusing on.
Similarly, remote data management of building management systems and data analysis are gaining popularity and are expected to provide growth opportunities for FM companies.
FM companies can gain a competitive advantage by focusing on energy management services. Integrated facility management (IFM) service contracts between vendors and end-users will become a major trend, said the report. #facilities #investment #buildings #projects #technologies #artificialintelligence #IoT #Data #analytics /fiinews.com
