How Facilities Management Market is Positioned in Kuwait?
Posted on 11 July 2017 by KenResearch Consumer Products and Retail,
The Facilities management service industry in Kuwait is at nascent stage. The market has witnessed a robust growth over past five years. The Facilities management industry has begun growing with the outsourcing of soft services such as cleaning, housekeeping and others in Kuwait. Facilities Management is a management discipline that supports and improves core company processes and increases return on investment by result-oriented use of resources, services, and activities, vital to the success of any organization. There are several advantages stacked in the favor of FM, including, cost advantage, economies of scale, and efficient management of facilities and assets.
Facilities management market has grown from USD ~ million in 2011 to USD ~ million in 2016, growing at a CAGR of ~% during the period. The major growth drivers for the industry are booming real estate market, growing construction industry, increasing number of shopping malls & super markets, expanding hospitality sector and others.
The developments in the industry in terms of technology have been approaching people to move towards adopting the Facilities management. The market has transformed to a greater extent since initially the idea of integrated Facilities management was unfamiliar, however at the present time the penetration of these services has increased. The Facilities management industry has been emerged as one amongst the most booming industries across India. However, the availability of skilled labour and cutting margins due to high number of unorganized players could pose a challenge to the growth of this market.
The industry competition is primarily based on price and the quality of service. The low cost of entry in the Facilities services business further intensifies the marketplace, with firms facing competition from a large number of regional and local owner-operated companies, located mostly in key cities. The industry is largely dominated by giants such as Kharafi Nations, UFM, EPS, Fawaz group and others.