The global integrated workplace management system (IWMS) market was pegged at $2.34 billion in 2019 and is estimated to hit $5.78 billion by 2027, registering a CAGR of 12.9% from 2020 to 2027.
Major industry players - Oracle, Accruent, Nuvolo, SAP SE, Planon Corporation, iOFFICE, Inc., Spacewell International, IBM, Archibus, Inc., and Trimble.
Rise in adoption of workflow automation solutions by real estate organizations, focus on energy management by government, and increase in corporate social responsibilities (CSR) activities fuel the growth of the global integrated workplace management system market. On the other hand, lack of awareness regarding IWMS solutions and scarcity of skilled workforce impede the growth to some extent. Nevertheless, emergence of IoT and AI technologies is expected to create lucrative opportunities in the future.
On the basis of region, North America held the major share in 2019, generating nearly two-fifths of the global integrated workplace management system market. Asia-Pacific, on the other hand, is expected to manifest the fastest CAGR of 15.7% by 2027. The other two regions covered under the report include LAMEA and Europe.
The global integrated workplace management system (IWMS) market is analyzed across component, deployment, enterprise size, industry vertical, and region. On the basis of deployment, the on-premise segment accounted for nearly three-fifths of the total market share in 2019, and is expected to lead the trail throughout the forecast period. At the same time, the cloud segment is expected to portray the fastest CAGR of 16.6% from 2020 to 2027.
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On the basis of industry vertical, the manufacturing segment contributed to more than one-fifth of the total market revenue in 2019, and will maintain the lion's share throughout the forecast period. Simultaneously, the healthcare segment would cite the fastest CAGR of 15.6% from 2020 to 2027.
- The extended lockdown across several countries led to shutdown of a number of manufacturing, construction, and retail units across the world, giving way to decreased demand for IWMS system from these sectors.
- However, the demand for IWMS experienced a steep increase from the healthcare sector as the system ensures improved efficiency.
- This drift is likely to continue even the post pandemic scenario, as IWMS solutions is likely to gain momentum as organizations would try to formulate occupancy scenarios on workplaces to adhere to social distancing policies.
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