Global Integrated Workplace Management System Market to record 12.78% by 2028

According to Inkwood Research, the Global Integrated Workplace Management System Market is projected to grow at a CAGR of 12.78% in terms of revenue during the forecasting period of 2021-2028.

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An integrated workplace management system (IWMS) is a software platform that enables workplace leaders, corporate real estate professionals, and facilities managers to conduct important functions required to engage the workforce and operate buildings. The five central parts of the IWMS are sustainability & energy management, capital project management, maintenance management, real estate management and lease accounting, and space & facilities management.

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Demand for Energy Management propels Market Growth
Energy management is the practice of tracking and minimizing the organization's energy consumption. Though it can start with simple steps, it also obligates complex financial modeling for future year planning. As a result, there is a growing emphasis on sophisticated energy management programs. Additionally, government regulations on energy & waste management and carbon footprint have raised the pressure to enhance and maintain operations that minimize harmful gas emissions. For instance, the US Federal Government's Energy Policy of 1992 prioritizes energy conservation and has guidelines for implementing conservation measures.
At present, 22 states in the US have a mandatory EERS (Energy Efficiency Resource Standard), and four states have a voluntary EERS. It is a mechanism that facilitates the efficient use of electricity, transmission, and generation of electricity. The IWMS calculates emissions generated and produces solutions to improve the long-term sustainability of businesses and the environment.

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Dominating Organization: Large Enterprises
Large enterprises have a large workforce and revenue. As a result, businesses lookout for innovative ways to transform their processes. This has increased their reliance on business analytics to offer a vast range of services and swift responses to consumers. Business analytics help large enterprises make decisions on real-time data securely, increase profitability, and drive efficiency.
Further, large enterprises are investing largely in data analytics that allows the integration of advanced technologies into infrastructure and improves overall productivity. Therefore, they are increasingly implementing IWMS. One of the significant drivers of the global IWMS market is the fast-paced increase in mission-critical applications among larger enterprises.

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Largest Region with Revenue Share: North America
The SMEs in the region have the highest cloud-based technology adoption globally. They account for almost 90-95% of the total number of enterprises in the region. Also, many countries have made considerable investments in smart space infrastructures like parking spaces, retail, offices, buildings, etc., attributed to the presence of major market players in the region. In addition, there are also increasing investments in IoT. Such factors offer growth opportunities.
The market rivalry is high, accredited to the cost of provided services, scalability parameters, and service reliability. Some of the prominent market players include MRI Software, FM Systems, Archibus Inc (iOFFICE + SpaceIQ), IBM, etc.

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