Saudi Arabia Facility Management Market Size was valued USD 25.51 Billion in 2020 and is expected to reach USD xx.xx Billion by 2027, according to a new report study the market is expected to expand at a CAGR of 10.03 % from 2020 to 2027. The base year considered for the study is 2019, and the forecast has been provided for the period from 2020 to 2027. The soaring investments being made in infrastructural development projects, the flourishing tourism sector, and the increasing number of construction activities in the country are some of the major factors driving the progress of the Saudi Arabia facility management market.
Saudi Arabia is the largest market for facility management services in the Gulf Cooperation Council region. The market for facility management in Saudi Arabia grew at a healthy pace during 2016-2019 due to increasing investments in the country’s construction sector.
Tourism Sector and Government
The Ministry of Tourism in Saudi Arabia announced in June 2020 that it intends to launch a special fund for tourism development in the country. Moreover, the Ministry plans to invest $4 billion in the initiative. This initiative will massively bolster the tourism sector in the country in the coming years, which will, in turn, generate huge demand for facility management services across the country and drive the growth of the market in the future.
Future Project and Investment
With continuing investment and technological enhancements, Saudi Arabia is investing in diverse projects. Saudi plans to invest approximately USD 1 trillion in its non-hydrocarbon sector by 2035. Some of the key projects include Qiddiya Entertainment City, King Abdullah Financial District, Neom, the Red Sea Project, and Amaala, to name a few.
The COVID-19 pandemic has further sped up the adoption of cloud and emerging technology. Countries have dedicated significant resources to expanding the role of small and medium sized enterprises in the economy. Furthermore, small businesses in Saudi were provided with a USD 13 billion financial aid to weather the crisis. These also indicate the country's compliance with Vision 2030's goal of increasing SMEs' contribution to GDP to 34%.
Key Players: Saudi EMCOR Company Ltd (EFS Facility Management), Khidmah LLC, Enova Facilities Management Services LLC, Muheel Services For Maintenance & Operations LLC, Musanadah Facilities Management Company Ltd., Al Mahmal Facilities Services, Al Khozama Facility Management Services, Five Moons Company Ltd., Takamul AlOula Facility Management, Al Borj Facility Management, Saudi Binladin Group Operation & Maintenance, and others.
Summarization of Report
The research report provides a perspective of the attractiveness of the regions and segments which are formulated based on their growth rate (CAGR) and market size. Leading analysts and industry professionals present in various regions have validated the data & information provided in the report. The report provides the detailed analysis of forecasted data, revenues, and major developments. It also offers crucial strategies adopted by major organizations catering to the Saudi Arabia Facility Management Market. This provides important and in-depth insights to depict the overall market scenario.
Along with the market position, future trends, market share, market dynamics, opportunities, threats, risks and entry barriers, a detailed overview of the [Saudi Arabia Facility Management Market is included. In the form of graphs, tables, pie chart, and product figures, all the brief points and analytical market data are statistically pictured to provide users with overall information.
Also, the report sheds light on upstream raw materials, downstream client survey, marketing channels, industry development trends and recommendations that specifically provide useful information on major manufacturing equipment suppliers, raw materials suppliers, major distributors, and major consumers with their contact information, for Saudi Arabia Facility Management Market chain analysis.
Industry Growth Mapping
The key purpose of the report is to provide a growth map of the Saudi Arabia Facility Management Market and hence assist the client's in the formulation of required strategies to meet the business goals. Thus, there are many qualitative and quantitative tools used for growth mapping of the market. These include PESTEL analysis for various regions involved in the market, SWOT analysis of the industry, PORTER'S five forces for determination of different attributes such as the power of the buyer and supplier engaged in the market, threat of substitution, intensity of competition and threat of the new entrants in the market.
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