The Indian facility management business is experiencing a windfall. Relevant data and reports suggest that the Indian facility management industry is going to experience an insurmountable growth at around 17% to cross 19 billion dollar mark across the next five years.
Causes for steep growth curve of the Indian Integrated Facility Management Sector :
The services industry in India which spans the IT-ITeS, telecommunication, transport, hotel and hospitality, tourism, financial services, real estate services, social and personal services, services associated with construction and infrastructure development as well as the e-commerce; is growing at an unprecedented rate. This rapid expansion of the services sector is creating a tremendous prospect for the Facility Management sector which is expected to grow at a compound annual growth rate of around 17 percent in the years to come and reach approximately a 19.4 billion dollar mark by the end of 2020. This data and predictive analysis was provided by the Global Infrastructure Facilities and Project Managers Association. This report also provided the indicators for this huge growth in the facilities sector and they were the massive boom in real estates, increment of awareness levels as well as the extraordinary growth rate of the retail and the hospitality sectors.
Due to this immense potential of growth of the Indian Integrated Facility Management Services industry, many players including foreign giants have made up their minds to invest in this rapidly emerging Indian market.
Upcoming trends in the Indian Integrated Facility Management Services :
The approach of Integrated Facility Management is to lubricate the operations of an organisation or a business and to serve built-in amenities and experiences, which would definitely increase the level of satisfaction of the client or the customer, and they would not have to resort to different service providers as all their needs would be catered to from one place or through a single Integrated Facility Management service provider. As of now, the upcoming trends of the Indian IFMS industry which would be highlighted from 2020 are mentioned below.
- Sustainability – The degradation of the world environment is a known phenomenon. As of now, the challenge of the Indian IFMS industry lies in the fact that the organisations would like to increase their productivity and efficiency while reducing their energy consumption and carbon footprint. The society and the economy would also facilitate through development of sustainable practices, for which the organisations and businesses need to rebuild their existing infrastructures and economies. The sustainable IFMS may include effective supply, building design, maintenance, and management.
- Technological Development – The rapid evolution of technology throughout the globe will result in the creation of new industries qs a result of which employability, growth in income and eradication of poverty are imminent. Technological development will have a massive effect on the IT industry which might include the introduction of smart surveillance, smart machines, robots, security appliances as well as near field communication sensors and other models and systems which enable the scope of automation. The Indian IFMS industry is also expected to integrate more and more technology in their core operations. Technological developments are slowly eradicating the need for cheap and low-quality labour and in turn, creating the demand for new job opportunities with enhanced skills. Facility Managers would benefit from the data provided by machines and these data would lead to the adjustments in practices that would not be harmful to the environment and the entire Facility Management services can be molded accordingly.
- Economic Growth – As it has been emphasised earlier, the Indian IFMS industry will face tremendously favourable consequences with the rise in competition amongst different companies, especially in the field of construction. Thus the practices would become innovative and would deliver great advantages to the clients, this invoking huge economic expansion.
- Globalization – Due to the growing prospect of the Indian IFMS sector, multiple global MNCs and big players will start to adapt their products and services to suit the local markets, after gaining considerable know-how of the emerging indigenous markers of India.
- Commercialisation – Commercialisation of the Indian IFMS is leading to narrow down the competition and thus leading to innovation, differentiation and specialisation of the Facility Management services and products.
- Individualisation – In countries like India which has low and middle-income group abundance, individualisation is leading the IFMS sector to deliver customised products, services and solutions. This will increase the employee turnover as well as enhancing the customer satisfaction.
- Growth of the knowledge base – By 2020, it is expected that the Indian IFMS industry will collect, store, analyse and implement a large amount of data needed to augment the profit and generate more value to the Indian companies and businesses.
- Increased Focus on Health and well-being – Survey data testify to the fact that at least 30% of the global IFMS revenue is generated solely from the healthcare sector. The global healthcare industry has grown by at least 6.4% from 2015 to a 43.3 billion dollar entity. India is no exception. The Indian IFMS industry is going to garner more revenue by focusing its endeavours in enhancing the health and lifestyle of the people in the immediate future.
- Moulding of operations – The Indian IFMS industry and the companies and organizations belonging to the same, are implementing newer practices and methods to corporate identity, thus increasing the speed, flexibility, productivity, incorporating innovation and enhancing knowledge sharing practices.
These in short, are the trends specific to the Indian IFMS industry which can be expected to be integrated in the core services of this sector in the upcoming decade.