NEW YORK, Jan. 10, 2023 /PRNewswire/ — From $37,378.1 million in 2022, the Saudi Arabian facility management market will likely reach $87,248.7 million by 2030, witnessing an 11.2% CAGR, according to a research report by P&S Intelligence.
The major reasons behind the growth of this industry are the increasing construction activities and the growing leisure industry in the country. Saudi Arabia spends a considerable portion of its GDP on construction, to support tourism, which is driving the facility management service demand in the kingdom.
Furthermore, the rapid industrialization, adoption of the internet of things, swift industrial automation, and launch of employee engagement programs are projected to drive the growth of the market in the country.
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Soft Services Are in Higher Demand
In 2022, the soft services category held a gigantic market share of approximately 70%. This can be ascribed to the high acceptance of cleaning, catering, security, and support services at private and public complexes.
There is a considerable requirement for outsourcing such services because of the snowballing commercial sector competitiveness and a desire to concentrate more on the fundamental strengths. The biggest advantage of outsourcing is savings on the expenses related to catering, commercial space planning, energy use, equipment lifespan, and other activities.
Outsourced facility management services are also essential for the management of larger spaces. The requirement for them is also boosted by the desire for a better workplace atmosphere and lower operating costs.
Rising Construction Activities Fueling Service Demand
The kingdom has approximately $1 trillion worth of projects in the planning or construction stage, which is the major contributor to the growth of the market in the country. Apart from marquee projects, including King Salman Park, AMAALA, Jabal Omar, QIDDIYA, Red Sea project, King Abdullah Financial District and Gate, and NEOM, the government of Saudi Arabia has invested tremendously in home renovation startups, such as Muqawiloon, FalconViz, Ajeer, and B8ak.
Furthermore, the wealthy hospitality sector, credited to the existence of several tourist destinations, is leading to the snowballing demand for facility management services in Saudi Arabia.
Browse detailed report on Saudi Arabia Facility Management Market Size, Share, Growth and Demand Forecast to 2030
Business and Corporate Industry in High Need of FM Services
In 2022, the corporate and business industry had the largest market share, of approximately 35%. Under its financial diversification strategy, the nation is concentrating more on the business and service sectors. Due to this, the country is undertaking the large-scale expansion of business zones and office spaces, which is projected to fuel the need for facility management services in the kingdom.
Saudi Arabian Facility Management Market Segmentation Analysis
By Service
Property
HVAC maintenance
Mechanical and electrical maintenance
Cleaning
Security
Catering
Support
Environmental Management
By End User
Corporate and Business
Public Administration
Industry and Manufacturing
Hospitality
Healthcare
Construction
Education
By Mode
In-House
Outsourced
Integrated
Bundled
Single
By Sector
Public
In-house
Outsourced
Private
In-house
Outsourced
By Type
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