Canada Facility Management Market to Grow at 6.35% CAGR By 2026
Growing influence of real estate players in Canada and rapid infrastructure development to drive the Canada facility management market through 2026.
According to TechSci Research report, “Canada Facility Management Market By Services (Property, Cleaning, Security, Catering, Support, Others), By Type (Hard, Soft), By Application (Industrial, Commercial, Residential), By Outsource Vs Insource, By Organized Vs Unorganized, By Region, Competition Forecast & Opportunities, 2016-2026”, Canada facility management market is estimated to reach USD45.88 billion in terms of value by 2026. Growth in the facility management market is driven by rising demand for sustainable and energy efficient green building solutions, technological integration, increasing focus on outsourcing and growing market of internet of things. Moreover, surging demand for cyber and information security management, increasing usage of integrated workplace management system, and smart cities development is also expected to impact the market growth.
Browse 43 market data Figures spread through 115 Pages and an in-depth TOC on“Canada Facility Management Market”
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Canada Facility Management Market is segmented based on services, type, application, outsource vs insource, organized vs unorganized and region. Based on services, the market is segmented into property, cleaning, security, catering, support and others. Cleaning segment held the largest market share in 2020 in terms of value owing to the growth in the country’s industrial and commercial sectors. Property services segment held a significant amount of market share in 2020 owing to easy credit conditions, increasing purchasing power parity and booming housing sector in the country.
The high market share of property and cleaning segments can be attributed to increasing investments in the real estate sector in the country. The growth of the real estate sector across the country is expected to have a positive impact on the demand for property and cleaning services in the forecast period. Furthermore, favorable social factors such as income level, literacy, rate, etc. are expected to benefit the property and cleaning services market during the forecast period.
Based on type, the market is bifurcated into hard and soft services. Hard services dominate the market owing to booming real estate and housing sector in the country. Adopting hard facility services reduces the day-to-day roles and responsibilities, which requires the employment of smaller staff and services in the planning of work environment in various sectors.
Based on application, the market is segmented into industrial, commercial and residential segments. Commercial segment is the largest contributing segment by application owing to the growing digital transformation of services in various industries. In Canada, majority of companies that are operational in the facility management market must deal with large geographical areas. Therefore, many companies are looking for innovative solutions such as streamlining communication to manage manpower and day-to-day operations. Artificial intelligence, mobile internet and Internet of things have enabled harnessing of real time data of different hard and soft services.
In the year 2020, to prevent the spread of COVID-19, the government implemented lockdown which impacted the facility management services. According to TechSci Research’s estimates, the market suffered a decline of -5.97% in terms of value. This decline left a remarkable depreciation in the market, but the market is currently reviving and is set to overcome the descent in 2021-2022, owing to the increasing awareness of cleanliness, security and maintenance. Furthermore, the facility management service providers are offering end to end facility management services to government and private sectors which allows them to work more efficiently in the key areas.
On the basis of region, Ontario and Quebec together accounted for the largest share in Canada facility management market in 2020. Montreal in Quebec and Toronto in Ontario are the two largest metropolitan areas in the country in terms of population which are driving the facility management market. Moreover, tourism activities in these regions are anticipated to contribute to the growth in hotel and hospitality services, thus creating enough opportunities for facility management services.
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CBRE Group, Inc., Brookfield Global Integrated Solutions Canada LP, Jones Lang LaSalle IP, Inc. (JLL), Cushman & Wakefield plc, Ingersoll Rand (Trane), Avison Young (Canada) Inc., ION Facility Services Inc., ION Facility Services Inc., Aecon Group Inc., Black & McDonald, GDI Integrated Facility Services, etc. are among the leading players operating in Canada Facility Management Market. Companies operating in the market are using organic strategies such as product advancement through addition of new features, partnerships, mergers and collaborations to boost their share in Canada Facility Management Market.
“Rising demand for sustainable and energy efficient green building solutions, shifting trend towards automated building management solutions, such as smart buildings, and integration of facility management in building design are driving the Canada Facility Management Market. Moreover, booming Internet of Things (IoT) market, surging demand for cyber and information security management and increasing usage of CAFM & BIM softwares have also been positively influencing the market. Continuance of such trends and increasing awareness about cleanliness, security and maintenance are expected to drive the Canada Facility Management Market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Canada Facility Management Market By Services (Property, Cleaning, Security, Catering, Support, Others), By Type (Hard, Soft), By Application (Industrial, Commercial, Residential), By Outsource Vs Insource, By Organized Vs Unorganized, By Region, Competition Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of Canada Facility Management Marketand 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 Canada Facility Management Market.
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