Integrated Workplace Management System Market: Real Estate And Construction Segment Is Anticipated To Register Considerable Growth
Integrated Workplace Management System Industry Overview
The global integrated workplace management system market size is expected to reach USD 7.85 billion by 2027, according to a new study by Grand View Research, Inc. It is projected to register a CAGR of 12.8% from 2021 to 2027, Growing demand for solutions that help improve business performance, reduce working capital, reinforce company growth, improve customer service, and simplify workload is expected to drive the market. Additionally, enterprises across the globe are focusing on reducing operational costs and increasing the effectiveness of their decision-making processes which is anticipated to drive the demand for integrated workplace management systems (IWMSs) over the forecast period.
Organizations across the globe are also investing in big data analytics to obtain valuable business insights for decision-making purposes. Big data analytics can help in data integration, data segmentation, and business intelligence. The growing adoption of cloud computing and big data analytics is opening numerous growth opportunities for vendors in the IWMS market.
Emerging technologies such as the Internet of Things (IoT) are likely to provide significant growth opportunities to the market. The adoption of IoT can significantly simplify business operations, as data can be automatically collected and can later be analyzed for maintenance purposes. The adoption of IoT within enterprises can also significantly minimize the pressure on workplace management tools and help organizations make better decisions. IWMS software is also used for tracking utility usage and expenditures as part of efforts to lower operating costs. Additionally, the improved flexibility of several IWMS solutions and their capability to adapt to the changing and growing needs of businesses are anticipated to drive market growth over the forecast period.
Increasing market competition is encouraging established vendors to focus on partnerships and collaborations with start-ups, system integrators, and resellers to maintain a competitive market position for their products and brands. For instance, In April 2020, Accruent partnered with Mitie Group plc., a provider of facilities management and professional services in the U.K., to provide remote asset monitoring for Mitie Group plc’s clients. Through the partnership, Mitie Group plc. will deploy Accruent’s vx Observe IoT remote monitoring platform to control and monitor assets encompassing multiple manufacturers.
Integrated Workplace Management System Market Segmentation
Grand View Research has segmented the global integrated workplace management system market based on solution, service, deployment, enterprise size, end-use, and region:
Based on the Solution Insights, the market is segmented into Real Estate & Lease Management, Facilities & Space Management, Asset & Maintenance Management, Project Management, and Environment Management.
- The facilities and space management segment dominated in 2020 and accounted for over 29% of the market. This can be attributed to the growing demand for upgrades and maintenance of existing solutions, which helps increase the efficiency of decision-making processes.
- Amid the COVID-19 pandemic, work-from-home practices massively replaced desk jobs. It is estimated that work from home practices will be adopted more in near future irrespective of any pandemic or any similar situation. In a work-from-home scenario, meeting room bookings and hot-desking functionality need to be more streamlined and automated.
Based on the Service Insights, the market is segmented into Professional Services, and Managed Services.
- The professional services segment dominated the market in 2020 and accounted for a share of over 65%. This can be attributed to the rising complexities in business operations and the growing adoption of IWMS solutions. IWMS vendors offer industry-oriented professional services, including consulting, software implementations, and training.
- Vendors also offer training programs to client employees to help improve effectiveness and efficiency in handling IWMS solutions. For instance, Accruent, a provider of intelligent and cloud-based solutions, offers progressive training programs through its professional services, which allow clients to improve the effectiveness of their employees.
Based on the Deployment Insights, the market is segmented into On-premise, and Cloud.
- The on-premise segment dominated the market in 2020 and accounted for a share of over 50%. On-premise is a secured form of deployment model, which increases its demand in the market. Furthermore, on-premise IWMS solutions are mostly adopted by large enterprises with established physical servers, sufficient budgets, and expert technicians. Based on deployment, the market is segmented into on-premise and cloud.
- The cloud segment is anticipated to register significant growth over the forecast period. The demand for cloud-based IWMS solutions has increased owing to its benefits such as minimum Total Cost of Ownership (TCO), scalability, and flexibility.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprises, and Small & Medium Enterprises.
- The large enterprises' segment dominated the market in 2020 with a share of over 60%. Large enterprises implement IWMS solutions to simplify their complex work environments. Such enterprises demand robust monitoring solutions and automation capabilities for tasks such as resource allocation and strategic decision-making.
- Opening of offices post the COVID-19 pandemic, organizations are likely to adopt transitional measures such as workplace distancing to ensure no further spread of the viral disease. This is expected to increase the demand for IWMS software to efficiently manage the floorspace and employee health.
Based on the End-use Insights, the market is segmented into Public Sector, IT & Telecom, Manufacturing, BFSI, Real Estate & Construction, Retail, Healthcare, and Others.
- The manufacturing segment dominated the market in 2020 and accounted for a share of over 20%. Rapid technology implementation across the manufacturing vertical has significantly increased the degree of competitiveness among organizations. Thus, organizations are keen to adopt efficient workplace solutions in their manufacturing facilities.
- The real estateand construction segment is anticipated to register considerable growth over the forecast period. The rising demand for effectively managing all major aspects of a real estate project by minimizing operational costs is anticipated to propel the demand for IWMS solutions within the real estate and construction segment.
Integrated Workplace Management System Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly fragmented owing to the presence of a large number of market players across the globe. Major vendors in the market are engaging in new product development, mergers and acquisitions, and partnerships to stay competitive in the market. For instance, In June 2020, SAP SE entered into a partnership with Honeywell International Inc. to jointly create cloud-based a solution to improve smart building operations. The solution is based on Honeywell Forge and SAP Cloud Platform to combine and streamline business and operational data for better decision-making.
Market vendors are heavily investing in the development of new and improved versions of solutions, which may help them maintain their competitive position in the market. For instance, in 2019 Trimble Inc. invested USD 469.7 million in R&D activities. Companies are focusing on the introduction of new products, including software and services that are integrated with upgraded features and functionality, economical, and offer better performance. Some of the prominent players operating in the integrated workplace management system market are:
- Accruent
- ARCHIBUS, Inc.
- FM:Systems
- FSI (FM Solutions) Limited
- International Business Machines Corporation
- MRI Software LLC
- Nemetschek Group (Spacewell)
- Planon
- SAP SE
- Trimble Inc.
Order a free sample PDF of the Integrated Workplace Management System Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment