Saudi Arabia Property Management Market to Grow Due to Technological Advancement until 2026
Rapidly evolving
infrastructure is driving the growth of Saudi Arabia Property management
Market, in the forecast period, 2022-2026.
According to TechSci report on, “Saudi Arabia Property Management Market By Component (Solution {Lease
Accounting and Real Estate Management, Asset Maintenance Management, Workspace
and Relocation Management, Reservation Management} & Service {Hard Service
& Soft Service}) By Deployment (Cloud, On-Premises) By End-User (Housing
Associations, Real Estate Agents, Corporate Occupiers, Property Investors,
Others) By Application (Commercial, Residential, Industrial) By Region,
Competition Forecast & Opportunities, 2026”, Saudi
Arabia property management market
has shown promising growth in historical years until 2019 and is expected to
continue its growth in upcoming forecast years 2021 to 2026. Saudi Arabia property
management market owes its growth to the factors like rapidly evolving
infrastructure. Moreover, rapidly increasing demands for the smart cities and
smart services are accountable for the growth of the market in the upcoming
five years. With surging demands from the end users of the services the market
is bound to show robust growth in the future five years. Also, growing
residential and commercial sectors are aiding the growth of the market in the
next five years.
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The Saudi Arabia
property management market is segmented by component, deployment, end-user,
application, competitional landscape, and regional distribution. Based on
deployment, the market is further bifurcated into cloud, and on-premises. Cloud
sub-segmented accounted for the largest revenue shares of the market and assert
its dominance over the market segment on the account of growing adoption of
cloud services for the various end users like housing associations, real estate
agents, corporate occupiers, and property investors. Scalability, ease of use,
cost-effectiveness, and advanced services are added advantages that aids the
growth of the Saudi Arabia property management market in the upcoming five
years. Moreover, these factors are also encouraging all sizes of enterprises to
shift toward cloud services and thereby supporting the growth of the market in
the next five years.
Based on
component, the market is further segmented into solution and services. Solution
segment is again differentiated into lease accounting and real estate
management, asset maintenance management, workspace and relocation management,
and reservation management. The lease accounting and real estate management is
anticipated to dominate the market segment and generate the largest revenue
shares of the market on the account of advantages offered by these solutions.
Increased number of infrastructure and rapidly multiplying real estate is also
aiding to the growth of the market segment and thereby driving the growth of
the Saudi Arabia property management market in the next five years. Whereas the
services sub-segment is differentiated into hard services and soft services.
Soft services are rapidly evolving and along with the research and
technological advancements in the field the market segment is bound to
experience the largest growth in the upcoming five years.
A partial list
of market player in the Saudi Arabia property management market includes Midas
International General Trading Company, Saudi Modern Factory Co., Al Sharq Furniture
Est, Habitat Furniture Co Limited, Riyadh Furniture Industries Company (RFI),
Saudi Arabia, Gautier Furniture, AL Rugaib Furniture, Advanced Office systems
Factory Ltd Co, Jedaie Property management, Wardeh Salehiya Est., El-Ajou
Group, Home Center (Retail World Limited), IKEA - Saudi Arabia, Al Abdulkader
Furniture Co. Ltd., Arabian Furniture and Design Company (Hermann Miller),
among others. These market players hold larger shares of the market than the
new market players. With the evolving technology, it is appropriate to say that
the effective research and development of the technologically advanced
instruments and methods to satisfy consumer demands would support the market
growth and benefit the market players as well as the consumers. New market
players may focus on the research and development to provide such products and
services that satisfies the consumer demand as well as benefits the market
players in building their brand value. Other competitive strategies include
mergers & acquisitions and new product developments.
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“Property management is the developing and highly demanded services that
may generate maximum revenue shares of the market. The market is expanding
rapidly based on various driving factors that supports its growth in the next
five years. New market players may focus on incorporating advanced technology
for the efficient services and faster assimilation of the property. Rapidly
increasing number of the market players would aid the growth of the market in
the upcoming five years. Also, rapidly evolving infrastructure, coupled with
accessibility for the collection and maintenance of the property information
and escalating demand for the improved data administration would support the
growth of the market in the subsequent five years,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Saudi Arabia Property
Management Market By Component (Solution {Lease Accounting and Real Estate
Management, Asset Maintenance Management, Workspace and Relocation Management,
Reservation Management} & Service {Hard Service & Soft Service}) By
Deployment (Cloud, On-Premises) By End-User (Housing Associations, Real Estate
Agents, Corporate Occupiers, Property Investors, Others) By Application
(Commercial, Residential, Industrial) By Region, Competition Forecast &
Opportunities, 2026” has
evaluated the future growth potential of Saudi Arabia property management market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Saudi Arabia property management market.
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