Boosted by smart cities, the healthcare sector, and industry partnerships, the global facilities management (FM) market is poised to surpass $2 trillion by 2027, according to research from Global Market Insights Inc. Furthermore, a growing focus on optimization of building performance has positioned facilities management as a key maintenance tool.
Evolution of Building Maintenance Demands Will Strengthen FM in the Emerging Smart City Ecosystem
Technology has pervaded nearly every aspect of modern life over the years, including modern engineering, which has paved the way for smart cities. North America is a pioneer in the smart city movement, with several cities in the U.S. having won accolades for smart city development efforts. Syracuse, N.Y., for instance, won the North American Smart Cities Award in March 2022, for its smart city initiative that involved the use of technology to enhance sustainability services and efficiency for its residents.
Smart technology has brought several benefits to building stakeholders, from creating new property values for building owners to ensuring the well-being, health, and comfort of building occupants. As a result, demands from property are rapidly evolving, with new patterns emerging as occupants seek more flexible and personalized experiences.
In the ongoing COVID-19 pandemic situation, individuals are also becoming more cognizant regarding their own health, which has created more pressure on building operators to improve the quality of internal environments.
As a result of these shifts, facilities management has become a key preventative maintenance tool in smart city development of late.
COVID-19 Challenges Shed Light on the Significance of FM in Healthcare Environments
The coronavirus outbreak has become a massive wake-up call for many regarding the importance of air quality, not only in public settings but indoor environments as well. In the U.S., for instance, indoor air quality has been endorsed by the Biden/Harris Administration, through the American Pandemic Preparedness Plan from September 2021 as well as the National COVID-19 Preparedness Plan, as an integral tool in the fight against airborne disease transmission.
Indoor air quality is especially critical in healthcare settings, making it a major focal point for facilities management in healthcare institutions. Given its ability to provide multi-faceted benefits that improve patient experience, from streamlined operations to better compliance to savings and more, the scope of facilities management in healthcare institutions is vast.
According to Global Market Insights Inc. estimates, the facilities management industry from the healthcare segment is set to depict a nearly 10% growth rate through 2027.
Efficient FM in healthcare involves a proactive approach, where any discrepancies or disruptions to critical systems are identified and fixed before they can impact operations. This involves the use of advanced technologies and solutions designed to increase the efficiency of healthcare operations.
Another trend driving the need for efficient healthcare facility management is the emergence of smarter medical office buildings and hospitals for enhanced patient care, lower costs of operations, and better ESG strategies. Furthermore, new technology has given FM teams access to real-time insights and connectivity to ensure optimized building operations at all times.
Industry Players vie for Progress through Strategic Partnerships
With the facilities management market growing increasingly competitive over the years, especially in the North American region, contenders are turning their focus towards strengthening their presence in the business space, through various strategic moves, including partnerships.
- A notable example of this is Colliers’ global partnership with Blue Skyre IBE, LLC in June 2021, which was aimed at expediting the offering of a new Facilities Management Advisory. Leveraging Colliers’ prowess in consulting and advisory services, this move was geared towards helping clients enhance their internal organizational models and FM capabilities, whilst strengthening the company’s position in the competitive market space.
- In May 2021, meanwhile, Honeywell and SAP collaborated on a cloud-based solution designed to streamline and combine business and operational data to help building owners and facility management teams make better decisions, improve efficiency, and achieve sustainability goals. Dubbed the Honeywell Forge Real Estate Operations, the solution was developed on the SAP Business Technology Platform to enhance the capabilities of the Honeywell Forge enterprise performance management software. The objective behind this collaborative effort was to give real estate portfolio owners, facility managers, and operators access to actionable insights that would help them optimize building performance across multiple dimensions.
- More recently, in April 2022, 24/7 Software and GP PRO also announced a partnership that would give shared customers access to a single interface for the integration of data from the KOLO Smart Monitoring System into facility management technologies for the simplification of FM operations. Combining the benefits of automation for initiating work orders and collection of sensor-derived data, the solution was designed for efficient facilities management and maintenance in high-traffic environments like shopping centers, healthcare facilities, airports, and other spaces with public restrooms.
By ensuring routine supervision and maintenance, facility management is an essential tool for ensuring that building spaces are in optimum working conditions at all times. Well-maintained buildings not only create safer working and living environments, but also present numerous other benefits in the form of reduced output costs and better operational efficiency. With the awareness regarding this trend growing steadily, the facilities management industry has caught the attention of several organizations over the years, acquiring great significance for building maintenance.
This article was written by Saloni Walimbe on behalf of Global Market Insights. With an MBA-Marketing qualification under her belt, Walimbe is currently following her passion for content creation by penning insightful articles relating to global industry trends, business news, and market research.