The Indian Facility Management industry is one of the most sizeable industries in the world and is seeking to expand its domain continuously. It is attracting big players and foreign investors with their bags of capital and increased interests to invest in the nascent Indian market of facilities because though new, it has huge potential and prospect and is growing at a rate which by far bypasses the growth rate of the global facility management sector. Though it is not as developed as the western facilities industry, there is a growing awareness on the connection between the efficiency of a business and the office environment as well as services it is provident to its employees. This is not just about energy efficiency. It is also witnessing a boost in employee productivity which spells a substantial increase in employee productivity.
Prominent Trends in the Indian Facility Management industry which is going to be highlighted over the next few years :
With the forecasted growth rate of around 15% to 18% in the next few years up to 2023, that is far more than the global trends, there is an emergence of discernible, newer trends in the Indian facility management industry which can be discussed below.
- The Indian Facility Management sector is going to replace the IT industry: Statistics display the facts that the Indian IT industry, which is currently valued at around 154 billion US Dollars, is slated to grow at a rate of around 7% to 9% annually, and is going to create 0.1 million jobs in the next couple of fiscal years. On the other hand, the indigenous Facility Management industry is valued at 75 billion US Dollars with a CAGR of around 22% to 25% annually with an employment potential of 5 million people in the next 3 years. Facility Management services are improving the experiences of people and therefore there is an increased amount of investment in up-gradation and automation.
- Operational Efficiency coupled with Occupational Experience: A Facility Manager needs to deal with the issue of improving the occupant experience while maintaining a seamless operational efficiency. The right combination of these two leads to a successful establishment of performance. By improving the basic amenities like lighting factor, indoor air quality and temperature conditions in buildings, Facility Management professionals can successfully improve the health and productivity of the building occupants.
- Risk Management potential: One of the most conspicuous trends that are emerging is the identification and execution of the technical challenges of managing a building. These may include identifying the kind of redundancy, the type of data security being possessed, monitoring if most crucial and expensive assets, improving the response times, putting predictive analytics and data sciences in place etc.
Thus Facility Management professionals first need to identify the nature and extension if the problem, test the performance of the solution they are willing to deploy and finally implementing the solution at the most optimal prices.
Benchmarking the provided solutions against the global standards can help facilities professionals in identifying areas where improvement in procedural actions will lead to an enhanced financial bottom line, by being energy efficient as well as being comfortable to the occupants.