By Sudhakar Murthy, Head of Specialist Services Group, Embassy Services Private Limited
According to a market analysis by TechSci Research, the current market size of the Integrated Facility Management (IFM) sector in India stands at USD 46.27 billion. The IFM market is anticipating a surge in demand owing to the growth in businesses seeking specialised services and the country’s rising preference for energy-efficient services. In line with these developments, the IFM industry is poised to grow at a CAGR of 14.84% by 2028, making it a USD 97.27 billion industry.
Technology is at the core of powering the IFM sector. This entails investments in new approaches to integrate disruptive technologies into the scope of work that IFM provides. The ambit of integrated facility management provides solutions that create end-to-end tech-enabled environments and enable productivity and operational efficiency. Smart technologies like the Internet of Things (IoT), cloud computing, artificial intelligence (AI), machine learning, analytics, and big data are utilised to automate facilities and provide innovative solutions that streamline operations.
Across a gamut of sectors including retail, hospitality, healthcare, and others, the robust tech-driven interventions by IFM is incrementally helping businesses ensure optimal work environments, greater employee satisfaction, and greater business growth and value. Within the burgeoning real estate sector, integrated facility management plays a transformational role in supporting one of the fastest-growing industries to scale and add value to their infrastructure. This sector relies heavily on immersive technologies and data-led solutions from the IFM purview to empower compliance through efficient energy management, waste management, and sustainability. Taking a data-driven approach in real estate boosts efficiency and provides visibility into what customers desire, thereby maximising satisfaction. Additionally, this aids in enhancing the predictive algorithm’s accuracy and facilitating research for real estate development to avoid financial risks during investments. Technology-dependent platforms such as data and analytics can optimize the real estate lifecycle and produce better commercial results by connecting systems, statistics, and functions throughout the management structure.
To enable coherent and effective decision-making, facilities require information at their fingertips. IoT is the solution to access real-time data. IoT data streaming enables crucial real-time decision-making for various operations. IFM uses tools to gather data from sensors and devices, analyse the data, and send it to a database for real-time execution and problem-solving. This aids facility managers in the review process by analysing, reporting and forecasting crucial information for businesses and digitising business operations. This generates data that organisations can utilise to enhance their workflows in areas including routing and transportation, resource allocation and scheduling, capacity planning, and manufacturing.
Companies are embracing data analytics and systematic statistical reasoning to make judgments that increase efficiency, risk management, and revenue while maintaining inventory, developing pricing strategies, or hiring talent. Additionally, this enables faster and more fact-based decision-making by helping facility managers to comprehend the dynamics of their organisation. Services and solutions rendered through IFM have a direct and significant impact on critical business metrics like growth, sales, cash flow, and productivity. Harnessing the power of technology in the IFM sector enables greater efficacy and provides opportunities that help in improving business functions and adding greater value. New and emerging tech solutions are building a premise for the IFM sector to enhance their offerings and empower clean, safe, and secure environments of the future. The integrated facility management sector and its adoption of revolutionary technologies is building future-proof facilities that channel clean energy and hasten our journey into a future filled with possibilities.