December 8th, 2022
Integrated Workplace Management System (IWMS) Market accounted for US$ 2.6 billion in 2020 and is estimated to be US$ 7.1 billion by 2029 and is anticipated to register a CAGR of 11.9%
The report "Global Integrated Workplace Management System (IWMS) Market, By Offerings (Solution and Services), By Deployment Type (On-premises and Cloud), By Organization Size (Large Enterprises and Small & Medium-sized Enterprises (SMEs)), By Application (Public Sector, IT and Telecom, Manufacturing, BFSI, Real Estate and Construction, Retail, Healthcare, Education, and Others (F&B, Chemical, Transportation, and Agriculture)), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In June 2020, IBM Corporation announced Watson Works, a curated set of products that embeds Watson artificial intelligence (AI) models and applications to help companies navigate many aspects of the return-to-workplace challenge following lockdowns put in place to slow the spread of COVID-19.
· In April 2020, Accruent, the leading provider of solutions to manage the built environment, declared that it has entered a partnership with UK facilities management and professional services company Mitie to provide remote asset monitoring for Mitie’s clients.
A shift from complex on-premises deployment to cloud-based (SaaS-based) deployment is observed nowadays which is a major trend for the growth of the target market. The SaaS-based application of IWMS permits more granular, resource-intensive, and less costly projects. Small companies have widely adopted cloud deployment as it helps them to spend a minimum amount of their revenue on data center infrastructure and onsite implementation, training cost, and deployment cost. Furthermore, cloud technology can offer several advantages to the integrated workplace management system market, such as integrated processes, real-time tracking, less energy consumption, disaster recovery, safety and security, and data center consolidation. Whereas, mobile usage coupled with cloud technology, has made it much simpler for facility managers to send alerts to employees in remote areas anytime, anywhere.
The global market is currently gaining momentum about technologies such as IoT, cutting-edge new sensors, advanced analytics, mobility, SaaS, and new development environments. This results for more demand for enterprise integration than ever before, which in turn, is propelling the deployment of IWMS around the world. IWMS can support machine and device data from sensors, smartphones, meters, etc., thus influencing decisions, operations, and facilities automation.
Key Market Insights from the report:
The global integrated workplace management system (IWMS) market accounted for US$ 2.6 billion in 2020 and is estimated to be US$ 7.1 billion by 2029 and is anticipated to register a CAGR of 11.9%. The market report has been segmented on the basis of offerings, deployment type, organization size, application, and region.
· By offerings, the global integrated workplace management system (IWMS) market is segmented into solution and services. Among services, the professional services segment accounts the highest market share throughout the forecast period
· By deployment type, the target market is segmented into g on-premises and cloud
· By organization size, the target market is classified into large enterprises and small & medium-sized enterprises (SMEs)
· By application, the target market is classified into public sector, it and telecom, manufacturing, BFSI, real estate and construction, retail, healthcare, education, and others (F&B, chemical, transportation, and agriculture)
· By region, North America is dominating the target market and is expected to maintain its dominance over the forecast period. North America ranks one of the fastest in the implementation of innovative technologies and has always been an innovative and competitive ground for all technologies. Presently, the U.S. accounts maximum share in the integrated workplace management system market, owing to growing developments in smart building projects in the US.
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The prominent player operating in the global integrated workplace management system (IWMS) market includes SAP SE, Oracle Corporation, IBM Corporation, Accruent, LLC, Archibus, Inc., AssetWorks, LLC, Facilio, Inc., FASEAS NV (Spacewell), Indus Systems, Inc., and Ioffice Corporation.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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