Facilities Management to Commercial Business Market

What is facilities management?

Facilities management helps ensure the functionality, comfort, safety, and efficiency of buildings, grounds, infrastructure, and real estate. What we found in Wikipedia, ‘Facility management or facilities management is a professional management discipline focused on the efficient and effective delivery of logistics and other support services related to real property and buildings.’ But in my opinion, facilities management provides each person who is entitled in a service area to get most convenience any time normal operation or breakdown or any emergencies time with some option to cozy or easy. Most people spend 87 percent of their time in buildings. Facilities management is looking at how to improve operations to make their lives more comfortable and maximize efficiencies.

Facilities Expenditure and Commercial

Of course, facilities service is expensive depending on your desired service level. Each cost depends on your requirement and which level will provide that to the end user. Most measure the facilities' service on customer satisfaction score part by part review and comment to improve service level. Each level upgrading requires budget and expense to utilize. Depend on facilities service to earn the extra service fees such as service tax in each commercial or residential area. Obviously, we can look at airport or jetty service in the world best are earned with facilities service which they improved or implement each year.

Recently, facilities service has become one of the business sectors to provide public and commercial area convenience with professional service combined with hard facilities management (Hard FM) and soft facilities management (Soft FM). Hard FM deals with physical assets such as plumbing, wiring, elevators, and heating and cooling. Soft FM focuses on the task performed by people, such as custodial services, lease accounting, catering, security, and groundskeeping.

The facilities management market is growing in every country depending on the improvement of real estate, commercial, education, hospitalities, and others. Indian facility management market stood at USD46. 27 billion in 2022 and has future growth projections at a CAGR of 14.84 percent by 2028.

"Facilities management helps ensure the functionality, comfort, safety, and efficiency of buildings and grounds, infrastructure, and real estate"

The facility management market size is estimated at USD 1.27 trillion in 2023 and is expected to reach USD 1.59 trillion by 2028, growing at a CAGR of 4.66 percent during the forecast period (2023- 2028). (* CAGR – Compound Annual Growth Rate)

Innovative Facilities Service

Now a day, we are using facilities management system software to analyze and learn from data, enabling you to achieve real-time visibility, perform predictive facilities maintenance, and create more productive, cost-efficient environments.

Currently, we are facing saving energy and a green environment to support operation time by time as required for customer satisfaction on facilities. And this will look to save operation expenses without reducing the service level. One thing that facilities service and management do is directly solve the various complaints, problems, and other challenges daily without boring. And we mainly support the growth and saving of most of each business sector related to public use.

On the other hand, we have to look at AI's influence on each industry and how bright to FM industry. We can say that the FM industry will benefit from AI for repetitive, time-consuming tasks, increased efficiency, reduced costs, improved contractor relationships, and a boost in asset reliability. But still, physical work in the FM industry will remain from a professional engineering point of hands-on work.