An integrated workplace management system (IWMS) helps in more efficient use of a workplace resources including management of its real estate assets, infrastructure and facilities assets. They are used by real estate services firms, facilities services providers, managing agents and corporate occupiers.
IWMS Market
The integrated workplace management system market size was valued at USD 2.34 billion in 2019 and is projected to reach USD 5.78 billion by 2027, growing at a CAGR of 12.9% from 2020 to 2027.
The market is segmented based on
- Type of industry (Manufacturing, Real Estate & Construction, IT & Telecom, Healthcare, Retail and others)
- Deployment (On-premise and Cloud)
- Enterprise size (Small, medium-sized and large enterprises)
- Component (Solution and Services)
IBM Corporation, Oracle Corporation, Accruent, Trimble, SAP SE, Planon Corporation, iOFFICE, Inc., Spacewell International, Archibus, Inc. and Nuvolo are some of the key players in the IWMS market.
Factors contributing to growth of IWMS market
- Increasing focus on government energy management- Government legislations on carbon footprints and energy and waste management has made it necessary for companies to minimize and monitor emissions of harmful gases
- Increasing corporate social responsibilities (CSRs)
- Growing adoption of workflow automation solutions by real estate firms- Automation facilitates the real-time monitoring of properties, suppliers, goods and transactions inside an organization
- Growing cloud-based deployments- Small businesses in particular embrace cloud deployment as it allows them to spend a minimal amount of their income on data center infrastructure
Impact of Covid-19
A report by Valuates Reports highlights the impact of Covid on the industry, According to the report, the global market for IWMS has seen substantial growth in recent years.
But due to Covid-19, majority of the workplaces workplaces in sectors such as manufacturing and retailing have been shut down due to mandatory lockdowns enforced across countries. As a result, IWMS’s business growth was sluggish in 2020
However, the IWMS market is projected to rebound until mid-2021 due to the need to protect workers’ health and have safer workplaces after COVID-19.
Komal is an English literature student with a keen interest in economic developments and politics amongst others. She is a part of Research & Content team at HrNxt.com