NEW YORK, Dec. 12, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Saudi Arabian facility management market is expected to witness a CAGR of 9.7% during 2019–2024. The growth of the facility management market is mainly driven by the increasing construction activities 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. In brief, these are support services provided to the companies, such as cleaning, security, catering, support services, and others.
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On the basis of service, the Saudi Arabian facility management market is segmented into property services, cleaning services, security services, catering services, support services, environmental management services, and other services (including reception, staffing, utility management, furniture supplies, and contract management). Property services are further categorised HVAC maintenance, mechanical and electrical maintenance, and others (including sales and leasing, maintaining properties, advertise rental properties, space planning and design, asset management).
Property services is expected to be largest category with an estimated contribution of more than 25.0% in the facility management market, in 2018. Property services offer several benefits such as ensuring short vacancy cycles, better tenant retention, and various others. Owing to such benefits, the demand for this service type is growing in Saudi Arabia.
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The commercial sector was the largest end user with an estimated contribution of more than 40% in the Saudi Arabian facility management market, in 2018. The demand for these services is growing in the commercial sector, owing to increase in awareness among end users to optimize expenditure on commercial building management. During the forecast period, the market is expected to witness a significant growth among commercial end users.
In terms of mode of service, the facility management market is categorized into in-house and outsourced. Outsourced market is further categorised into integrated, bundled, and single. In-house was the larger category with an estimated contribution of more than 65.0% in the facility management market in 2018. The leading position of in-house mode is attributed to its long-standing presence, high adaptation rate, and comparatively low cost.
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Due to lack of in-house expertise and a need to focus on core competencies, the demand for outsourcing facility management services is increasing, which is creating ample opportunities for the growth of facility management market in the country. Outsourcing provides a number of advantages considering the areas it can cover, starting from the cost of leased spaces, lifetime of plants and equipment, energy consumption, technical maintenance, and others; thereby boosting the demand of this mode of service.
Some of the major players operating in the facility management industry are EMCOR Group Inc., Khidmah LLC, Interserve plc, Enova Facility Management, Saudi Oger Ltd., Rezayat Group, Musanadah Facilities Management Co. Ltd., Nesma Trading Co. Ltd., Al Borj International, and Petrojana.
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