Market Trends of India Facility Management Industry
Soft Services to Drive the Market Growth
- The primary categories of soft services are cleaning, recycling, security, pest control, handyman services, grounds maintenance, and waste management. Based on the increasing complexity of projects in Delhi, Hyderabad, and other cities, FM firms have determined that high-level cleaning services represent a growth opportunity for their business.
- Internet of Things (IoT) adoption quickly emerges as a major driver in FM soft services. IoT enables improved decision-making and work process optimization across various industry sectors by providing a continuous, real-time data stream. The demand for outsourcing services is growing, and businesses are emphasizing individualized services with added value, such as risk management that is reliable and efficient and manages local labor laws and HSE.
- Additionally, the consistent rise in commercial real estate in emerging cities like Kolkata is anticipated to offer growth prospects for the incumbents battling challenges like congestion in mature markets. With the impact of regional variables like the development of new branch offices and the outsourcing of soft FM, the demand is predicted to experience a continual rise even though the country's current market penetration is still (relatively) limited.
- The COVID-19 outbreak has sparked changes in how facilities and services are run. The future of organizations will demand careful thought and tailored plans. Therefore the role of FM service providers may also change to one that is more strategic and long-term in character.
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North of the Country is Expected to hold Dominant Market Share
- To serve a broad spectrum of customers and increase their market share, the businesses in the area are diversifying their product lines. For instance, Delhi NCR-based MASCOP Facilities Services provides comprehensive facility management services for trouble-free office space maintenance and operation. The company's clientele includes corporate entities, industries, government agencies, manufacturing firms, shopping centers, hotels, institutional settings, guesthouses, hospitals, multiplexes, and substantial office complexes.
- Most newly formed markets are expected to keep an organized structure in light of smart city developments and eliminate the unorganized sectors, making it easy for FM vendors to deploy their services. The IT boom in the country paired it with e-commerce investments, and companies like Shopify, and Amazon, among others, announced overall infrastructural development that drives the demand for FM services.
- For various suppliers, integrated facilities management has streamlined and effectively managed work and tasks. One integrated perspective of all management-related duties and fewer contracts, teams, and resources to manage are the main effects of the approach. IFM delivers better visibility that results in effective management of teams, decreased operating expenses, quicker replies to requests, less downtime for employees, and a stronger focus on the big picture instead of managing each separate stakeholder and each activity multiple times. Using an IFM service provider also makes it much simpler to implement significant modifications across numerous sites and services.
- Coworking spaces have been crucial to India's growing gig economy and startup culture. In recent years, "coworking spaces in India" have grown exponentially. By renting out individual office spaces, these hubs have spared startups and corporations the immense burden of setting up new offices. Large Indian cities like Delhi, Bangalore, and Mumbai are no longer the only ones where there is a demand for coworking spaces. Additionally, it has reached other Tier 2 Indian cities.
