Bharat Book Bureau Provides the Trending Market Research Report on “India Facility Management Market By Service (Property, Cleaning, Security, Support, Catering & Others), By Application (Commercial, Residential, and Industrial), By Service Type (Hard and Soft) and By Region, Competition Forecast & Opportunities, 2018-2028” under the Services Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The India Facility Management Market stood at USD46.27 billion in 2022 and is forecast to grow at a CAGR of 14.84% by 2028. The growing number of organizations seeking to strengthen their positions in the India facility management market and increasing shift towards energy efficient buildings is anticipated to boost the India facility management market.
Facility management (FM) is a profession which includes various disciplines ensuring comfort, functionality, efficiency, and safety of the built environment by incorporating place, people, process, and technology. Facility Management (FM) aims at how these services are being managed. It is a management discipline that ensures efficient and effective support services for different organizations. It is a function within an association that incorporates people, process, place, and technology within the existing environment and aims at improving the productivity of the organization and the quality of people’s lives. Facility management covers a range of areas such as cleaning, security, health & safety, building maintenance, catering & hospitality, environmental services such as waste management, etc.
Growth in Corporate Outsourcing of Facility Management Driving Market Growth
Outsourcing facility management services has increased over the recent years across nation. Businesses in the country have started realizing the benefits of outsourcing non-core business operations such as facility operations and maintenance, cleaning, etc. Outsourcing such activities helped various businesses to focus on their core business objectives. The pandemic and its economic aftermaths have further necessitated the firms to evaluate the requirement of outsourcing non-core operations to emphasize regaining profits as that of pre-covid levels. The escalated outsourcing in corporate businesses is driving the growth of the India facility management market.
Rising Demand for Energy Efficient Buildings Driving Market Growth
Rising climate change concerns have triggered the need to reduce energy consumption to lessen the greenhouse impact across the country. The construction of green buildings is one of the key means of promoting the use of environment-friendly solutions to ensure sustainable development. Green building refers to both the structure and processes that are environmentally friendly and resource-efficient throughout the lifecycle of a building, starting from its design, construction, operation, maintenance, and renovation to demolition. Compliance with these buildings often requires specialized and skilled executives. A facility manager is a thoroughly educated practitioner of the sustainable built environment. The increasing shift towards sustainable and energy-efficient buildings is anticipated to drive the India facility management market.
Technological Integration Driving Market Growth
The Internet of Things (IoT) has been increasingly gaining acceptance in the Indian facility management industry, given its ability to improve customer service quality. The rising demand for building automation in functions such as air conditioning of buildings, ventilation, automated security has led to increasing IoT integration in facility management. IoT enables technology-based communication among various facilities in a building. It allows facility managers to undertake tasks considered hazardous or difficult for humans, thereby increasing the scope of facility management services. Additionally, to enhance secured data management, facilities teams have been closely collaborating with IT departments to ensure the security of all internet-connected devices. IoT coupled with automation and real-time data analysis will help in predictive and condition-based maintenance, which is anticipated to augment the demand for facility management services across India during the upcoming years.
India facility management market is segmented based on service, application, service type, and region. Based on service, the market is segmented into property, cleaning, security, support, catering, and others. Based on application, the market is segmented into commercial, residential, and industrial. Based on service type, the market is further divided into hard services and soft services.
Jones Lang LaSalle Property Consultants (India) Private Ltd, Quess Corp Limited, Colliers International (India) Property Services Private Limited, Sodexo India Services Private Limited, BVG India Limited, Updater Services Private Limited, CBRE South Asia Private Limited, SIS Limited, Cushman and Wakefield India Private Limited, Knight Frank India Private Limited, EFS Facilities Services India Private Limited, ISS Facility Services India Private Limited are among the major market players that lead the market growth of the India facility management market.
In this report, India facility management market has been segmented into the following categories in addition to the industry trends which have also been listed below:
•India Facility Management Market, By Service:
•India Facility Management Market, By Service Type:
o Soft Services
o Hard Services
•India Facility Management Market, By Application:
•India Facility Management Market, By Region:
Company Profiles: Detailed analysis of the major companies present in India facility management market.
With the given market data, offer customizations according to a company’s specific needs. The following customization options are available for the report:
•Detailed analysis and profiling of additional market players (up to five).
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