Saudi Arabia Property Management Market to Grow at 7.88% CAGR by 2026
Rising demand for construction of hotels,
resorts, and shopping malls and growth in tourist activities among others are
driving the demand for Saudi Arabia property management
market through 2026.
According
to TechSci Research report, “Saudi Arabia Property Management Market by Component (Solution and Service), By Deployment
(Cloud and On Premises), By End User (Housing Associations, Real Estate Agents,
Corporate Occupiers, Property Investors, Others), By Application (Commercial,
Industrial, Residential), By Region, Competition Forecast & Opportunities,
2016-2026”, Saudi
Arabia Property Management Market is estimated to reach USD12.89 billion in
terms of value by 2026. The property management market in
Saudi Arabia is profiting from sustainable smart city
projects, along with the execution of automation. Saudi Arabia is
methodologically adopting smart city infrastructure with the aim of integrating
the latest and sustainable technologies in the built environment which in turn, is anticipated to
aid the growth of Saudi Arabia Property Management Market during the forecast
period.
Browse 22 market data Figures and 2 data tables
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TOC on "Saudi Arabia Property Management Market"
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Based
on deployment, the market is segmented into Cloud and On-Premises. Cloud
deployment is the fastest-growing segment in the Saudi Arabia property
management market and is projected to grow in the coming years with a CAGR of
over 9.69% from 2021-2026. This is due to the increasing inclination towards
the adoption of cloud services by midsize and large organizations to store the
data with high security. Cloud services in the deployment segment are
increasing at a very fast pace on the account of rising adoption of cloud
services for the various end-users that include housing associations, real
estate agents, corporate occupiers, and property investors.
Based on application, the market is segmented
into commercial, industrial and residential segments. The commercial sector
accounted for a revenue share of 41.17% in Saudi Arabia property management
market in 2020, and it is forecast to grow at a CAGR of 8.08% from 2021-2026.
This is due to the rising demand from hotels, retail outlets, malls, and office
buildings in the country, particularly in Riyadh and Jeddah. Moreover, due to
the COVID-19 situation, people are getting more aware towards cleaning and
sanitization in public areas that lead to the high demand in property
management. Thus, companies
engaged in providing property management services in Saudi Arabia are
recommended to increase their focus on the commercial sector of the country.
In 2020, to prevent the spread of
COVID-19, the government implemented lockdown which impacted the property
management services. According to TechSci Research’s estimates, the market has
come down by -9.68% in terms of value. This decline left a devaluation in the
market, but the market is currently coming to a good situation and is set to
overcome the decline in 2021-2022, making the shift towards
the focus of all the organizations towards Clouds and On-Premises. Furthermore, the property management
providers are offering end-to-end property management services to both the government
as well as private sectors, helping them to work more efficiently in the key
areas.
Based on
region, Northern & Central held the largest share in Saudi Arabia Property
management market in 2020, the Northern & Central regions of Saudi Arabia
accounted for the largest share of 28.65% in the Saudi Arabia property
management market owing to huge population growth, and rising investments in
the commercial & housing sector. Furthermore, tourism activities in these
regions are expected to contribute to the growth in the hotel industry, thereby
creating ample demand for property management services in the coming years.
Consequently, companies operating in the property management market in Saudi
Arabia are recommended to focus on Northern & Central regions to
increase the market share of their business and ultimately their
profits.
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Unified
Asset & Property Management (UAPM), Ray White Kingdom of Saudi Arabia
(KSA), Colliers International (Saudi Arabia), Olaat Properties Management
Company, Alandalus Property Company, Property Management and Deployment
Company, SAB Constructions & Properties Company Limited, Al Khozama
Management Company, BOUALVARD Facilities Management LLC, among others are the leading players operating in the Saudi
Arabia property management market. Companies operating in the market are using
organic strategies such as service advancements through addition of new
features, partnerships, mergers and collaborations to boost their share in Saudi
Arabia property management market.
Property
management is the process of managing and supervising residential, commercial,
and industrial properties, including shopping centers, apartments, and detached
houses, among others. Property management also involves administering the
property owned by another party or entity. Carrying on of such trends
and increasing knowledge about cleanliness, security and maintenance are
expected to drive the Saudi Arabia Property Management Market in the coming
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 and Service), By Deployment
(Cloud and On Premises), By End User (Housing Associations, Real Estate Agents,
Corporate Occupiers, Property Investors, Others), By Application (Commercial,
Industrial, Residential), By Region, Competition Forecast & Opportunities,
2016-2026”, has evaluated the future growth
potential of Saudi
Arabia Property Management
Market and provides statistics and 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.
About TechSci Research
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to lead rather than follow market trends.
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