Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the Saudi Arabia Facility Management Market size was valued at USD 23.54 billion in 2022. The market is anticipated to grow from USD 24.48 billion in 2023 to USD 43.48 billion by 2030, exhibiting a CAGR of 8.6% over the estimated period. The expansion is being driven by the rising formulation of customer-driven marketing strategies by key market players. Fortune Business Insights™ provides this information in its research report, titled “Saudi Arabia Facility Management Market, Forecast 2023-2030”.
Industry Development:
In February 2022 – Khidmah Home, an innovative digital platform, was launched by Khidmah, a top company in the region specializing in facility management and maintenance services to property owners and residents.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.6% |
| 2030 Value Projection | 43.48 Billion |
| Base Year | 2022 |
| Saudi Arabia Facility Management Market Size in 2022 | 23.54 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 80 |
| Segments covered | By Service Type and Industry Vertical |
Market Drivers and Restraints:
Government Support by Investing in Tourism and Construction Industries to Drive Market Growth
Government support by investing in tourism and construction industries is anticipated to drive the Saudi Arabia facility management market growth. The government of the region is working on diversifying its tourism industry. In April 2021, the Council of Economic and Development Affairs announced that it is taking several recommendations to process the next phase of Saudi Vision 2030 to continue the development of construction and other new sectors.
However, reduced number of trained facility service providers is expected to hamper the market growth.
COVID-19 Impact:
Disruptions in Supply Chains Led to Changes in Demand and Supply for Facility Services
The COVID-19 pandemic affected the value and supply chain in the facility management market in Saudi Arabia. The disruptions in supply chains led to changes in the demand and supply for facility services. Various manufactures have been working to install and initiate operations using robots to establish a sustainable, cost effective, and highly productive facility management department.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/saudi-arabia-facility-management-market-106258
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Saudi Arabia Facility Management Market Segmentation Analysis:
Soft Services Segment to have Fastest CAGR Due to Increasing Investments in Various Green Energy Sectors
On the basis of service type, the market is divided into hard services, soft services, and other services. Soft services segment is set to have the highest CAGR due to increasing investments in various green energy sectors such as waste management, energy management, waste water management, and others.
Healthcare Segment to have Highest CAGR Due to Increase in Adoption of Healthcare Facilities Management
On the basis of industry vertical, the market is classified into healthcare, government, education, military & defense, real estate, and others. The healthcare segment is projected to have the highest CAGR due to increase in the adoption of healthcare facilities management services as a precautionary measure in various countries. The real estate segment dominated the market share in 2020 due to strong focus of the government on the infrastructural sector.
Regional Insights:
Regional Market to Grow Due to Continuous Urbanization and Industrialization
The Saudi Arabia facility management market share is expected to increase due to continuous urbanization and industrialization. The governments of the region are heavily investing in various sectors such as railways, ports, airports, and many others. The growth of the market is increasing due to high investments in the infrastructural sectors by public and private companies. Saudi Arabian countries have the fastest growing population, which has led to advancements in the facility industry. The countries are also investing in healthcare and education sectors as well.
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Competitive Landscape:
Market Players Are Acquiring Small & Medium Enterprises and Partnering with Various Universities
The market is dominated by Sodexo, CBRE, Majid Al Futtaim – ENOVA, and MEEM FM. They have been acquiring small & medium enterprises and partnering with various universities. Major global and regional players have been re-modelling their service activities by partnering with governmental bodies to create profitable, sustainable, and manageable business structures for engineering and infrastructure sectors.
A List of Key Manufacturers Operating in the Market:
- Sodexo (France)
- CBRE Group Inc. (U.S.)
- Compass Group PLC (U.K.)
- Cushman & Wakefield (U.S.)
- Tenon Group (India)
- Dussmann Group (Deutschland)
- Majid Al Futtaim – ENOVA (United Arab Emirates)
- MEEM Facility Management Co. (Saudi Arabia)
- MUHEEL SERVICES (Saudi Arabia)
- TAMAM (Saudi Arabia)
Saudi Arabia Facility Management Market Segmentation:
By Service Type
- Hard Services
- Soft Services
- Other Services
By Industry Vertical
- Healthcare
- Government
- Education
- Military & Defense
- Real Estate
- Others (IT & telecommunication, BFSI)
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Table of Content:
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Saudi Arabia Facility Management Key Players Market Share/Ranking, 2022
5. Saudi Arabia Facility Management Market Size Estimates and Forecasts, By Segments, 2019-2030
5.1. Key Findings
5.2. By Service Type (USD)
5.2.1. Hard Services
5.2.2. Soft Services
5.2.3. Other Services
5.3. By Industry Vertical (USD)
5.3.1. Healthcare
5.3.2. Government
5.3.3. Education
5.3.4. Military & Defence
5.3.5. Real Estate
5.3.6. Others (IT & telecommunication, BFSI, etc.)
Continued...
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