Saudi Arabia Facility Management Market to Reach $51,616.2 Million by 2024

According to P&S Intelligence, the Saudi Arabia facility management market is projected to advance at a CAGR of 9.7% during the forecast period (2019–2024). One of the major factors driving the progress of the market is the growing construction activity in the country. In simple terms, facility management means professional services that cover various disciplines in order to ensure proper functioning of built structures by bringing together people, process, place, and technology. These services provide support to companies in security, cleaning, and catering.

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Based on service, the Saudi Arabian facility management market is classified into property, cleaning, catering, security, support, environmental management, and other services; wherein ‘other’ includes reception, furniture supplies, staffing, utility management, and contract management. Here, in 2018, the property services classification held the largest revenue share of more than 25.0% in the market. This is ascribed to benefits such as better tenant retention, short vacancy cycle, and various others associated with property services. Thus, the increasing demand for this service is augmenting the growth of the market.

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On the basis of mode of service, the Saudi Arabian facility management market is bifurcated into outsourced and in-house. Of these, in 2018, in-house services contributed more than 65.0% revenue to the market, owing to its high adaptation rate, long-standing presence, and low cost as compared to outsourced services. Further, based on type, the market is categorized into soft services, hard services and others; wherein ‘others’ includes vehicle fleet management, catering services, space management, environmental management, and utility management.

Among these, in 2018, the hard services category dominated the Saudi Arabian facility management market in terms of revenue due to the fact that these services are expensive because of their technicality. Moreover, various hard services, such as mechanical, HVAC maintenance, and lift management, are critical in nature and required by industrial, commercial, and residential units. Hence, with the increasing demand for these services, this category is expected to create opportunities for market players in the forecast period.

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Some of the players operating in the market are Interserve plc, Khidmah LLC, EMCOR Group Inc., Saudi Oger Ltd., Enova Facility Management, and Rezayat Group.

The research offers size of the Saudi Arabian facility management market for the period 2014–2024.

Market Segmentation by Service
Property
HVAC Maintenance
Mechanical and electrical maintenance
Others
Cleaning
Security
Catering
Support
Environmental Management
Others

Market Segmentation by End User
Commercial
Residential
Industrial

Market Segmentation by Mode
In-House
Outsourced
Integrated
Bundled
Single

Market Segmentation by Type
Hard
Soft
Others

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This release was published on openPR.