Market Forecast for 2021 – 2026 by world’s largest revenue impact company
Facility management(FM) is a set of functions that can enhance the value of specific organizational processes. Markets and Markets, a research firm providing quantified B2B research headquartered in Pune, India, and having an office in the USA currently holding 80% of global Fortune 1000 companies, as clients, has published the results of its laborious forecast. It reveals a promising upcoming silent revolution in the global facility management market. According to the survey, the Facility Management(FM) Market presently valued at 42.2 US$ is projected to grow at a CAGR of 1.6% to reach 76.3 US $ in 2026.
InnoMaint adjudged to be a major vendor in the market
In the painstaking process, Markets & Markets arrived at the profiles of key players cutting across geographic boundaries comprehensively by scrutinizing their features, market rankings, core competencies, global presence, etc. The revenue figures were sourced from annual reports of companies. It had access to the latest financial information of key vendors in the context of FM until 2020-21. It adjudged InnoMaint as a major vendor in both Facility Management Software 2021 and Enterprise Asset Maintenance Software 2021 categories.
Tap into the booming Facility Management market by subscribing to Innomaint which is a one-stop CAFM solution for all your Facility Management needs including
A practicable alternative to traditional approaches paving for effective communication on work orders
Quicker and easier audits on maintenance to identify areas of improvement and training requirements
Ability to catch up with maintenance teams while on the move 24×7 and assign tickets based on the current workload of technicians & quicker dispatch of technicians based on Geo-Fencing
Greater visibility into operations for better technician engagement
Deeper cost-cutting on capital expenditure, utility & service expenditure, etc and much more…
Facility Management Market Forecast – The efforts behind
The need for a Facility Management System is more pronounced over time. The entire globe suffered a 4% decrease in GDP, on average. The effect of the pandemic spillover is felt in countries not hard hit by the pandemic as well. The world economy is expected to recover steadily by the end of 2021 but the process will take longer for U.S, Germany, Italy, England & Russia.
Markets & Markets have defined, described, and forecasted the trend in the Facility Management market by component, size of the organization, industry vertical, deployment mode & region. It analyzed opportunities in the market and outlined the competitive landscape for key stakeholders and market leaders.
The B2B software review firm considered five regions across the globe where the FM market was ruling. They were North America, Asia Pacific, Middle East, Europe, Africa & Latin America. It also took into account the marked impact of the pandemic on the FM market. These regions consist of developed countries with well-established infrastructure, which generates huge demand for facility management solutions.
Markets & Markets perceived growth in trend of outsourcing facility management operations. On the Demand front, it interviewed Chief Executive Officers, Chief Operating Officers of MNC’s etc. On the Supply-side, it interviewed Chief Executive Officers and Co-founders of Key Companies. The research organization consulted FM associations such as
Facility Management Association of Australia
Japan Facility Management Association
Facility Management Association of India (FMAI)
Revolution in Facility Management
The growth of the facility management market can be attributed to several revolutionary technologies and concepts such as cognitive computing, augmented reality, virtual reality, IoT and analytics, robots, etc into facility management solutions.
The proliferation of technology along with intelligent software solutions in businesses is a major driving force to the growth of the facility management market. The fact that IT spending has increased considerably in the last 5 years stands as a testimony to this statement. The future demand in the IT and Telecom vertical would be due to demographic and economic factors.
Digital Solution to Facility Management
A Facility Manager automates and simplifies routine planned preventive maintenance to avert any unexpected failure. He also automates predictive maintenance to keep a check on service expenses and frequency of services. In the event of a breakdown, he rises up to the occasion for coordinating the team efforts to make the communication clear and effective driving and tracking the work orders till completion.
He aligns the workforce for constant knowledge sharing and keeps them up-to-date with technological advancements. He streamlines maintenance by keeping your equipment status and maintenance records in an easy-to-use system.
The more consistent an organization’s day-to-day operations are, then the easier it will be to maximize efficiency and productivity. In turn, these changes can lead to improved customer satisfaction, lower costs, and less waste.
The ray of hope in the long-term outlook for Facility Management
Facility management has been evolving as a thriving business that continues to grow across verticals pushing aside the economic setbacks triggered by the pandemic. Enterprises have started realizing that FM can no more be looked down upon as a set of back-office activities. They are of the notion that their organization can achieve success and steady growth only through the efficient and effective management of complex operational business processes in their facilities.
With the growing receptivity to technological advancements, it is no wonder that Facility Management Solutions are in a high demand in the I.T, Telecom & Health Care Sectors to meet regulatory requirements and sustain critical projects and life saving procedures. Facility Management, these days, has extended its scope to cover numerous business functions and processes and hence the complexity. But the sophistication should come with simplicity to end-users. InnoMaint has modeled its CAFM solution around this core concept to evolve and update itself to meet the challenges of today and tomorrow !
Strategy for Facility Maintenance in 2021 with IoT Powered CAFM
We hope the facility managers have started planning for the year 2021 in regards to embarking on the latest Facility Management(FM) approaches that shall work in the last phase of the pandemic & post corona world as the previous calendar year exposed the lacuna in tradition approaches centered around maintaining heaps of paper, couple of excel sheets that failed to work as expected and could not tackle the challenges posed by the new normal triggered by the pandemic.
New Normal for Facilities
The first supply of Vaccines might have come to the rescue of the people in our community. But the impact and aftermath effects of the pandemic on economy and businesses shall continue to reverberate at least for the next few years. Here is where Facility managers need to rise to the occasion and establish the significance of their role in the facility.
Digitized Maintenance Operations
Do you wish to add true value to the facilities you manage by achieving operational consistency and thereby imparting stability and balance to them, more conveniently? The core of many of the FM issues that have surfaced is the complexity of the operations that have to be executed on a continual basis including lockdown phases. So simplifying maintenance operations in a smart fashion holds the key to open the complicated knots of maintenance in the novel coronavirus era !
Intelligent Covid-19 Monitoring Solution
Secure Your workplace, streamline business operations and enhance safety using intelligent Covid-19 Monitoring Solution integrated with CMMS software that can interact with assets, infrared sensors and perform automatic detection of mask, screen temperature of visitors using thermal imaging cameras such as HIKVision. These innovations are incomparable to manual processes which steal much of your precious time. All these at reduced costs and greater ability to cut down on high maintenance costs in the form of proactive maintenance.
Gain momentum to your facility operations with InnoMaint that leads the innovation during the covid-19 times by introducing brand new features to the market.
IoT Integration Solution
We offer energy monitoring solutions that lets you go deeper into identifying energy consumption patterns instantly and turn off high consumption units automatically.
Remote Service App
Not just this. We offer a smart walkie talkie mobile app for team collaboration which is faster, reliable and more secure than traditional mobile calls. Go truly mobile carrying your CMMS while on the go and catch up with your technicians for the latest updates along with offline working capabilities.
There are upcoming features, in the pipeline, that are sure to make you excited further.
Multi Awarded CMMS Software for 2021 to turn the tables on maintenance management !
The introduction of the CMMS (computerized maintenance management system) software provided enterprises, facilities managers, and other facilities management professionals a singular platform where their tasks, processes, schedules, and data are centralized. Data are no longer stored in silos, which means all tasks, actions, and decisions are based on a single version of the truth. Communication among and between teams and departments is smooth and clear, resulting in more productive collaboration and better results.
As existing technologies advance and new innovations come into play, the facilities maintenance management sector will continue to grow and thrive. The demand for better, faster, and more secure facilities management solutions will never wane as long as the following technologies keep on evolving and make facility maintenance management a breeze.
1. Manage Facilities in the Cloud
Among the major factors that fuel global facility maintenance management system demand and adoption is the need to move business-critical processes and systems to the cloud. This is supported by a recent survey administered by LogicMonitor, wherein 83% of enterprise workload will be performed in the cloud by 2020.
Among the many benefits of using cloud-based CMMS include the ease of access, scalability, reliability, and security as primary reasons that drive cloud migration of essential tasks and processes. Tools and applications hosted in the cloud have proven to be more stable and reliable, enabling users to perform productively with little to no disruption due to slow performance, and faulty equipment and devices.
Critical data are stored away in secure cloud-based storage hubs. Via secure login portals, Users can easily access information and tools, view their tasks, enter new updates, and more from anywhere in the world. Workers, teams, and their subsidiaries can communicate and collaborate even if they are working from different locations.
By operating in the cloud, facility maintenance management services providers are able to expedite the delivery of high-quality facility maintenance and management services. Top class, high-value service, along with the expert tips found in the FinancesOnline.com consumer reviews guide, will definitely catapult their consumer trust and ratings and boost the growth of their business.
2. Automate Schedules, Tasks and Other Critical Processes
With the aid of an automated facility management system, facility managers automate a myriad of mundane facility management processes such as generating status reports, delegating tasks to the most qualified personnel, activating mechanisms once certain conditions are met, and more. The benefits of automation include faster and more accurate processes, enhanced productivity, and minimization of human errors to name a few.
For instance, preventive maintenance is a critical facet in the management of facilities and assets. Determining its ideal schedule as well as its scope as accurate and as efficient as possible is a paramount concern for management and maintenance personnel.
By leveraging an automated facility management system, facility managers can automate the most optimal preventive maintenance schedule based on a thorough machine-powered analysis of real-time data and other factors. Along with the automation benefits mentioned above, other advantages of automated preventive maintenance are the reduction of maintenance costs and the prolonged service lives of facilities and other assets.
By automating exhaustive and time-intensive routines, facility managers and management teams can focus on more critical and pressing concerns and issues without worrying about missing opportunities and making catastrophic mistakes.
3. Make Facility Management Smarter with AI
The entry of automated facility management solutions has increased the efficiency and productivity of facility managers and professionals all over the world. By eliminating the manual element from most of their responsibilities, facilities maintenance and management workers are able to hone in their focus on crucial tasks and goals that add more value to their organization.
With artificial intelligence or AI, things can get much better. AI-powered facility maintenance management applications are able to perform tasks with little to no human intervention. These actions can include scheduling inspections and repairs, creating requests for replacements, assigning critical tasks to the most qualified personnel, and so on.
Tools and systems driven by AI can work tirelessly outside working hours. This is ideal for monitoring assets, equipment, and machinery that are nearing critical thresholds. In some companies, the AI can make and implement crucial decisions like suspending operations or rerouting power based on the information it has on hand and the gravity of the situation.
In 2018, Google started using AI to manage and automatically adjust the cooling systems of the company’s buildings. The move saved the tech giant 40% energy consumption for their cooling systems.
By incorporating AI, enterprises are able to significantly increase efficiency and productivity, bring down operational expenses to an impressive level, and further increase compliance and safety in the workplace among other benefits.
Invest in Modern Facilities Maintenance Management
Checklists and spreadsheets are a thing of the past. The cloud, automation, and AI are just some of the many technologies that will reshape the way facilities maintenance management is done.
There is no stopping the progress of technology and its impact on business, particularly in facilities management. Now is the high time to invest and bring in a more modern approach to making your facilities more productive and cost-effective assets in your enterprise.
Al-Facitech is a facility management company with 200 plus young & energetic workforce spread across five business locations.
Mr. Rashid is an in house facility manager who operates across business functions.
As a part of work, he travels frequently between the business locations to oversee various departments such as electric & plumbing team, masonry team, garden & lawn cleaning team, painting team, welding team, computer asset & accessories service team, etc.
His work is centered on heaps of files and a laptop with bunch of excel sheets. He relies on these tools to look for and keep track of work order information.
He has to look out for required information very often to remember the dates for maintenance schedules and status of a work order.
This becomes increasingly difficult whenever the customer care department receives lots of service & maintenance requests on a roll. Rashid has to search & gain access to required information from the whole lot of clutter in a frustrating way. To make things difficult, catching up on correspondence with technicians,while away from office, becomes a practically unmanageable task.
Innomaint integrates people, place and process within the built environment of client premises in a smarter way. The business data of company ABC is now safe & secure with cloud storage of Innomaint free from any accidental loss.
Rashid has the information on the list of AMC’s and can get closer to the devices or services covered by any particular AMC and the demographics in few seconds. He analyzes the same and prepares a list of customers to be persuaded to bring the uncovered services and devices under the jurisdiction of AMC thus sowing the seeds for financial security.
Rashid is able to measure the performance of each service technician for any defined time period on the basis of completion time, First to Fix rate, Reassignment of tickets, Contribution to solution bank, etc. He measures performance once in every three months and gets a clear indication of improvement and lags and recommends incentives or additional training conveniently based on this knowledge, on hand.
His manual follow up got reduced significantly as he is able to get instant access to information on the customer, payment transaction, breakdown service, Planned Preventive Maintenance. He devotes the precious time saved to other business activities such as meetings with the Board Of Directors, Coordination of work with peers like Marketing Manager.
He is able to gain visibility & exercise complete control over work orders throughout its progress from arrival till end. Technicians are unable to give him & customers any false statements on their current location. This upholds transparency in the process by leveraging features like Geo-Location Tracking, QR Code scanning, etc.
The technicians who were earlier lying to the customers who called out for service that they were far from the customer premises are now unable to give false reasons for the delay in commuting as both customer & Rashid are able to track the current location of the technicians on the way.
Rashid is able to pass on instructions to his sub-ordinators – the supervisors of individual teams to define the safety precautions to be followed while working on planned preventive maintenance tasks and able to convince the technicians that he cares for them.
Technicians assigned with tickets who were earlier reluctant to approach Rashid due to any lack of knowledge or personal reasons are now able to decline the assignment stating valid reasons.
Rashid is able to utilize the calibration workflow in the application to his favour by ensuring the consistency inaccuracy of measuring instruments thereby undeviating from the reliability of the services provided.
Rashid has the information on inventory levels at his fingertips. To sum up, he is empowered with a complete overview of the maintenance activities and can govern the workflow from anywhere and at any time via mobile app.
Click here to have a glance at the benefits of FMS, at length.
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InnoMaint Asset Maintenance & Facility Maintenance Software Release of Version 2.3.7
1. To facilitate clearer & easier identification of an asset we’ve introduced a new provision namely Building & Floor by which a service technician can arrive at the correct room in which the asset to be attended to is located at the time of raising a ticket on the first attempt.
2. At the time of creation of an asset, you now broadly categorize it either as a Measuring Equipment or Facility.
Daily and Weekly Calendar
In addition to the yearly & monthly calendars, weekly and daily calendars are provided for a closer view of the preventive maintenance tasks.
1. Bulk Acknowledgment– Admin’s task of granting approval to the Preventive Maintenance tasks checked out by the technician is simplified by providing an icon for bulk approval of tasks. Prior to using this functionality, the user has to check the checkboxes which appear on clicking the collapsible icon.
2. Bulk Initiation – For companies dealing with scores of preventive maintenance tasks every day, Bulk initiation feature can be used to create multiple preventive maintenance schedules for an asset, at once.
3. Bulk Cancellation option comes handy in cases where it is decided to give up a couple of tasks. The icon highlighted in the screenshot is applicable to the tasks in New and Upcoming tabs.
4. 52 Week PPM Calendar has been provided for AMS & FMS . All web user roles can make use of this feature enhancement.
5. Sometimes preventive maintenance schedules need to be scheduled at uneven time intervals. In such cases, Admin can avail this feature. On every day of the defined set of days these tasks shall repeat in the chosen hours.
6. For Calendar based hourly schedules, and repeat hourly schedules, Admin can assign multiple approvers. This can be utilized in cases where supervisors vary for different shifts of operation.
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