Qatar Facility Management Market Poised for a Bright Future: Likely to Grow at a CAGR of 14.5% by 2027
Published | 29 October 2021
Qatar's facility management market is growing at a high CAGR due to the rising infrastructural development activities, growth in construction and tourism, and significant adoptions of technological advancements such as Artificial Intelligence (AI)…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Qatar facility management market was worth USD 4.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 14.5% earning revenue of around USD 11.0 billion by the end of 2027. The growth of the facility management market in Qatar is attributable to the diversification of the economy. Gulf countries, such as Qatar, which heavily invest in infrastructure and tourism, are expected to witness an increase in demand for facilities management during the forecast period. In order to reduce their dependence on oil and gas, the Gulf countries are focusing more on soft services, such as tourism. Qatar is increasingly building public and private facilities such as railways, airports, shopping malls, office buildings, etc., for this purpose, which is driving the market's growth. The high cost associated with facility management service business operations may be a major restraint on the market's growth.
Qatar’s Flourishing Tourism Sector is Driving the Country’s Facility Management Market
The combination of tradition and modernity in Qatar is what draws tourists to the country. Thus, the country is significantly focusing on boosting its tourism sector, which is estimated to bring lucrative growth opportunities for the facility management market. Hotel construction and development of transportation systems and the growth of participation from the private sector are likely to boost demand for facilities management services in Qatar. Furthermore, growing awareness towards outsourced facility management services is also crucial in driving the market growth.
The Growing Adoption of Cloud Facility Management is Boosting Market growth
Cloud facility management is emerging as one of the major factors driving the Qatar facility management market. The use of the cloud in facility management facilitates remote access, effective utilization of resources, and the ability to control operations remotely, which can greatly improve efficiency and performance. Furthermore, cloud facility management also proves to be cost-effective for businesses as it limits individual user fees, software update costs, hidden charges, etc.
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Qatar Facility Management Market - By End-User
Based on end-users, the Qatar facility management market is segmented into commercial & retail, manufacturing & industrial, government, infrastructure & public entities, institutions, and others. The commercial and retail segment accounts for the largest market share because of the increasing number of commercial facilities in Qatar, such as shopping malls, hotels, recreational activity facilities, etc. However, the government, infrastructure, and public entities segment also cover a substantial share in the market because of the flourishing tourism in the country. Due to this, the Qatar government is significantly focusing on developing public infrastructure such as railways, airports, etc., which is fueling the demand for facility management.
Impact of COVID-19 on Qatar Facility Management Market
The growth of the Qatar facility management market was negatively impacted by the unprecedented outbreak of the COVID-19 pandemic. The lockdown imposed by the country to mitigate the spread of the virus restricted the operation of construction and tourism sectors, which esulted in a sharp decline in the demand for facility management services, incurring huge losses to the service providers. However, the market is anticipated to witness prolific growth in the post-COVID-19 period due to the regulatory compliance of hygiene and sanitization in the public and private spaces.
The leading players in the Qatar facility management market are Emcor Facilities Services WLL, Al Faisal Holdings, Sodexo Qatar Services, Al-Asmakh Facilities Management, Como Facility Management Services, Cofely Besix Facility Management, Facilities Management & Maintenance Company LLC, G4S Qatar SPC, Amenity Facility Management & Services WLL, Cayan Facilities Management, and other prominent players.
With numerous industry players present, the market is highly fragmented. To improve their offerings and stay competitive, companies are prominently adopting advanced technologies like cloud and IoT. In addition, partnerships, mergers, acquisitions, and joint ventures are effective ways to gain a competitive advantage.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Qatar facility management market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Qatar facility management market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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