Press release
GCC Facility Management Market to Reach $74,159.3 Million by 2023
The growth of the GCC facility management market is mainly driven by the increasing construction activities and growing tourism industry in GCC countries. Facility management refers to professional services covering multiple disciplines, in a bid to ensure functionality of the built structures through the integration of people, place, process, and technology.
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On the basis of service, the GCC facility management market is segmented into property services, cleaning services, security services, catering services, support services, environmental management services, and other services. Other services include reception staffing, utility management, furniture supplies, and contract management.
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Property services is expected to be the largest category with an estimated contribution of more than 25.0% in the facility management market of GCC countries in 2017. Property services offer several benefits such as ensuring short vacancy cycles, rent collection, better tenant retention, assistance with taxes, and various others. Owing to such benefits, the demand for this service type is growing in GCC countries.
Increased demand of outsourced facility management services is creating immense opportunities for market growth
The lack of in-house expertise and a need to focus on core competencies have created immense opportunities for these companies. Outsourcing provides a number of advantages considering the areas it covers, starting from the cost of leased spaces, energy consumption, technical maintenance, and others. Also, it offers the flexibility that is needed to meet the constantly changing business needs and requirements. For large organizations that have complex portfolio to manage, outsourcing is the best option as it allows them to focus on their core services.
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