Understanding the Integrated Workplace Management System (IWMS) Market: Growth Factors and Future Outlook

According to the report published by Allied Market Research, 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. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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An integrated workplace management system (IWMS) is a software platform used by IT, facilities management, and real estate professionals to manage the end-to-end life cycle of corporate facilities. It helps optimize the use of workplace resources to provide an improved employee experience. It also assists in cost containment by monitoring the real estate portfolio. Integrated workplace management system solutions mainly comprise functionalities such as capital project management, real estate and lease management, space and facilities management, asset & maintenance management, sustainability and energy management, and others.

Primarily, increase in competitiveness & changing workforce dynamics, rise in focus on CSR activities by enterprises, and growth in cloud-based system deployments are expected to drive the growth of the Integrated Workplace Management System (IWMS) market. In addition, post COVID-19 outbreak, need for safe working environment and safeguarding employees at workplaces is also expected to offer lucrative opportunity for integrated workplace management system industry across the world.

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Covid-19 scenario-

• The extended lockdown across several countries led to the shutdown of several manufacturing, construction, and retail units across the world, giving way to decreased demand for IWMS systems 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 are likely to gain momentum as organizations try to formulate occupancy scenarios in workplaces to adhere to social distancing policies.

According to a component, the software segment held the majority of the integrated workplace management system market share in 2019 due to factors such as the need for smart maintenance and asset management, growing focus on increasing employee productivity, the need to reduce IT costs, adoption of agile workplaces to reduce real estate and facility management costs.

Based on 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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By industry vertical, the manufacturing segment accounted for the highest share in the integrated workplace management system market in 2019, owing to its numerous benefits such as managing operations & maintenance (O&M) and other projects from the same platform, getting better insight into energy spending, increasing productivity at all facilities, and complying with regulatory and governance requirements. In addition, the need for data-driven facility and asset management, tracking and analyzing facility utilization is further boosting the growth of IWMS market.

As per region, the global integrated workplace management system market size was dominated by North America in 2019. Factors such as major presence of leading market vendors in the U.S. and early adoption of advanced technologies such IoT and AI in this region are the major drivers for the integrated workplace management system market growth. In addition, rise in number of smart buildings and increase in need for optimum space & facilities utilization further propel the IWMS market growth in this region.

The leading market players analyzed in the global integrated workplace management system (IWMS) market report include Oracle, Accruent, Nuvolo, SAP SE, Planon Corporation, iOFFICE, Inc., Spacewell International, IBM, Archibus, Inc., and Trimble. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

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Key Benefits For Stakeholders:

• This study includes the analytical depiction of the global integrated workplace management system market forecast and trends to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and integrated workplace management system market opportunity.

• The current market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the integrated workplace management system industry.

• Porter's five forces analysis illustrates the potency of buyers & suppliers in the iwms market.

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