New York, NY -- (SBWire) -- 09/03/2020 --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. As a result, the market attained a value of $32,480.4 million in 2019 and is predicted to reach a revenue of $76,244.9 million in 2030, exhibiting a CAGR of 9.3% from 2020 to 2030.
The mushrooming infrastructure industry is a major factor responsible for the growth of the market. The Saudi Arabian government is making huge investments in various massive construction projects in the country. For instance, the government launched the 'Smart City' initiative in 2017, under which, it will deploy smart parking solutions, smart lighting devices, environmental pollution tracking and monitoring systems, smart cameras, and smart solid waste disposal systems in various cities across the country.
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The construction of these smart cities will push up the demand for maintenance services for the smart systems, which will, in turn, boost the advancement of the market. Apart from these mega-infrastructural development projects, the thriving tourism sector of the country is also propelling the growth of the Saudi Arabia facility management market. This is because the boom of the tourism sector has boosted the requirement of various services needed for maintaining the facility such as catering and security.
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.
Browse report overview with detailed TOC on "Saudi Arabia Facility Management Market Research Report: By Service (Property {HVAC maintenance, Mechanical and electrical maintenance}, Cleaning, Security, Catering, Support, Environmental Management), End User (Commercial, Industrial, Residential), Mode (In-House, Outsourced {Integrated, Bundled, Single}), Type (Hard, Soft) - Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/saudi-arabia-facility-management-market
Residential, commercial, and industrial are the main categories under the end user segment of the market. Amongst these, the commercial category recorded the highest growth, in terms of revenue, in the market in the last few years. This is credited to the large-scale incorporation of facility management services for managing various commercial facilities such as offices, shopping complexes, recreational spaces, theaters, and malls. Additionally, the high requirement of contract management, property accounting, procurement management, and renting services in commercial spaces propelled the progress of the category in the market.
Depending on type, the Saudi Arabia facility management market is divided into soft services and hard services. Between the two categories, the hard services one is predicted to exhibit faster growth in the market in the forthcoming years. This is because the hard services are highly critical and are thus, highly sought after all over the country. In addition to this, the hard services are more expensive than the soft services as they can only be provided by skilled workers.
Hence, it can be safely said that with the rising number of infrastructural development and construction activities and the rapid growth of the tourism sector in the country, the market will exhibit substantial progress in the upcoming years.
Market Segmentation:
Based on Service
Property
HVAC maintenance
Mechanical and electrical maintenance
Cleaning
Security
Catering
Support
Environmental Management
Based on End-Use
Commercial
Industrial
Residential
Based on Mode
In-House
Outsourced
Integrated
Bundled
Single
Based on Type
Hard
Soft
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Huge Revenue Explosion Predicted in Saudi Arabia Facility Management Market Between 2020 and 2030