December 18, 2020
According to the business intelligence report titled ‘Global Integrated Workplace Management System (IWMS) Market Size study with COVID-19 Impact, by Offering (Solution and Services), by Deployment Type (On-premises and Cloud), by Organization Size (Large Enterprises and Small and Medium-sized Enterprises (SMEs)), by Vertical (Public Sector, IT and Telecom, Manufacturing, BFSI, Real Estate and Construction, Retail, Healthcare, Education and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global integrated workplace management system (IWMS) market was worth USD 2.3 billion in the year 2019 and is slated to expand with a 12.5% CAGR during 2020-2027.
Factors such as increasing deployment of cloud-based applications, mounting competitiveness & changing workforce dynamics, and growing focus towards CSRs (corporate social responsibility) are bolstering the growth of global integrated workplace management system market.
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For the uninitiated, integrated workplace management system, abbreviated as IWMS, is basically a software platform adopted by enterprises to facilitate optimal usage of workplace resources, such as infrastructure, facilities assets, and real estate portfolios.
Industry experts cite that ongoing technological advancements in the sector, introduction of innovative products, strategic alliances by industry partakers, and mandatory government compliances are further stimulating the global integrated workplace management system market outlook.
Although, post the unexpected outbreak of the Coronavirus pandemic, the demand for the systems is reviving as the stringent lockdown measures are gradually being lifted and employees returning to workplace. However, lack of awareness regarding the benefits of integrated workplace management systems is a major restraining factor for the industry expansion.
Based on offering, global integrated workplace management system market is split into services, and solutions. With regards to deployment type, the industry is bifurcated into cloud, and on-premises. Speaking of organizational size, the business sphere comprises of SMEs (small & medium-scaled enterprises) and large enterprises. The end-user terrain of the market is fragmented into education, healthcare, retail, real estate & construction, BFSI, manufacturing, IT & telecommunication, public sector, and others.
According to the regional analysis, North America dominates the overall market and is expected to grow significantly over 2020-2027, owing to rising adoption of the software in smart building establishments. On the other hand, Asia-Pacific integrated workplace management system industry is estimated to register the highest CAGR over the stipulated timeframe.
Key participants defining worldwide integrated workplace management system market trends are Causeway Technologies Ltd., Service Works Global, ARCHIBUS, Inc., Planon Corp., SAP SE, Accruent LLC, Trimble, Inc., Oracle Corporation, and IBM Corporation among others.