DUBLIN, June 20, 2019 /PRNewswire/ -- The "Saudi Arabia Facility Management Market by Service, by End User, by Mode, by Type: Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering.

Saudi Arabian facility management market is projected to advance at a CAGR of 9.7% during the forecast period (2019-2024)

One of the major factors driving the progress of the market is the growing construction activity in the country. In simple terms, facility management means professional services that cover various disciplines in order to ensure proper functioning of built structures by bringing together people, process, place, and technology. These services provide support to companies in security, cleaning, and catering.

Based on service, the Saudi Arabian facility management market is classified into property, cleaning, catering, security, support, environmental management, and other services; wherein other' includes reception, furniture supplies, staffing, utility management, and contract management. In 2018, the property services classification held the largest revenue share of more than 25.0% in the market. This is ascribed to benefits such as better tenant retention and short vacancy cycle associated with property services. Thus, the increasing demand for this service is augmenting the growth of the market.

The property services classification is further divided into mechanical and electrical maintenance, HVAC maintenance, and others (consisting of maintaining properties, advertising rental properties, sales and leasing, space planning and design, and asset management).

Now, coming to the end users of the facility management market in Saudi Arabia, the commercial sector contributed a revenue of more than 40.0% in 2018. One of the reasons behind the growing demand for these services in the commercial sector is the increasing awareness among users to optimize expenses incurred due to commercial building management. In 2019-2024, the market is projected to experience tremendous growth in the commercial sector.

On the basis of mode of service, the Saudi facility management market is bifurcated into outsourced and in-house. Of these, in 2018, in-house services contributed more than 65.0% revenue to the market, owing to its high adoption rate, long-standing presence, and low cost as compared to outsourced services. Further, based on type, the market is categorized into soft services, hard services, and others; wherein others' include vehicle fleet management, catering services, space management, environmental management, and utility management.

Among these, in 2018, the hard services category dominated the Saudi Arabian facility management market in terms of revenue, due to the fact that these services are expensive because of their technicality. Moreover, various hard services, such as mechanical, HVAC maintenance, and lift management, are critical in nature and required by industrial, commercial, and residential units. Hence, with the increasing demand for these services, this category is expected to create opportunities for market players in the forecast period.

Some of the players operating in the market are Interserve plc, Khidmah LLC, EMCOR Group Inc., Saudi Oger Ltd., Enova Facility Management, and Rezayat Group.

Market Dynamics

Trends

• Economic Diversification

Drivers

• Increasing construction activities in the country
• Growing tourism industry
• Impact analysis of drivers on market forecast

Restraints

• Legal marketplace of the country

Opportunities

• Increasing demand of outsourcing facility management services

Scope of the Report

By Service

• Property
• HVAC Maintenance
• Mechanical and electrical maintenance
• Others
• Cleaning
• Security
• Catering
• Support
• Environmental Management
• Others

By End User

• Commercial
• Residential
• Industrial

By Mode

• In-House
• Outsourced
• Integrated
• Bundled
• Single

By Type

• Hard
• Soft
• Others
  

Companies Mentioned

• EMCOR Group Inc.
• Khidmah LLC
• Interserve plc
• Enova Facility Management
• Saudi Oger Ltd.
• Musanadah Facilities Management Co. Ltd.
• Nesma Trading Co. Ltd.
• Al Borj International
• Petrojana

For more information about this report visit https://www.researchandmarkets.com/r/p1f7ae

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