Facility Management Growth In India
Facility management encompasses a gamut of tasks ranging from facility maintenance to security and tenant satisfaction. It is the linchpin of seamless facility functions be it a residential complex, educational institution, commercial building or manufacturing plant. Over the past few years, facility management growth in India has been momentous. Thanks to the rapid advancement and adoption of technology. In the days of yore, the management of physical spaces was a labour-intensive process. Housekeeping, equipment maintenance and security among other FM tasks were all manual and maddening due to the paperwork.
Today, facility managers are in for a treat as India has embraced the digital revolution and shaped it as well.
The current growth statistics stand at a CAGR of 14.84% by 2028. The market for facility management in India is on the stride.
Many companies are increasingly investing to strengthen their FM for better maintenance and energy management. In this blog, we’ll explore the top 5 key drivers of facility management growth in India followed by a couple of roadblocks. Buckle up!
https://www.fortunebusinessinsights.com/industry-reports/facility-management-market-101658
https://www.statista.com/statistics/1073572/global-facility-management-market-size/
Tech Integration Driving FM Growth in India
#1 Rise of IoT and FM Growth
Facility management growth in India can be largely attributed to the rise of IoT. IoT refers to the interconnection of digital devices and sensors. This technology has transformed the face of FM. You can collect data on equipment performance, room occupancy etc. through the sensors installed in the facilities. Such data helps you analyse trends and anomalies in important metrics like energy consumption, asset performance, temperature and lighting among others. IoT has led to the growth of facility management as with such real-time insights, facilities are smarter and cost-efficient.
#2 Data-driven Facility Management in India
Data analytics is yet another catalyst of FM growth in India. We just discussed how IoT devices generate humungous data. You need data analytics tools to make sense of anything. Many companies like ours provide cutting-edge facility management technology to help the likes of yours gain actionable insights. You can use Factech’s FM software to identify asset performance patterns and schedule maintenance accordingly. Data-driven facility management in India is a strategic necessity for companies to drive operation efficiency and sustainability.
#3 Mobile Apps for Facility Management
Next is Kaizen mobile apps for facility management. These apps give you instant access to facility data. You, your team and tenants can access the information and collaborate as well. Your tenants can easily raise issues via the mobile app as well as upload any relevant images. Moreover, you can respond promptly to the requested services elevating the tenant experience. In essence, the facility management mobile app has become a key propeller of the FM sector’s growth. It offers real-time and remote monitoring of the maintenance task progress in today’s fast-paced business environments.
#4 AI-ML Automation for FM
AI-ML algorithms are by far the most innovative technologies for automating facility management in India. Remember about predictive maintenance? You can integrate AI with this process and automate report generation on maintenance schedules. The AI algorithms will leverage the sensor data and analyze it to predict future asset breakdowns. Wait, there’s so much more that you can do with AI. AI-powered chatbots and VAs make inquiry handling prompt and seamless. Such automation is a key driver of facility management in India, streamlining facility operations.
#5 Sustainability Concern Driving FM Growth in India
Last but not least is sustainability concern coming to the forefront. Businesses are realizing the need to reduce their carbon footprint. With such awareness, they are adopting facility management software to optimize energy consumption and manage waste generation. This aligns with the Indian government’s focus on renewable energy and sustainable practices.
Roadblocks to Facility Management Growth in India
You cannot expect FM transformation and growth in India to be devoid of any challenges. It costs businesses a fortune to integrate FM tech into existing systems. Facility management software requires substantial upfront investment and can be beyond the capacity of small businesses. Furthermore, you’ll have to train your people on new technology like IoT and AI integration. What else? Well, data privacy is one of the major hindrances to FM growth in India.
Cloud based FM solution can be answer.
Added to this is the complex regulatory landscape in India. Sounds dreadful enough? Well, with the right change management strategies and vision, your business can jump into the evolving FM scenario.
Read more: What’s the Role of Digital Facility Manager?
The Bottom Line
In this blog, we took you through the key drivers of facility management growth in India along with the major roadblocks. The rise of AI, IoT, ML and mobile apps has propelled the evolution of facility management forward. However, the key challenges include data privacy, investment costs and scalability among others. As aforesaid, with the right strategies and vision, all such obstacles can be overcome. We can anticipate further the rapid adoption of new FM technologies like AR glasses etc. with India emerging as a regional leader.
Contact us for a free demo of how our expertise can help you achieve your business goals to the best.
