Business Description
According to a recent report by Research and Markets, the global facilities management market is predicted to grow from USD 34.65 billion in 2018 to USD 59.33 billion by 2023 at an annual growth rate of 11.4%.
With globalization, advances in technology, and an increasing focus on customer experience, the expectations from the facility management industry have undergone a massive transformation. In such a changing landscape, take a look at the top facilities management trends for 2019.
1. An Emphasis on Customer Experience
In India, the demand is being driven by a greater emphasis on urbanisation and modernisation, with customers looking for personalised and incredible user experiences. Customers look for not only neat and clean looking premises, but also facilities that focus on wellness and recreation, such as gyms, swimming pools, and playgrounds for kids, among others.
2. The Era of Outsourcing
With the global facilities management industry growing at a CAGR of 11%, the opportunities presented are enormous. Customers also expect the best services available, which is another reason why outsourcing is on the rise.
Several organizations are capitalising on this trend by offering a host of consultancy services, forging long-term partnerships and actively collaborating with third parties that share the same mission.
3. The Use of Video Surveillance and Access Control
With rising concerns around security, the use of video surveillance (CCTV cameras) to monitor building premises and make buildings more secure is becoming increasingly common. Another trend is controlling access using several approaches such as biometrics, surveillance, and visitor management, among others.
4. The Rise of IoT
According to Gartner, there are more than 8.4 billion connected devices in the world, and this number is forecasted to grow to more than 20 billion in 2020.
There is an increase in the number of smart buildings with sensors, meters, gauges, lights, HVAC units, access control, and video cameras, all woven into the same network on the internet. Such interconnected devices not only make the homes smart but also boost convenience and improve customer experience.
5. The Age of AI
AI offers a plethora of benefits, such as providing incredibly insightful analytics to make future business decisions, automating more to reduce labour costs and increasing overall efficiency. With the rise of big data, cloud computing, and powerful analytics software, it’s becoming more common for facility managers, service providers, engineers, and even customers to tap into the power of AI.
6. A Focus on Sustainability
Global warming and climate change pose real threats and the awareness about these issues is steadily growing. As a result, there’s an increased emphasis on sustainability issues such as using energy-efficient and carbon-efficient systems and managing waste more efficiently.
Customers, as well as local regulations, are asking for greener, more efficient, and more environment-friendly solutions such as more trees, solar panels, LED lighting, energy efficiency, and electric charging stations in parking lots, among others.
7. An Increase in Multinational Projects
Globalization has increased the presence of both global and Indian MNCs that offer a slew of facility management services. As a result, joint ventures between domestic and international suppliers and service providers are becoming increasingly common.
8. An Integration of Property Management and Facilities Management
Rather than working in silos, organizations have started realising the importance and advantage of uniting property management, real estate services, and facility management under one roof. Such integration provides a comprehensive overview of the entire project, improves collaboration, and makes project management more seamless and productive.
9. The Prominence of Data-Driven Decisions
With the increasing use of technology and IoT devices, there are large amounts of data being generated in real-time. Data analysts and scientists can use this data to understand the existing infrastructure, its efficiency, and derive critical business insights that would help management make smarter, actionable, and more effective business decisions.
Final Words
With people spending most of their time inside buildings, it has become more critical than ever to improve the functionality, comfort, safety, and efficiency of buildings. This, in turn, makes effective facility management more important than ever.
As a facility manager in a field that constantly keeps changing, it’s crucial to key an eye on the above-mentioned top trends shaping the facility management industry in 2019.
