The technological world is constantly evolving, with advancements occurring daily, pushing the real estate and facility management world. Apart from that, the recent concept of smart building has revolutionized the real estate market. The new concepts of smart gadgets, security systems, energy resources, and focus on sustainability have gained massive traction from investors across the globe. Governments across the globe are also taking active participation in supporting these new phases of the construction and real estate industry. The imposition of new legislation and a growing number of users worldwide has caused a rise in the demand for a workplace satisfying new requirements. With the rapid expansion in demand and massive investments in the field, the MRFR research documents suggest that the global facility management market is anticipated to bolster substantially during the review era from 2022 to 2030 at a healthy growth rate of approximately 10.2%. The reports further anticipate the market to cross a size of around USD 99.70 Billion by the end of 2030. Let’s get to know about this new concept.
Facility Management: Definition
Facility or facilities management (FM) refers to a career devoted to encouraging people. The profession guarantees several aspects of a built environment, such as efficiency, sustainability, safety, comfort, and functionality. According to the definition offered by the ISO, it is an organizational function incorporating process, place, and people in a living environment with a motto to enhance the quality of life of people along with the productivity of the fundamental business.
The blend of job responsibilities helps the processes of every company to build surroundings where the systems function flawlessly, including every aspect of the built space. Facility managers guarantee the environment’s safety and offer the best experience possible, managing the procedures and making the built area successful.
Whether the built environment is a shopping mall, office, or museum, there has to be someone guaranteeing the proper functioning of the building and all of its aspects. That is the one called the facility manager. They ensure the proper operation of all the systems. In addition, they also ensure that the built environment achieves the purpose they were meant to serve, along with everyone’s productivity and health. Facility managers are known to have various names and career tracks. Sometimes they are not even known as facility managers even though they take complete responsibility for all the facility management parameters, such as maintaining, planning, and evaluating buildings.
The facility management market has demonstrated tremendous development in recent years, and the global health hazard in the shape of COVID-19 has made health and safety the priority for everyone across the globe. Rapidly changing technology, green initiatives, and several other global trends are transforming how these FM groups carry out operations and deal with day-to-day challenges. Facility management is believed to be vital in any company as they ensure that the workplaces, living environment, or even play areas are completely sustainable, safe, efficient, and comfortable. Facility managers take part in the company’s policy in many different ways.
FM remains a crucial aspect of returning to the offices after the pandemic. Guaranteeing that the workplaces fulfill the requirements of changing companies, transforming work areas, and ensuring maximum safety has become the highlight of various FM groups. These services have also started impacting various corporate, social, and environmental governance challenges. They assist in supporting how every company operates toward social goals, such as ethical and accountable investing, overall impact, as well as sustainability, rather than just highlighting the bottom line. The wide scope of FM is a little hard to explain. It isn’t as simple as a Sales Manager dealing with the performance of salespeople; the facility management operations go way ahead of just “managing facilities.” Therefore, it’s regularly tricky for organizations to optimize the benefits of a good facility manager. The facility manager’s responsibilities can be split into four categories or pillars: the building, people, technology, and processes.
Facility managers deal with employees in both direct and indirect ways. They found procedures for the company and order. They are believed to be in charge of the maintenance and development of the built environment. They even make complicated incorporations to use data to be successful.