Integrated Workplace Management System (IWMS) Market

Global Integrated Workplace Management System (IWMS) Market Size & Growth (2022 - 2027)

The global Integrated Workplace Management System Market was worth US$ 2.6 billion in 2020, and it is predicted to reach US$ 4.6 billion, increasing with an annual expansion rate (CAGR) of 12.5% between 2021 and 2026.

The global IWMS market is driven by the demand for efficient and improved operational solutions, accelerating the sophistication of solutions and services.

Integrated Workplace Management System (IWMS) is a software platform used by IT, facilities management, and real estate professionals to manage the end-to-end lifecycle of corporate facilities. It helps optimize the use of workplace resources to enhance the employee experience. It also monitors the real estate portfolio to help reduce costs.

Recent Developments:

• In June 2020, IBM announced a suite of select products that integrate IBM Watson AI models and applications to address post-COVID-19 workplace requirements such as prioritizing employee health, facilities management, reentry to the workplace, space allocation and contracts that Watson Works has been released. Monitoring, communication and collaboration.
• In June 2020, SAP and Honeywell partnered to launch a cloud-based solution that combines SAP Cloud for Real Estate solutions with Honeywell Forge, business performance management products.
• In May 2020, Trimble introduced ManhattanONE, a comprehensive software package that centralizes portfolio, building, workplace and leasing information to enable monitoring of key real estate data and facilitate decision-making based in evidence.

Market Drivers

The increasing adoption of workflow automation solutions by real estate companies, increasing government emphasis on energy management, and the growing importance of corporate social responsibility (CSR) are some of the key drivers driving the growth of the global Integrated Workplace Management System market. Rather, the integration of new technologies such as IoT, AI, and machine learning into integrated workplace management systems, and the increase in the number of smart and sustainable buildings, is expected to provide profitable growth opportunities for the global market. The business is driven by strengthening the competitiveness and dynamics of the workforce. As multinational companies work on a global scale, they need a more coherent and holistic view of their global portfolio of facilities. Multinational corporations play a key role in implementing Integrated Workplace Management System solutions to destroy existing construction, facilities management silos, and real estate and generate significant interest. The changing workforce is tech savvy and uses new technologies efficiently in the workforce to further enhance market growth. Unexplored benefits from workplace and facility management are expected to drive market growth in the forecast period. As government regulations on energy and waste management and carbon footprint increase, organizations must improve and sustain business activities to reduce and control hazardous gas emissions. Governments around the world are using laws to encourage companies to reduce their carbon footprint. The integrated workplace management system calculates the emissions generated by the company and develops solutions to improve the environment and the long-term sustainability of the company.

Increasing business activities and environmental impact are supposed to drive organizations to adopt integrated workflow management systems at scale. This is expected to accelerate the growth of the Integrated Workplace Management Systems (IWMS) market globally during the forecast period. Organizations are increasingly moving away from traditional approaches to digital solutions for activities such as rental management, space and facilities management, asset and maintenance management, and project management. Along with this, the growing demand for efficient and improved operational solutions is expected to increase the sophistication of solutions and services, increasing the demand for Integrated Workplace Management Systems (IWMS). Besides, the benefits provided by these systems, such as real-time monitoring, integrated processes, disaster recovery, reduced power consumption, security and data center consolidation, are expected to drive the market during the conjecture period. As the business becomes more complex, the demand for higher productivity and lower costs is driving market growth. The main drivers for the adoption of real estate management software are an increased awareness of connected buildings and the need to use technology to provide a better experience for residents.

Market Restraints

The lack of awareness of the importance of the workplace, coupled with the high cost of implementation, is acting as a market constraint for integrated workplace management systems. Additionally, myths such as high implementation costs and extensive training requirements to implement IWMS are also limiting the market growth.

GLOBAL INTEGRATED WORKPLACE MANAGEMENT SYSTEM (IWMS) MARKET REPORT COVERAGE:

Market Segmentation

This global market research report is segmented and sub-segmented into the following categories:

Global Integrated Workplace Management System (IWMS) Market - By Component:

• Services
• Solution

Solutions segment accounted for the majority of the market share of integrated workplace management systems in 2020 due to factors such as the need for smart maintenance and asset management, increased interest in improving the employee productivity, the need to reduce IT costs, and adoption.

Global Integrated Workplace Management System (IWMS) Market - Industry Vertical:

• IT & Telecom
• Manufacturing
• Healthcare
• Real Estate & Construction
• BFSI
• Retail
• Others

The manufacturing segment held the largest share of the integrated workplace management systems market in 2020. Operations and maintenance management (O&M) and other projects on the same platform, increased knowledge of energy consumption, increased productivity and many other benefits to ensure compliance with facility governance and regulatory requirements.

Impact of COVID-19 on the Integrated Workplace Management System Market

The emergence of Coronavirus is expected to have a minor impact on the growth of the Integrated Workplace Management Systems market. The demand for Integrated Workplace Management Systems has seen significant growth in recent years and is expected to show a similar trend in the coming years. However, due to the COVID-19 pandemic, most workplaces in industries such as manufacturing, and retail have been closed due to mandatory closures imposed in various countries. Therefore, the IWMS market growth has slowed in 2020. However, the IWMS market is expected to rebound in mid-2021, as it must protect the health of its employees and provide a place safe work.

Regional Analysis

North America is foreseen to dominate the global Integrated Workplace Management Systems (IWMS) market during the forecast period. The US is expected to have a significant share of the North American market and is likely to expand at a CAGR of 14.5% due to the higher adoption rate of cloud-based technologies. Asia Pacific occupied a significant share of the global Integrated Workplace Management Systems (IWMS) market in 2018, and China, India and Japan are supposed to expand at the highest rate during the forecast period, the major markets of the region. The European and South American market for Integrated Workplace Management Systems (IWMS) is also estimated to expand modestly during the projection period.

Leading Companies

Key players operating in the global market for integrated workplace management systems include Oracle, IBM, Trimble, Accruent, Planon Corporation, SAP SE, Archibus, Inc., Spacewell International, iOFFICE, Inc. and Nuvolo.