The increasing application of facility management in residential construction projects, commercial buildings, industrial projects, and infrastructure projects are driving the growth of the Gulf Cooperation Council (GCC) facility management market. In 2017, the market generated a revenue of $40,210.5 million, and it is expected to witness a CAGR of 10.7% during the forecast period (2018–2023). Facility management services are professional services that cover multiple disciplines in a bid to attain proper functionality of a built environment with the integration of place, people, process, and technology.
Based on service, the GCC facility management market is categorized into security, property, cleaning, catering, environmental management, support, and others. Out of these, during the historical period (2013–2017), the property category dominated the market in terms of revenue, and it is predicted to maintain its dominance during the forecast period. This is ascribed to the rising number of newly constructed buildings in the region.
On the basis of end user, the facility management market in GCC is classified into commercial, industrial, and residential. Among these, during 2013–2017, the commercial classification led the market in terms of revenue, and it is anticipated to continue leading it during the 2018–2023 period. This is attributed to the increasing awareness on spending optimization among end users for commercial building management. Also, the growing need for clean and attractive facilities, coupled with the rising demand for maintenance activities, to lure visitors or customers is boosting the market growth.
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Economic and regulatory development are becoming popular in the GCC facility management market. For instance, many GCC nations have created economic and strategic plans or visions for the advancement of sectors, other than energy, to support their economy. Furthermore, the growing competition and high economic pressure pertaining to regulatory requirements are encouraging companies to reconsider their way of operating. Hence, to deal with strict regulations and high scrutiny, businesses are seeking ways to lower the risks and manage their facilities efficiently.
Enterprises are rapidly entering into partnerships with facility management companies that can manage and deliver these services and can also bear the risks involved in it. With the help of these services providers, companies can focus on protecting the endowment that has been done in facility asset management, concentrate on their core competencies, and avoid interruptions in their core businesses. In addition, the surging pressure from regulatory and health bodies regarding compliance is impelling companies to maintain their buildings as per the regulations.
Hence, the expansion of the construction sector and the changing regulatory and economic scenario in GCC countries are expected to drive the growth of the sector during the forecast period.
Other Related Reports On Facility Management Market
Saudi Arabia Facility management Market
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.
U.A.E. Facility Management Market
The U.A.E. facility management market is projected to reach $23,882.3 million by 2024, advancing at a CAGR of 9.8% during the forecast period. The growth of the market is mainly driven by the expansion of the tourism industry and increase in investments in the construction sector of the country.
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