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 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 Canada Facility Management Market.
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