DUBLIN – (COMMERCIAL THREAD)–The “Saudi Arabia Facilities Management Market – Growth, Trends, Forecast (2020-2025)” the report was added to ResearchAndMarkets.com offer.
The Saudi facilities management market was valued at USD 7,031.80 million in 2019, and is expected to reach USD 10,118.31 million by 2025, registering a CAGR of 9.24% in 2020-2025.
The scope of the facility management market consists of a wide range of services and solutions that impact the efficiency of businesses. Facilities management services in Riyadh, Jeddah, Mecca and DMA have become a mature and growing market. With the increase in infrastructure development projects in the Kingdom of Saudi Arabia, contributing to its economic growth, facilities management services are also required to a large extent.
According to industry insider analysis, in the first half of 2019, residential market prices in Saudi Arabia appeared to have remained under significant pressure as transaction volumes increased significantly in critical regions, indicating that the residential market was heading. down its cycle. With the growing urban population and the mismatch in the supply of housing to buyers from low and middle income groups, housing affordability in the country is a growing challenge.
However, the Sakani program was started to address the affordability challenge and is stimulating significant construction activity in the market. The Kingdom of Saudi Arabia’s Housing Ministry predicted that more than 32,285 families would benefit from the options offered by its “Sakani” program in January 2020. The program was an effort by the government to expand the mortgage sector in order to lighten the burden. the pressure on that surface. Through these government initiatives, increasing accessibility is expected to boost the construction sector, creating opportunities for the country’s FM market.
According to the Middle East Facility Management Association (MEFMA), in 2020 the region expects to see the use of smarter tools due to their many benefits. Currently, according to the latest statistics provided by the World Economic Forum, over 70% of industrial companies are in “pilot purgatory” when adopting Industry 4.0 technologies. Only 29% of players are actively deploying Industry 4.0 technology on a large scale, and only 30% have not yet tested this technology. MEFMA, the professional facilities management (FM) platform, believes that the use of advanced technologies among FM players will accelerate in 2020 and beyond.
The COVID-19 pandemic has further accelerated the adoption of the cloud and emerging technologies. Countries have devoted significant resources to expanding the role of small and medium-sized enterprises (SMEs) in the economy. In addition, Saudi small businesses have received $ 13 billion in financial assistance to overcome the crisis. These also indicate the country’s compliance with the Vision 2030 objective of increasing the contribution of SMEs to GDP to 35%.
As part of Saudi Arabia’s Vision 2030 strategy, the country aims to digitize and develop AI. In August 2019, the Saudi Data and Artificial Intelligence Authority (SDAIA) was created by royal decree. The organization is intended to oversee the National Center for Artificial Intelligence, the National Data Management Office and the National Information Center. In August 2020, Saudi Arabia’s AI strategy was also approved by King Salman Bin Abdulaziz. The move is expected to contribute SAR 500 billion (approximately $ 133 billion) to the country’s GDP by 2030.
The Saudi FM market comprises local and international players with many years of industry experience.
FM companies integrate technologies into their services, which strengthens their service portfolio. For example, Enova introduced digital tools for its “Kinan” project, which positioned it as an important player in the technological landscape.
In addition, recently, a significant number of joint ventures / acquisitions have been carried out in the wake of the increase in large-scale projects. Therefore, the intensity of competitive rivalry is high.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market drivers
4.2.1 Boom in construction due to the growing weight of multinational conglomerates
4.2.2 Growing Demand for Soft FM Services
4.2.3 Focus on green and sustainable building practices
4.3 Market challenges
4.4 PESTLE analysis – Saudi Arabia
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.6 Analysis of basic indicators
4.6.1 Construction activities in Saudi Arabia
4.6.2 Expansion of Major International FM Services
4.6.3 Growth of business establishments
4.7 Impact of COVID-19 on the FM market in Saudi Arabia
5 MARKET SEGMENTATION
18.104.22.168 Integrated FM
5.2 End user
5.2.1 Trade and retail
5.2.2 Manufacturing and Industry
5.2.3 Government, infrastructure and public entities
5.2.5 Other end users
6 COMPETITIVE INTELLIGENCE
6.1 Company profiles
6.1.1 Initial Saudi group
6.1.2 Saudi Emcor Company Limited
6.1.3 almajal G4S
6.1.5 Zamil Group
6.1.6 SAMAMA Holding Group
6.1.7 Khidmah Saudi Arabia
6.1.8 ENGIE Cofely Energy Services LLC
6.1.9 Nesma Trading Co. Ltd
6.1.10 Al Yamama Company
6.1.11 Olive Arabia Co. Ltd
7 MARKET POSITIONING ANALYSIS (based on predefined market metrics such as footprint, supply and innovation)
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/ikgygb