What’s in Store for Indian Facility Management in 2024 and Beyond?

In early January 2024, PM Narendra Modi addressed the delegates at the Vibrant Gujarat Summit by announcing that “India’s priorities are sustainable industry, infrastructure, and manufacturing.” He went on to talk about the nation’s economic resilience while making critical points on the growth of India’s capital expenditures in the last 10 years. The writing on the wall is clear – India is creating a future that comprises top-class facilities. The facility management industry has to not only keep up but scale quickly to meet the growing demands of the nation from 2024 continuing into the decade. This growth is a reflection of many changing dynamics in policy as well as how businesses manage their facilities and assets. So, what are the factors contributing to this growth?

EPC and Urban Development Projects are Booming

From airports to metros, roadways to railways, and bridges to buildings, construction is at an all time high. Infrastructure projects always come with a need for IFM. Both during and after construction, the need for operations and maintenance of a facility remain critical to the functioning of that infrastructure project.

Government Projects are Choosing Integrated Service Providers To Reduce Contracts

Public sector clients are actively seeking ways to minimise the number of suppliers. Consequently, bundled service contracts are anticipated, aligning with the continuous initiatives of numerous government agencies to optimise their operations. With an increasing demand for total facility management (TFM), public sector firms in the region are increasingly delegating all "non-core business activities" to a sole service provider, enabling them to concentrate more on their core operations.?

What’s more, the public sector gives priority to those service providers whose products contain 50% or more local content, giving a huge boost to peripheral industries connected to facility management in India.

ESG is Taking Centre Stage

With Environment, Social and Governance programmes taking centre stage in companies across India, waste management and related practices are becoming more and more important. IFM companies are perfectly placed to provide bundled services around recycling, Zero Liquid Discharge (ZLD), waste minimisation, preventive maintenance to enhance energy efficiencies, etc. With 50% of large Indian businesses surveyed by PWC having made a net-zero commitment by 2030, the value of partnering with IFM companies to achieve this goal becomes crucial for these organisations.

Companies are Outsourcing to Those Who Have Industry Knowledge

Recognising that one size doesn’t fit all, industries are increasingly seeking facility management solutions customised for their industry. Hospitals, for example, need to partner with an IFM company that understands the different product and service requirements for different care wards. Or consider that the benchmarks for preventive maintenance of an HVAC unit vary for a mall and a factory because of the difference in criticality. Whether in healthcare, hospitality, or manufacturing, unique operational demands can only be met with tailored IFM services.?

Data is Driving IFM

The integration of advanced technologies such as IoT, AI, and data analytics is revolutionising asset management. Predictive maintenance, smart building solutions, and real-time monitoring are becoming standard practices, enhancing efficiency and reducing operational costs.?

This technological evolution is a driving force behind the surge in the global facility management market.

In 2023, there were more than 15 billion IoT devices, expected to double by 2030. This surge opens opportunities for automated and connected FM systems, making facility management dynamic and cost-effective.?

At Unify, we recognize these trends and constantly adapt our offerings to meet evolving needs. You can engage with us to discover how your facilities can be managed using up-to-date, industry-standard tools and practices.