Due to the growing integration of facility management in building design for managing and controlling the facilities is likely to open huge opportunities for the Saudi Arabia Facility Management Market through forecast period.
According to TechSci Research report, “Saudi Arabia Facility Management Market, By Region, By Company, Forecast & Opportunities, 2017- 2027F”, the Saudi Arabia facility management market stood at USD23.30 billion in 2021 and is expected to register a CAGR of 6.97% in the forecast period, 2023-2027, to reach USD34.97 billion by 2027. The market is driven by the growing focus of leading authorities on the development of smart cities and the increased focus on improving the existing facility management services. The government of Saudi Arabia has started promoting environment-friendly alternatives to lower carbon emissions into the environment and minimize energy consumption. Saudi Arabia is encouraging the construction of green buildings by making high-end investments towards the construction of green buildings. Leadership in Energy and Environmental Design (LEED) certified green building projects had been filed in the country. It requires the facility management service providers as it needs to incorporate smart building solutions in green buildings. Also, the growing popularity of the internet of things (IoT), digital transformation and the massive demand for outsourcing facility management solutions are the other factors expected to accelerate the growth of Saudi Arabia facility management market over the next five years.
However, the lack of trained professionals may restrain the growth of the Saudi Arabia facility management market through the forecast period.
Browse over 43 market data Figures spread through 116 Pages and an in-depth TOC on "Saudi Arabia Facility Management Market"
Saudi Arabia facility management market is segmented into service, end user, type, industry, regional distribution, and competitive landscape.
Based on service, the market is divided into property, cleaning, security, support, catering & others. Property management services dominated the market in 2021 and held 33.37% of the overall market share. It is expected to maintain its dominance over the next five years. Rapidly growing industrial and commercial sectors of the country and the increased expenditure capacity of the consumers are driving the demand for property management services. Other factors, such as easy finance availability and favorable government policies, also accelerate the market demand.
Based on the end user, the market is divided into commercial, residential, and industrial. Commercial led the market in 2021 and captured 41.24% of the overall market share. It is expected to witness the highest CAGR of 8.11% in the forecast period, 2023-2027. As a part of Saudi Vision 2030, the government allocated USD425 billion for infrastructure development, including the growth of energy, mining, and the industrial and commercial sector of the country. Also, the upcoming projects such as The Kingdom Tower in Jeddah are expected to fuel the demand for the Saudi Arabia facility management market in the forecast period. Click : https://www.techsciresearch.co....m/report/saudi-arabi
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