Top Asset and Facility Management Trends for 2024 and Beyond: What Facility Managers Need to Know

In today’s competitive facility management landscape, staying ahead isn’t just a goal—it’s essential. Facility managers face rising demands to operate efficiently, comply with stricter regulations, and meet tenant expectations while managing tight budgets and complex assets. By embracing the latest trends in asset management, from AI-driven insights to sustainable practices, facility managers can keep pace with industry changes, reduce costs, and maximise the value of their assets.

With the facility management market projected to grow at a 4.3% CAGR, reaching USD 1.6 trillion by 2027, it’s clear that those who adopt these innovations will position themselves as leaders in an evolving industry. Here’s a look at the top trends shaping the future of asset and facility management.

1. AI-Driven Insights: The Future of Decision-Making

Artificial intelligence (AI) is no longer an emerging trend—it’s an essential tool for facility and asset management. AI delivers predictive insights that allow managers to anticipate maintenance needs, optimise resource allocation, and extend the life of their assets. Facilities that leverage AI insights see reductions in maintenance costs of up to 30% by identifying issues before they escalate.

AI applications go beyond maintenance alone. Facility managers can optimise space usage, increase energy efficiency, and even monitor building security, all by leveraging AI’s data analysis capabilities. Looking forward, AI will integrate with other tools like IoT and digital twins to offer real-time insights and suggested workflows. Facility managers who embrace AI-driven insights can expect streamlined operations, increased efficiency, and reduced downtime, all of which contribute to better tenant satisfaction and longer-lasting assets.

2. Digital Twins: Real-Time Monitoring for External Assets

Digital twins are on track to become an industry standard for tracking building exteriors. These virtual models provide a continuously updated mirror of a physical asset, helping managers monitor conditions remotely. By creating a digital twin of a building’s external elements—like facades and roofs—facility managers can address issues early, reduce the need for physical inspections, and prevent costly surprises.

With maintenance costs reduced by up to 20% for facilities that use digital twins, this technology is invaluable in proactive asset care. Asseti’s platform leverages digital twin technology to provide facility managers with real-time reports on external conditions, helping them make data-driven decisions that enhance safety, compliance, and asset longevity. As digital twins become more accessible, they will become a necessary tool for high-performing facilities.

3. Predictive Maintenance: Minimising Surprises and Maximising Efficiency

Predictive maintenance allows facility managers to move beyond reactive or scheduled maintenance models. Using real-time data, managers can predict when repairs will be needed, reducing the risk of unexpected failures. Studies indicate that predictive maintenance improves asset reliability by up to 25% and reduces downtime by as much as 70%.

For facility managers, predictive maintenance translates into fewer operational disruptions, smoother workflows, and more reliable assets. Facility managers who integrate predictive models into their strategies can allocate resources efficiently, avoid costly emergency repairs, and create a safer environment for tenants. Predictive analytics will be essential for facilities looking to operate with maximum efficiency in 2024 and beyond.

4. Sustainability and ESG: The Future of Compliance and Value Creation

Sustainability and Environmental, Social, and Governance (ESG) considerations are now integral to facility management strategies. With increasing pressure from investors, tenants, and regulatory bodies, facility managers must adopt sustainable practices to meet these expectations. Implementing energy-efficient systems, green infrastructure, and sustainable materials not only reduces a facility’s environmental impact but also offers significant operational savings, with energy-efficient buildings cutting operating costs by up to 30%.

In addition to reducing carbon footprints, ESG integration provides long-term cost savings and attracts environmentally conscious tenants. Adopting practices such as smart energy management, sustainable materials, and efficient water use ensures that facilities meet or exceed regulatory standards. By using platforms like Asseti to track and report on ESG performance, facility managers can more easily comply with regulations, reduce penalties, and support their corporate sustainability goals, all while enhancing tenant satisfaction.

5. IoT and Real-Time Data Collection: A Stream of Insight for Optimised Performance

The Internet of Things (IoT) is a revolutionary tool in asset management, enabling facility managers to collect real-time data on factors like temperature, humidity, occupancy, and energy usage. This continuous stream of data gives managers the insights needed to optimise asset performance, improve tenant comfort, and cut operational costs by up to 30%.

IoT-driven data enables facility managers to shift from reactive to proactive maintenance. By catching inefficiencies early, IoT sensors allow managers to make informed adjustments to prevent major repairs and reduce waste. In 2024 and beyond, IoT will be indispensable for facility managers aiming to optimise assets, minimise costs, and meet the evolving demands of a tech-driven industry.

As we look to 2024 and beyond, the future of facility and asset management is increasingly driven by data, technology, and sustainable practices. Facility managers who embrace trends like AI-driven insights, digital twins, predictive maintenance, ESG integration, and IoT will be better equipped to improve operational efficiency, reduce costs, and ensure regulatory compliance.

Asseti is at the forefront of these advancements, offering solutions that empower facility managers to optimise external asset care and streamline their management strategies. For those ready to enhance their asset management practices, try Asseti’s Instant Assess feature to see how instant condition reports can help you proactively manage your assets and reduce risks. Discover more here.