GCC facility management market is expected to reach $74,159.3 million by 2023, P&S Intelligence
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.
Access Report Summary with Detailed TOC on "GCC Facility Management Market by Service (Property, Cleaning, Security, Catering, Support, Environmental Management), by End User (Commercial, Residential, Industrial), by Mode (In-House, Outsourced), by Country (Saudi Arabia, U.A.E., Kuwait, Qatar) – Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/gcc-facility-management-market
Insights on market segments
On the basis of service, the GCC facility management market is segmented into property services, cleaning services, security services, catering services, support services, environmental management services, and other services. Other services include reception staffing, utility management, furniture supplies, and contract management.
Property services is expected to be the largest category with an estimated contribution of more than 25.0% in the facility management market of GCC countries in 2017. Property services offer several benefits such as ensuring short vacancy cycles, rent collection, better tenant retention, assistance with taxes, and various others. Owing to such benefits, the demand for this service type is growing in GCC countries.
In terms of mode of service, the GCC facility management market is categorized into in-house and outsourced. In-house is estimated to be the larger category in the GCC facility management market, with a contribution of more than 60.0% in 2017. The leading position of in-house mode is attributed to its long-standing presence, comparatively low cost, and high adoption rate.
Increased demand of outsourced facility management services is creating immense opportunities for market growth
The lack of in-house expertise and a need to focus on core competencies have created immense opportunities for these companies. Outsourcing provides a number of advantages considering the areas it covers, starting from the cost of leased spaces, energy consumption, technical maintenance, and others. Also, it offers the flexibility that is needed to meet the constantly changing business needs and requirements. For large organizations that have complex portfolio to manage, outsourcing is the best option as it allows them to focus on their core services.
Some of the major players operating in the facility management industry are EMCOR Group Inc., Khidmah LLC, Interserve plc, Musanadah Facilities Management Co. Ltd., Emrill Services LLC., Cofely Besix Facility Management, Imdaad LLC, Farnek Services LLC, United Facilities Management, and Kharafi National.
GCC FACILITY MANAGEMENT MARKET SEGMENTATION
By End User