Report Ocean recently published an extensive intelligence report titled “Saudi Arabia Facility Management Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
Market Definition Facility management is the process of overseeing and maintaining an organization’s infrastructure and physical assets. This includes ensuring that the facilities meet the requirements of the company’s employees, clients, and customers as well as managing the upkeep, repair, and maintenance of buildings, equipment, and other physical assets.
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Market Experiences
The Saudi Arabia Office The executives Market is projected to develop at a CAGR of around 15% during the estimate time frame, i.e., 2023-28.
The demand for facility management services to manage the operations of buildings and facilities, including maintenance and management, is being fueled by the rapidly increasing number of infrastructure development projects and construction activities in Saudi Arabia.
In addition, Saudi Vision 2030 places a growing emphasis on the improvement of the country’s infrastructure, and a number of construction projects that are currently underway in the nation play a crucial role in propelling the market. The market is also being driven by employee engagement programs and the integration of the Internet of Things (IoT) and industrial automation in FM.
Saudi Arabia’s market was initially affected by the COVID-19 pandemic because of travel restrictions and work-from-home policies. However, new developments and government investments in containment zones led to an increase in demand in the market as safety and sanitation became more widely known. In order to meet the needs of employees in a dynamic work environment, facility management is expected to move toward more strategic-level services and management in the future.
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In addition, the numerous advantages, such as risk management, communication management, the implementation of new business strategies, cost efficiency, and increased facility and employee productivity, are anticipated to fuel overall market expansion over the forecast period.
Key driver: Market Dynamics The Importance of Optimizing the Use of Space and Energy Resources Facility management services are essential for maximizing the use of space and energy resources, thereby lowering operating expenses and increasing sustainability. The construction boom in Saudi Arabia is driving up the need for effective energy and space management solutions. With the help of facility management services, businesses can effectively manage their space needs, make the most of the space they have, and ensure the comfort and safety of their employees at the same time.
In addition, the Saudi Arabian market is being driven by the adoption of environmentally friendly methods for resource utilization and energy conservation. These services assist businesses in achieving their sustainability objectives while also enhancing their operational efficacy. They do this by lowering their carbon footprint and energy consumption. As a result, Saudi Arabia’s industry is being propelled by energy and space management.
Possible Limitation: Expanding Digital Dangers and Weaknesses
The rising number of digital dangers and information breaks in Saudi Arabia has raised worries about the security of information, gadgets, and organizations. The lack of standardization and a dearth of skilled professionals may impede the expansion of the facility management market. Subsequently, these difficulties should be addressed to guarantee the market’s economical rising from now on.
Key Pattern: Continuous Adoption of New Technologies Throughout the Kingdom The facility management market is anticipated to profit from continuous technological advancements. These advancements include the use of cloud-based solutions that make it possible to manage businesses from a distance and improve communication and collaboration over the internet. The market will likely expand in the coming years as a result of these advancements, which are likely to boost FM services’ effectiveness and efficiency.
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Segmentation of the Market by Type:
Hard Soft Risk Administrative Among all services, demand for Hard Services is anticipated to grow at the fastest rate during the forecast period. This is primarily because of the rapid growth of the infrastructure industry, which necessitates the provision of services like lighting, temperature control, cleanliness, ventilation, workspace management, and restroom facilities through facility management services. Customers’ and employees’ well-being and safety depend on these facilities. Another important factor that is anticipated to drive the market and increase demand for facility management services in the coming years is the rising number of construction projects in Saudi Arabia.
Utilizing the Operating Model:
Due to its cost-effective implementation of all management services, the in-house outsourced model is anticipated to see the most demand growth among all operating models during the forecast period. Services that are outsourced come in single, bundled, and integrated forms. While bundled services include three to four services, whether hard or soft, single services are primarily contractual for outsourcing services for a single event. All services are provided under one roof in integrated outsourced growth. Outsourced services may provide an additional layer of compliance with regulatory standards and reduce potential risks. As a result, businesses are increasingly demanding them and driving the market.
Recent Changes in the Market In December 2022, Mace Macro Technical Services, the UAE-based Hard Facilities Management Arm of Mace Group, and Pactive Sustainable Solutions, a green building enabler, were acquired by Khidmah, a prominent facilities management and home maintenance company in the region. These acquisitions are in line with Khidmah’s expansion and growth strategy, which aims to improve its services, broaden its geographical reach, and improve its financial and operational performance all at the same time.
In 2021, the Saudi English Bank (SABB) reported a joint effort with Global Offices Administrations (Uncertainties), a main offices the executives organization in the Center East, to offer a coordinated offices the board administration for SABB’s corporate clients.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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