New York City, NY -- (SBWIRE) -- 05/02/2019 -- The Saudi Arabia facility management market generated $29,563.2 million in revenue in 2018, and it is expected to grow to $51,616.2 million in 2024, advancing at a CAGR of 9.7% during forecast period (2019–2024). The factors driving the progress of the market are the expanding tourism industry and increasing application of facility management in residential construction, infrastructure, industrial projects, and commercial buildings.

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In recent times, due to the growing construction sector, backed by the rising government spending on infrastructure development, facility management has been Seen as one of the most favorable industries in Saudi Arabia for investors. The country has nearly $1.0 trillion worth of construction projects planned or under construction. These ongoing projects are predicted to offer tremendous growth opportunities to the Saudi facility management market players. Companies around the globe, are coming into partnership with local players in order to enter the market and efficiently serve it.

On the basis of end user, the Saudi Arabian facility management market is divided into residential, commercial, and industrial, out of which, in 2018, the commercial sector held the largest share in the market, accounting for a revenue contribution of more than 40.0%. Under Saudi Arabia's Vision 2030, the country is expanding its economy by concentrating on the growth of non-petrochemical based sectors.

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When segmented by mode, in-house and outsourced are the two categories of the facility management market in Saudi Arabia. Of these, in 2018, in-house facility management services dominated the market with a revenue share exceeding 65.0%. This is attributed to the fact that a sizeable number of companies still work with internal facility management teams or professionals, who take care of property maintenance on a regular basis. In simple terms, in-house is an approach where people providing facility management services are directly employed by the client organization.

The expanding travel and tourism industry is one of the key factors driving the Saudi Arabian facility management market growth. This sector is flourishing in the country due to the numerous exotic travel destinations here. Further, in 2017, the prince had launched 'The Red Sea' tourism project, under which, a resort is being built across 50 pristine islands in partnership with several hospitality firms. By 2022, the first phase of the project is predicted to be completed, including the construction of luxury residential units, hotels, and also logistical infrastructure, which will raise the demand for facility management services so that the properties can remain in a good condition.

Other Reports on Favility Management

GCC Facility Management Market

The growth of the GCC facility management market is mainly driven by the increasing construction activities and growing tourism industry in GCC countries. Facility management refers to professional services covering multiple disciplines, in a bid to ensure functionality of the built structures through the integration of people, place, process, and technology.

U.A.E. Facility Management Market

The U.A.E. facility management market is expected to witness a CAGR of 9.8% during 2019–2024.The growth of the facility management market is mainly driven by the expansion of tourism industry and increase in investment in the construction sector. Facility management refers to professional services covering multiple disciplines, in a bid to ensure functionality of the built structures through the integration of people, place, process, and technology.

Qatar Facility Management Market

The Qatari facility management market is expected to witness a CAGR of 8.5% during 2019–2024. The growth of the market is mainly driven by increasing construction activities in the region, owing to the upcoming mega events such as FIFA World Cup 2022, in the country. Facility management refers to professional services covering multiple disciplines, in a bid to ensure functionality of the built structures through the integration of people, place, process, and technology.

Kuwait Facility Management Market

The Kuwaiti facility management market is expected to reach $3,077.7 million by 2024, progressing at a CAGR of 8.3% during the forecast period. The growth of the market is mainly driven by the increasing investment in construction projects in the country. Facility management refers to professional services covering multiple disciplines, in a bid to ensure functionality of built structures through the integration of people, processes, and technologies.