Market Trends of Hard Facility Management Industry
This section covers the major market trends shaping the Hard Facility Management Market according to our research experts:
Robust Post-COVID Demand for HFM
- The COVID-19 pandemic has altered some aspects of our daily routines. However, it also allowed several sectors, like hard facilities management, to help reduce the spread. In a post-covid environment, there is more awareness of several areas, including cleaning, maintenance administration, and ventilation. Facilities management services take care of these issues, ensuring that organizations continue to run smoothly, hygienically, and securely.
- Cleanliness being the basic concern, technology is crucial to reducing the spread of COVID-19 and other airborne infections. The rising attention of facility management services towards cleanliness emphasizes the necessity of using contactless solutions across several sectors. Staff and visitors would feel safer at work if contactless entrance and exit points were included, such as QR codes for access control and door activation. Contactless payments are another approach to keep consumers and staff feeling safe, for instance, in the retail sector. Such technology would improve businesses' energy efficiency while also reducing unnecessary touch.
- Facility management can assist in ensuring that air quality in buildings remains a top priority in the post-COVID era. All air movement systems and equipment must be kept in good working order. Employee productivity may be raised, and health hazards decreased in the workplace by maintaining a suitable temperature and lowering humidity. Regular HVAC system maintenance can help with this. For instance, your company could stay on top of removing indoor air pollutants to provide fresh air in the workplace by utilizing a planned maintenance routine.
- Establishing a work atmosphere that encourages addressing current thoughts is essential. This calls for unique seating configurations and space layout that goes beyond the conventional cubicle concept. Even if the government has loosened social distancing regulations, many workers still feel more at ease knowing that workstations are appropriately spaced apart. As a result, many companies move to open plans in the post-covid era. Additionally, open office spaces are advantageous for better ventilation, which raises indoor air quality.
- With the emergence of a hybrid work culture, getting the work done is much more important than it is being done. Therefore, facility managers ensure that employees have a consistent experience, whether working in an office or remotely. According to a report published by Accenture, 42% of employees expect hybrid work to succeed in the last year. This highlights the fact that over half of the global workforce has an optimistic outlook on the future of work. Notably, 31% of those surveyed said they were displeased by this situation.
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Significant Use of Enterprise Asset Management (EAM)
- Organizations may greatly benefit from enterprise asset management since it aids in planning, optimizing, executing, and tracking all maintenance tasks by priorities, tools, materials, costs, skills, and various sorts of information. The market for enterprise asset management is anticipated to expand strongly in the following years because of the technology's ability to enhance asset performance and promote industry or business expansion.
- Applications for facilities management and EAM are aimed at global companies of all sizes and sectors. From the moment that various physical assets, including buildings, equipment, vehicles, and machinery, are purchased until they are disposed of, they are managed using tools and processes made available through the enterprise asset management system.
- EAM is primarily used by businesses that want to maximize the use of their physical assets throughout their entire asset lifespan, thereby causing the demand for EAM to grow rapidly across the world. EAM helps to maximize the effectiveness and efficiency of resources throughout their lifecycles, boost productivity, and save operating expenses. The combination of software and service aids in managing the operational resources and machinery of large businesses.
- Top-level enterprises are currently using EAM to boost their businesses' bottom line and give them a clear understanding of the future of the business's physical assets. With the help of EAM, it is possible to gain insights into load distribution and operational capacity utilization of any machine and increase productivity by regularly using agile asset management systems. Also, most large enterprises are implementing EAM to have a properly streamlined asset life cycle process that helps them make the right decisions regarding their physical assets at the right time.
- The value of all the assets managed in North America in 2021 exceeded the sum of the values of the assets managed in Europe and Asia (Japan excluded). According to BCG, in 2021, North America assets under management (AUM) assets under management (AUM) in North America reached USD 54 trillion, or about half of the entire AUM globally.
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