DUBLIN, October 27, 2021--(BUSINESS WIRE)--The "Saudi Arabia Facility Management Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Facility Management market is anticipated to grow at a CAGR of around 15% during 2021-26F
The growth of the market is accredited to propelling investment on the development of large-scale infrastructure projects by 2030, adoption of advanced technology such as augmented reality, IoT and analytics, coupled with a significant rise in the number of market players and increasing trend of outsourcing facility management.
The upsurge in the number of religious tourism in the near future, the introduction of various vision and development plan by the government for economic diversification and launch of new technologies are expected to fuel the growth of the market.
Impact of COVID-19
Besides this, the demand for facility management experienced a sharp decline due to the COVID-19 pandemic. This is due to the lockdown imposition that has halted the business operations in various sectors including transportation, manufacturing, and real estate across the country. However, the demand for facility management is expected to boost in the near future due to the gradual resumption of the business operation.
Integrated Acquired the Significant Market Growth
Based on Service Delivery, the Integrated segment acquired a significant market share in the Saudi Arabia Facility Management market. The demand for integrated service is soaring for the past couple of years.
The increasing deployment of digitalization process in the integrated services, a rising partnership among the market player and propelling traction among the facility owners to reduce the number of service contractor are some of the factors projected to accentuate the growth of the Saudi Arabia Facility Management market in the coming years.
Hard Services Accounted for the Highest Market Share
Based on Type, the market is bifurcated into hard services, soft services, and others. Hard services accounted for the majority market share in 2020 and is expected to witness 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 mechanical and civil structures of a building, thus it requires 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 surging demand for professional services are placing a positive impact on the growth of the segment. Moreover, the ongoing mega construction projects is directly influencing the market growth for hard facilities management services in the country
Rising Government Inclination Toward Economic Diversification
To reduce the dependency on the oil & gas sectors due to a significant fall in the oil prices has inclined the government to focus on non-oil sectors for economic diversification. The launch of Vision 2030 as a road map of countries economic development has infused investment in various sectors such as healthcare, commercial, education, transportation etc. Besides this, increasing government focus to boost tourism sectors, the launch of the various high-end constructional project and escalating foreign direct investment in the private sectors are expected to increase the demand for various facility management in the forthcoming timeline.
Boost in Government Spending in the Tourism sector and Construction Activities
The increasing inclination toward non-oil sectors has infused extensive investment in various sectors for economic diversification. The introduction of vision plan 2030 has a long-term plan to boost the infrastructural development in the country by developing develop public service sectors such as health, education, infrastructure, and tourism is promising a lucrative growth of the facility management market.
The launch of large infrastructural projects, rising investment in smart cities along with the introduction of the housing program to increase homeownership to 60% are expected to fuel the demand for facility management. Besides this, the tourist population is expected to grow at a robust rate in the near future.
By 2025, the number of religious tourists is expected to reach 30 million in the country. Thus, this is imposing a positive impact on the hospitality sectors. The tourism sector is among the largest contributor to the economy. The snowballing presence of the international hotel chain, the launch of tourism development fund, and development in the transportations sector are the factors strongly contributing to the growth of the facility management market in the country.
Key Topics Covered:
2. Executive Summary
3. Expert Verbatim- What our Experts Say?
4. Macroeconomic Outlook
5. COVID-19 Impact on Saudi Arabia Facility Management Market
6. Saudi Arabia Facility Management Market Outlook, 2016-2026
7. Saudi Arabia Hard Facility Management Market Outlook, 2016-2026
8. Saudi Arabia Soft Facility Management Market Outlook, 2016-2026
9. Saudi Arabia Risk Facility Management Market Outlook, 2016-2026
10. Saudi Arabia Administrative Facility Management Market Outlook, 2016-2026
11. Saudi Arabia Facility Management Market Regulations
12. Saudi Arabia Facility Management Market Trends & Developments
13. Saudi Arabia Facility Management Market Dynamics
14. Saudi Arabia Facility Management Services Market, Customer Buying Behaviour
15. Saudi Arabia Facility Management Market Winning Strategies
16. Saudi Arabia Facility Management Market Attractiveness Index
17. Saudi Arabia Facility Management Market Porter's Five Forces Analysis
18. Saudi Arabia Facility Management Market Pricing Analysis
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 about this report visit https://www.researchandmarkets.com/r/x0tw42
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005607/en/
Laura Wood, Senior Press Manager
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