According to Fortune Business Insights, the global facility management market is projected to grow from $1,260.36bn in 2022 to $1,856.44bn by 2029, at a compound annual growth rate (CAGR) of 5.7% in the forecast period. To take advantage of this growing market demand, facilities management (FM) companies must effectively respond to several trends, challenges and macroenvironment changes that have significantly impacted the industry.
First, in the new age of hybrid working, they are having to deal with a more distributed workforce. This model forces facility managers to be more strategic about managing and maintaining office space, building infrastructure, and investing in technology that supports hybrid collaboration. While many companies are scaling back their headquarters operations, others are increasing the number of satellite offices closer to where people live to encourage in-person collaboration. That’s creating new demands and challenges for FM companies.
Second, customers are becoming more demanding and are increasingly looking for outcome-based contracts that provide defined end results and guaranteed solutions to problems rather than traditional ones that simply deliver a product, or a service.
Third, due to an aging workforce and resource shortages, many facilities management teams lack the workers and skills they need. Subcontractors can help to fill in gaps, yet over-dependency can reduce profit margins and result in inefficiencies. It can also hurt customer satisfaction if subcontractors do not deliver the same quality of service as the organisation’s own field engineers, who ultimately serve as brand ambassadors.
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HOW IS AI-DRIVEN SUSTAINABLE DESIGN CREATING ENERGY EFFICIENT BUILDINGS?
Exploring the intersection of AI and sustainable design
SUSTAINABLE SPLENDOUR
Dahlia Cocktail Lounge blends Mexican, Spanish and Inside Coach's next-generation store featuring The Good Plastic Company's future-forward recycled plastic material, Polygood
A FUSION OF LEGACY AND INNOVATION
Embracing change while honoring tradition, LTDF's design transforms educational spaces at Jaipuria Institute of Management, Lucknow, into a harmonious blend of legacy and innovation.
HARMONIZING NATURE AND TECHNOLOGY
Nestled in the heart of Mumbai's BKC One, the headquarters of The Guardians, designed by Tushar Mistry Design Studio, tells a unique design story that marries rustic industrial aesthetics with the vitality of nature, creating a vibrant and productive workspace
SOUND MIND
Three ways that sound and technology can improve workplace experiences
EVOLUTION OF CAFM
Job V Tholath, CTO and Director of Lattice Software Solutions, details how 1-1100 their CAFM software is making FM more efficient, responsive, and effective
ILLUMINATING DESIGN
How lighting design impact consumer behaviour in retail spaces
MASTERING THE ART OF FLIPPING
Essential tips for success in real estate renovation projects
BIMAGINATION: BUILDING THE FUTURE OF ARCHITECTURED
Unveiling the future of architecture through BIM integration
BUILDING AN ADAPTIVE APPROACH
Harish Fabiani, Group Chairman, IndiaLand, discusses the company's strategic focus on IT parks, SEZs, and commercial real estate, and how they are navigating and leading in these dynamic sectors