Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Saudi Arabia Event Management As A Service Market Outlook (2022-2030): Market Forecast By End Users (Corporate, Individual, Public) And Competitive Landscape” under Services Market Research Reports category. The Event Management Service Market Database in Saudi Arabia is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
Saudi Arabia Event Management as a Service Market Report thoroughly covers market by End Users. Saudi Arabia Event Management as a Service Market outlook report provides an unbiased and detailed analysis of the on-going Saudi Arabia Event Management as a Service Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Saudi Arabia Event Management as a Service Market Synopsis
Saudi Arabia Event Management as a Service Market grew considerably during 2018-2019 owing to the rising number of music festivals, public events, wedding planning, birthday parties, fundraising events and conferences among others in the kingdom. However, covid 19 resulted in drop in market revenues for the year 2020 owing to the suspension and restriction of public gatherings to curb the spread of virus. However, steady growth is expected in the forecast period as Saudi Arabia has been working hard to create a one-of-a-kind and world-class entertainment hub that includes innovative, cultural or historical attractions, and mega sporting events, which is expected to create more growth opportunities for the event management as a service market.
Furthermore, the hospitality industry has seen several major development announcements, such as Al Qiddiya's master plan in Riyadh, which aims to project the city's position as the 'Capital of Entertainment, Sports, and the Arts,' as well as the Red Sea and Amaala projects, which will further propel the market.
Saudi Arabia Event Management As A Service Market size is projected to grow at a CAGR of 8.3% during 2022-2030. Saudi Arabia intends to transform Riyadh into a major global city economy by 2030 and hopes to attract a similar level of private sector investment as the kingdom continues to diversify its economy and raise non-oil earnings. According to media sources, approximately three million square metres of new office space, as well as more than 12,000 hotel rooms, are being developed in the capital with an estimated cost of $63 billion.
Hence, with an increasing corporate and hospitality sector demand for business and luxury events is expected to rise, strengthening the event management service market, particularly in the corporate and individual sectors.
Event Management as a Service Market by End Users Analysis
Within End Users, Corporate sector acquired more than 62% of the Saudi Arabia Event Management as a Service market share in terms of revenue in 2021 due to the rising number of exhibitions, seminars and product launches events in the country and the same trend is expected in the upcoming years as well. In addition, the demand for business gatherings and networking events is also driving the corporate event management service market in the Saudi Arabia.
Key Attractiveness of the Report
COVID-19 Impact on the Market.
10 Years Market Numbers.
Historical Data Starting from 2018 to 20230.
Base Year: 2021
Forecast Data until 2030.
Key Performance Indicators Impacting the Market.
Key Highlights of the Report
Saudi Arabia Event Management as a Service Market Overview
Saudi Arabia Event Management as a Service Market Forecast
Saudi Arabia Event Management as a Service Market Outlook
Saudi Arabia Event Management as a Service Market Revenues, for the Period 2018-2030F
Historical Data and Forecast of Saudi Arabia Event Management as a Service Market Revenues, By End Users, for the Period 2018-2028F
Industry Life Cycle
Porter’s Five Forces
Market Drivers and Restraints
Market Trends
Competitive Benchmarking
Key Strategic Recommendations
Market Ranking, By Companies
Market Covered
The report provides a detailed analysis of the following market segments:
By End Users:
Corporate
Individual
Public
Browse our full report with Table of Contents:
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With the expansion of the infrastructure industry, the demand for facility management services is surging in Saudi Arabia.
The country has witnessed the launch of several construction projects in the recent years, and this trend will continue in the coming years, due to strong government support and the huge investments being made in this industry.
For example, the government announced in January 2019 that it intends to invest $426 billion by 2030 for developing industries and infrastructure in the country.Furthermore, the Ministry of Tourism in the country announced in June 2020 that it plans to launch a tourism development fund with an initial investment of $4 billion.
Hence, it is safe to say that the expansion of the construction and tourism industries is fueling the growth of the Saudi Arabian facility management market, with the market revenue expected to grow from $31,264.1 million in 2020 to $87,216.0 million by 2030.Furthermore, the market will progress at a CAGR of 11.1% between 2021 and 2030.
Depending on end user, the market is divided into public administration, business and corporate, industry and manufacturing, healthcare, hospitality, construction, and education categories.
Out of these, the business and corporate category dominated the market in 2020, and the situation will not change in the upcoming years.
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