Saudi Arabia Facility Management Market Size, Share, Growth Analysis, By Service(Hard Services, Soft Services), By Industry Vertical(Healthcare, Government) - Industry Forecast 2024-2031

Saudi Arabia Facility Management Market size was valued at USD 24 billion in 2021 and is poised to grow from USD 25.56 billion in 2022 to USD 42.30 billion by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).

The GCC countries have taken significant steps to revitalize their economies and reduce their dependence on oil revenues by promoting industry localization. This move is driven by economic challenges stemming from depleting hydrocarbon reserves, technological obsolescence, and oil price volatility since the late 1990s. To counter these issues, the GCC nations have initiated strategies to cultivate private sectors that will not only generate employment opportunities but also foster economic growth, particularly in Saudi Arabia's facility management sector.

The Saudi 2030 Vision holds a pivotal role in propelling economic progress within the GCC region. This transformative approach is expected to open up abundant market prospects across sectors like construction, automotive, and heavy engineering, thereby amplifying the demand for facility management services. The Vision 2030 program seeks to diversify the country's economy away from oil dependency by harnessing public-private partnerships (PPPs) to enhance transportation, education, healthcare, and energy management infrastructure.

The deployment of PPP projects is poised to enhance accessibility and services, benefiting the Saudi Arabian facility management industry. Additionally, this privatization drive is set to attract substantial investments, fortifying the nation's infrastructure growth and rapidly advancing the facilities management market.

Notably, facility management service providers are incorporating energy management services into their offerings to address rising energy costs and building energy consumption concerns. Consequently, consumers are increasingly adopting these services, bolstering the growth of the facilities management market in the Kingdom.

Saudi Arabia Facility Management Market is poised to grow at a sustainable CAGR for the next forecast year.