The latest report by IMARC Group, titled “India Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India facility management market is expected to exhibit a CAGR of 12.97% during the forecast period (2022-2027). Facility management (FM) refers to technologies used to enhance the efficiency of residential and commercial spaces. These tools assist in ensuring the safety, efficiency, comfort, functionality, and sustainability of infrastructure, buildings, grounds, and real estate. Some of the most commonly used FM solutions include building management, operations and security management, and Computer-Aided Facilities Management (CAFM), which are used for space planning, equipment maintenance, portfolio forecasting, business continuity, emergency preparedness, and environmental sustainability. They rely on sensors, Wi-Fi, meters, gauges, intelligent devices, analytics, the Internet of Things (IoT), and artificial intelligence (AI) to deliver cognitive capabilities, achieve real-time visibility, perform predictive facilities maintenance, and offer more productive and cost-efficient environments. As a result, FM solutions are widely adopted across the residential, retail, healthcare, education, banking, finance service, and insurance (BFSI) sectors across India.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Facility Management Market Trends:
The market is primarily driven by the expanding real estate sector due to the shifting preferences of individuals toward a clean, safe, and secure environment. In addition, the emerging concept of green building, and the enactment of the Real Estate (Regulation and Development) Act (RERA) 2016 to protect home buyers, is contributing to the market growth. Moreover, with the growing information technology (IT) sector and the rising popularity of e-commerce platforms, the overall need for infrastructure and organized spaces is increasing, which represents another major growth-inducing factor. Besides this, numerous companies are employing artificial intelligence (AI) and the internet of things (IoT) technologies to automate FM services for energy efficiency audits, which is accelerating product demand across India. Additionally, the Government of India has launched the smart cities mission to encourage sustainable and inclusive cities, thereby resulting in rising investments in the infrastructure sector, which is anticipated to propel market growth. Furthermore, the post-pandemic rising emphasis on hybrid workspaces and return-to-the-workplace strategies is creating a positive market outlook in the country.
- Based on the solution, the market has been classified into integrated workplace management systems, facility operations and security management, building information modeling, facility property management, and facility environment management.
- On the basis of the service, the market has been segregated into deployment and integration, auditing and quality assessment, support and maintenance, consulting, and service level agreement management.
- Based on the deployment type, the market has been bifurcated into on-premises and cloud-based.
- On the basis of the organization size, the market has been divided into small, and medium-sized and large enterprises.
- Based on the vertical, the market has been segmented into banking, financial services and insurance (BFSI), IT and telecom, government and public administration, healthcare, education, retail, energy and utilities, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the industry has also been examined in the report with the profiles of the key players operating in the industry.
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