How Facility Management Services Can Optimize the Performance and Efficiency of Various Industries in 2023?
Facilities and assets, including buildings, machinery, infrastructure, and utilities, require planning, coordinating, and upkeep. These services are collectively referred to as facility management services. Construction, manufacturing, healthcare, education, and hospitality are just a few of the industries that can benefit from facility management services in terms of performance, efficiency, and sustainability.
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The global facility management services market size was valued at USD 1.24 trillion in 2023 and is expected to grow at a CAGR of 8.5% from 2024 to 2030.
In 2023, what are the most recent trends and technologies in the facility management services market?
I've outlined some of the most noteworthy findings from my web search for you below:
Data-driven decision making: This refers to the application of analytics and data to facilitate and enhance facility management decision-making. Facility managers can identify and address problems, risks, and opportunities as well as monitor and optimize the performance, state, and utilization of diverse facilities and assets with the aid of data-driven decision making. Making decisions based on data can also assist facility managers in raising stakeholder and customer satisfaction and quality.
Pay attention to employee health and wellness. This refers to the physical, mental, and social well-being of workers within an organization. Workplace reputation and profitability, as well as staff retention, productivity, and efficiency, can all be impacted by employee health and wellness. In addition to offering a safe, comfortable, and conducive work environment, facility management services can help promote and support employee health and wellness through a variety of programs and initiatives, including ergonomic design, wellness coaching, and fitness centers.
Process optimization through technology integration: This refers to the application of diverse technologies and instruments to optimize and mechanize facility management procedures and activities. Facility managers can increase the accuracy, dependability, and efficiency of the results while cutting down on process and operational time, expense, and error. This is possible with the aid of technology integration. Facility managers can improve stakeholder and customer communication and collaboration by integrating technology.
IoT and Connected Devices: By combining the two, facility management is being transformed and real-time building system monitoring and control are now possible.
Facility Management Software: As businesses recognize the value of optimizing workflows and boosting productivity, a major trend for 2023 will be the growing adoption of facility management software with robust analytics and mobile support.
Touchless Workplace Technology: As a result of the COVID-19 pandemic, touchless workplace technology adoption is growing in popularity since it minimizes contact with high-touch surfaces and lowers health risks for both customers and employees.
Digital Twin Technology: Using digital twin technology is becoming more and more common and is opening up new opportunities for the facility management sector.
Technological Advancements: The use of AI, ML, IoT, blockchain, and cloud computing are important technological trends in facility management that are predicted to completely change the sector.
Market Segmentation: This includes both hard and soft services, and it is divided into segments according to end-user, offering type, and facility management types.
Top Key Players of Facility Management Services Market
Arthur McKay & Co Ltd.
BVG India Ltd.
CLR FACILITIES SERVICES PVT LTD
CBRE Group, Inc
ISS World Services A/S
Knight Facilities Management
Quess Corp Ltd
Sodexo, Inc.
Spotless Group Holdings Limited
Tenon Group.
Recent Developments:
July 2022: Facilities management provider 14forty, a division of Compass Group UK & Ireland, has reached a multi-year agreement for the provision of cleaning, security, and catering services at N Brown Group's location in Manchester's Northern Quarter as well as distribution centers in Oldham and Glossop. Furthermore, 14forty has brought on about 100 new hires and consolidated operations from three separate businesses under a single contract.
June 2022: In order to provide a comprehensive range of superior facility management solutions across the entirety of Egypt, Imdaad, a group of companies based in Dubai and offering integrated, sustainable facilities management services that boost the operational effectiveness of physical assets, has formally established a new joint venture with LMD, a reputable real estate company in Egypt.
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Conclusion:
The market for facility management services is expanding and offers companies solutions for maintenance and operations. It includes a broad range of services like facility management and upkeep, cleaning, security, and pest control. The market is anticipated to keep expanding in the upcoming years due to businesses' growing need for outsourced services. The rising expense of in-house facilities management, the expanding need for affordable solutions, and the complexity of facilities management are some of the factors driving the market. With the increasing application of automation and data analytics, new technological developments have also improved the effectiveness of facility management services.