Saudi facility management market to exceed $51 bln by 2024

The Saudi Arabian facility management market is estimated to grow from $29.56 billion in 2018 to reach $51.61 billion in size in 2024, witnessing a CAGR of 9.7 percent during 2019 – 2024, according to a recent market research report published by P&S Intelligence.

The growing application of facility management in commercial buildings, residential construction projects, infrastructure projects, and industrial projects is driving the growth of the market in the country.

The report said the facility management industry in Saudi Arabia is considered as one of the most promising industries in recent times, attributed to the growing infrastructure sector, supported by the increasing government spending on infrastructure projects.

“The country has around $1 trillion worth of projects planned or under construction. These upcoming/ongoing projects are expected to offer immense growth potential to the country’s facility management market,” it added.

Noting that economic diversification is the key trend observed in the Saudi Arabian facility management market, the report said to enter the market and serve it in an efficient manner, global companies are increasingly joining hands with local players.