Trends in the Global Integrated Facility Management Market 2022
The boundaries of the facility management industry are evolving at a significant rate, owing to the emergence of new technologies, expectation changes, and changing working practices. Facility management software is being accepted as a core business tool in organizations of all shapes and sizes. Smart technologies are helping facility managers create an energy-efficient environment and manage buildings to plan future needs. Outsourcing of integrated services, mainly in the Asia-Pacific markets, and the development of smart cities has led to the growth of the integrated facility management market. Besides, companies are exploring the integration of facility management and related services to streamline building management and improve corporate performance, which will increase the demand for integrated facility management services in the coming years.
Rising Demand for Sustainable and Efficient Green Building Solutions
In recent times, there have a significant shift in the design and construction of the building, influencing the way these buildings are managed and maintained. Residential and commercial buildings account for 40% of total energy consumption and carbon dioxide emissions, which has led to the rise of green and energy-efficient buildings in recent years. Due to enhanced awareness towards sustainability and regulations put forward by the government, building owners are seeking a green building certification for new buildings or renovations, which has pushed the idea of system integration to the background. Major companies are choosing facility management service providers to operate and maintain the buildings, reduce overall energy consumption, and achieve zero-waste. An integrated facility management system enables facility managers to make structural and operational changes that have the potential to reduce damage to the environment and their occupants.
Era of IoT, Artificial Intelligence and Smart Devices
Considering a wide range of tasks that facility managers need to accomplish, most companies are leveraging IoT, artificial intelligence, and smart devices to provide customers with impeccable services. Combining the Internet of Things for facilities monitoring and AI for data analytics, facility managers are able to make predictive analytics and eliminate human error from the decision-making process. Cloud computing reduces the operating costs of facilities by 40%, allowing facility managers to access work-related data, monitor, and manage processes remotely. IoT in integrated facility management involves automation of building functions such as air conditioning, ventilation, automated security, etc. IoT coupled with automation, Real-Time Data Analysis, and Machine-to-Machine Communication can help in condition-based maintenance, which is expected to fuel the global integrated facility management market growth in the coming years.
Innovation in Integrated Facility Management
In recent years, many new technologies and software have emerged that enable facility managers to enhance and improve operations. Traditionally used by contractors and architects, Building Information Modeling (BIM) has been becoming commonplace in the facility management sector. BIM offers a virtual model of facilities, assets, and infrastructure. Facility professionals are leveraging BIM to improve their ability to retrieve accurate asset information and insights. Owners and operators of buildings are also incorporating drone technologies for aerial surveillance of buildings and outdoor spaces, which allow security personnel to monitor the whole infrastructure more effectively.
According to TechSci Research report on “Global Integrated Facility Management Market By Type (Hard Service and Soft Service), By Service (Building and Property Management, Cleaning and Hygiene, Security and Staffing, IT Support and Others), By Solution (Asset & Space Management, Project Management & Real Estate Portfolio Management & Lease Administration, Energy & Environment Sustainability Management, Maintenance Management and Others), By End-User (BFSI, Utilities, Aerospace & Defense, Telecommunication, Manufacturing, Healthcare, and Others), By Region, Competition, Forecast & Opportunities, 2027”, the global integrated facility management market is projected to grow to reach a market value of USD117 billion by 2027. The market growth can be attributed to the rise in demand for standardization and simplification of facilities in industries are expected to positively influence the growth of the global integrated facility management market.
