DUBLIN, October 27, 2021– (COMMERCIAL THREAD)–The “Saudi Arabia Facilities Management Market Research Report: Forecast (2021-2026)” report was added to ResearchAndMarkets.com offer.
Saudi Arabia Facilities Management Market Expected To Grow At A CAGR Of Around 15% In The Period 2021-26F
The growth of the market is accredited to propel investments in the development of large-scale infrastructure projects by 2030, the adoption of advanced technologies such as augmented reality, IoT and analytics, coupled with a significant increase in the number of market players and a growing trend of outsourcing of facilities management.
The upsurge in religious tourism in the near future, the introduction of various visions and development plans by the government for economic diversification and the launch of new technologies are expected to fuel the growth of the market.
Impact of COVID-19
In addition, the demand for facility management has seen a sharp decline due to the COVID-19 pandemic. This is due to the imposition of the lockdown which has halted business operations in various sectors including transportation, manufacturing and real estate across the country. However, the demand for facility management is expected to increase in the near future due to the gradual resumption of business activity.
Integrated has acquired significant market growth
On the basis of service delivery, the integrated segment has gained significant market share in the facilities management market in Saudi Arabia. In recent years, the demand for integrated services has skyrocketed.
The increasing deployment of the digitization process in integrated services, a growing partnership between market players and the traction among facility owners to reduce the number of service providers are some of the factors that are expected to accentuate the growth of the market. of facilities management in Saudi Arabia in Saudi Arabia. coming years.
Hardware services represent the highest market share
Based on Type, the market is divided into hardware services, software services, and others. Hardware services accounted for the majority market share in 2020 and is expected to experience the fastest growth during the forecast period. Hard facility services are difficult in nature as the services are related to the operation and maintenance of the mechanical and civil structures of a building, therefore they require professional experts.
The growth of the segment is attributed to an increase in public-private partnership projects for healthcare, transportation, education and real estate and the growing demand for professional services are positively impacting the growth of the segment. Moreover, the ongoing mega construction projects are directly influencing the growth of the physical facilities management services market in the country.
Growing inclination of government towards economic diversification
Reducing dependence on the oil and gas sectors due to a significant drop in oil prices has prompted the government to focus on non-oil sectors for economic diversification. The launch of Vision 2030 as a roadmap for countries’ economic development has infused investments in various sectors such as healthcare, trade, education, transport, etc. project and increased foreign direct investment in the private sector are expected to increase the demand for management of various facilities in the next timeframe.
Increase in public spending in the tourism sector and construction activities
The growing inclination towards non-oil sectors has infused significant investments in various sectors for economic diversification. The introduction of the Vision 2030 plan has a long-term plan to boost infrastructure development in the country by developing public service sectors such as health, education, infrastructure and tourism promises lucrative market growth. of facility management.
The launch of large infrastructure projects, increased investment in smart cities as well as the introduction of the housing program to increase the homeownership rate to 60% are expected to fuel the demand for facilities management. In addition to this, the tourist population is expected to grow at a steady rate in the near future.
By 2025, the number of religious tourists is expected to reach 30 million in the country. Thus, this imposes a positive impact on the hospitality sectors. The tourism sector is one of the main contributors to the economy. The meteoric presence of the international hotel chain, the launch of a tourism development fund and the development of the transport sector are the factors that strongly contribute to the growth of the facility management market in the country.
Main topics covered:
2. Executive summary
3. Expert Verbatim – What Are Our Experts Saying?
4. Macroeconomic outlook
5. Impact of COVID-19 on the Facilities Management Market in Saudi Arabia
6. Saudi Arabia Facilities Management Market Outlook, 2016-2026
7. Saudi Arabia Physical Facilities Management Market Outlook, 2016-2026
8. Saudi Arabia Software Facilities Management Market Outlook, 2016-2026
9. Saudi Arabia Risk Management Facility Management Market Outlook, 2016-2026
10. Saudi Arabia Administrative Facilities Management Market Outlook, 2016-2026
11. Regulating the Facilities Management Market in Saudi Arabia
12. Trends and developments in the facilities management market in Saudi Arabia
13. Saudi Arabia Facilities Management Market Dynamics
14. Saudi Arabia Facilities Management Services Market, Customer Buying Behavior
15. Winning Strategies of the Facilities Management Market in Saudi Arabia
16. Saudi Arabia Facilities Management Market Attractiveness Index
17. Porter’s Five Forces Analysis in Saudi Arabia Facilities Management Market
18. Price Analysis of Saudi Arabia Facilities Management Market
19. Competitive benchmarking
Enova Facility Management Services LLC
Musanadah Facilities Management Co. Ltd.
Nesma Trading Co. Ltd.
Al Borj International
Al Hajry Overseas Co. Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/x0tw42
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211027005607/en/
Laura Wood, Senior Press Director
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