Pune, India, Jan. 13, 2022 (GLOBE NEWSWIRE) — The Saudi Arabia facility management market size was USD 22.40 billion in 2020. The market is projected to grow from USD 22.87 billion in 2021 to USD 34.86 billion in 2028 at a CAGR of 6.2% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Saudi Arabia Facility Management Market, 2021-2028.”
Based on the extensive research conducted by our analysts, the prospects for Saudi Arabia facility management are expected to rise due to increasing governmental impetus for industry localization has become an indispensable struggle to augment the economic condition of GCC nations, while declining the region’s dependence on oil incomes.
COVID-19 Burdens Value & Supply Chain of Facility Management Services
The COVID -19 outbreak had colossal undesirable influence on the value chain and supply chain operations in the facility industry. The disruption in the value and supply chain with volatiles demand and supply of the facility services, combined with stringent government constrictions have limited the logistics operations in the market.
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As of November 2020, the amount of COVID-19 active cases in GCC region deteriorated by 50%, with fatality rates falling below average. With the government’s emphasis over accentuating health an economic requirement, monetary and economic guidelines are likely to remain accommodative until the GCC region’s recovery is well settled.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the predicted size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver accurate information to make business investment decisions simple for you. The study also covers financial aspects for the Saudi Arabia facility management sector while presenting a forecast for the forecast duration.
Based on service type, the market is classified into hard, soft and other facility services. Amongst which the soft services segment is expected to grow significantly at the highest CAGR.
On the basis of industry vertical, the market segmentation is branched into healthcare, government, education, military & defense, real estate, and others.
REPORT SCOPE & SEGMENTATION:
|Forecast Period 2021 to 2028 CAGR||6.2 %|
|2028 Value Projection||34.86 Billion|
|Market Size in 2021||22.87 Billion|
|Historical Data for||2017-2019|
|No. of Pages||120|
|Segments covered||Service Type, and Industry Vertical|
|Growth Drivers||COVID-19 Encumbers Value & Supply Chain of FM Services|
|Increasing Public-private-partnerships (PPP) and Energy Management to Boost Market Growth|
|Government Initiatives of Investing in Tourism and Construction Industry to Bolster Growth|
|Pitfalls & Challenges||Reduced Number of Trained Facility Service Providers to Hinder Market Growth|
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Drivers and Restraints
Government Initiatives of Investing in Tourism & Construction Industry to Boost Growth
Presently, the government of Saudi Arabia is incessantly working on its economic diversifications by financing in its tourism industry. Over the last few years, the government has invested profoundly in expanding its non-oil economy. Furthermore, underneath the program known as Vision 2030, the government has commenced to open up its tourism sector by executing numerous noteworthy changes.
Moreover, since 2019, the government has begun allotting tourist visas for the first time, which is the most significant modification that has taken place. Therefore, this is expected to bolster the Saudi Arabia facility management market growth.
The Saudi Arabia facility management market share is anticipated to grow substantially in the upcoming future, owing to the unceasing development in urbanization and industrialization. The governments are financing in the expansion of railways, ports, airports and several other sectors.
For this, the governments are merging with numerous private Saudi Arabia facility management service providers, comprising facility management service suppliers, to preserve the clean and green infrastructure. The investment from the private sectors is anticipated to upsurge stunningly in the upcoming future, which is likely to thrust the market growth across the region.
Acquisitions and Mergers Commenced by Vital Companies to Endorse Market Growth
The leading players in the market constantly opt for efficient strategies to thrust their brand value as well as endorse the global market growth of the product with tackling minimum possible hurdles. One such efficient strategy is procuring competitive companies and further securing a profit for both the companies.
June 2020: Sodexo teamed up with Bureau Veritas to unveil hygiene verification label for Sodexo services that provides quality reassurance to consumers. This collaboration encompasses on-site facilities management services as well as catering services.
List of Key Players Covered in this Market Report
- Sodexo (Issy-les-Moulineaux, France)
- CBRE Group Inc. (Los Angeles, U.S.)
- Compass Group PLC (Chertsey, U.K.)
- Cushman & Wakefield (Chicago, U.S.)
- Tenon Group (Gurugram, India)
- Dussmann Group (Berlin, Deutschland)
- Majid Al Futtaim – ENOVA (Dubai, UAE)
- MEEM Facility Management Co. (Riyadh, Saudi Arabia)
- MUHEEL SERVICES (Jeddah, Saudi Arabia)
- INITIAL SAUDI GROUP (Jeddah, Saudi Arabia)
- Al Mahmal Facilities Services Company (Al Khalidiya, Saudi Arabia)
- Afras (Riyadh, Saudi Arabia)
- TOFM (AlKifah Holding) (Al Khobar, Saudi Arabia)
- EFS Facilities Services Group (Dubai, UAE)
- G4S Limited (Jeddah, Saudi Arabia)
- Munjz (Dammam, Saudi Arabia)
- TAMAM (Riyadh, Saudi Arabia)
- Fanni (Jeddah, Saudi Arabia)
- AJEER (Riyadh, Saudi Arabia)
- Albaap (Riyadh, Saudi Arabia)
- Just Mop (Dubai, UAE)
Quick Buy – Saudi Arabia Facility Management Market Report:
Detailed Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Saudi Arabia Facility Management Market Share Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview Responses
Have a Look at Related Research Insights:
Facility Management Market Size, Share & COVID-19 Impact Analysis, By Service Type (Hard Services, Soft Services, and Others Services), By Industry (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2021-2028
Hard Services Facility Management Market Size, Share & Industry Analysis, By Service Type (Outsourced and In-house), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2019-2026
Soft Services Facilities Management Market Size, Share & Industry Analysis, By Service Type (In-house and Outsourcing), By Industry Vertical (Healthcare, Government, Education, Military & Defense, Real Estate and Others) and Regional Forecast, 2019-2026
Construction Equipment Rental Market Size, Share & Industry Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Concrete & Road Building Equipment, and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2019-2026
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