BANGALORE, India, Nov. 26, 2020 /PRNewswire/ -- The integrated workplace management system market is segmented by Component (Solution and Services), Deployment (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry Vertical (Manufacturing, IT & Telecom, Real Estate & Construction, Healthcare, Retail, BFSI, and Others). It also covers Global Opportunity Analysis and Industry Forecast to 2027. This report is published on Valuates Reports in the Software Utilities Category.
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.
Major factors driving the growth of IWMS market size are the growing adoption of workflow automation solutions by real estate firms, increasing focus on government energy management, and increasing corporate social responsibilities (CSRs).
COVID-19 IMPACT ON INTEGRATED WORKPLACE MANAGEMENT SYSTEM MARKET
The global market for integrated workplace management systems has seen substantial growth in the recent past and is expected to show similar trends in the coming years. However, owing to the COVID-19 pandemic, the majority of 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.
TRENDS INFLUENCING THE Integrated Workplace Management System Market Size
An increase in emphasis on governments' energy management is expected to drive the growth of integrated workplace management system market size. Government legislation on energy and waste management and carbon footprints has pushed companies to minimize and monitor emissions of harmful gases. The Integrated Workplace Management System helps to measure the emissions generated by companies and develops a solution to enhance the long-term sustainability of the environment and of businesses.
Growing cloud-based application deployments are expected to increase the Integrated Workplace Management System Market size. Small businesses commonly embrace cloud deployment as it allows them to spend a minimal amount of their income on data center infrastructure. In addition, cloud technology can deliver several benefits to the Integrated Workplace Management System industry, such as real-time monitoring, integrated processes, reduced energy usage, safety and protection, disaster recovery, and data center consolidation.
The rise in the adoption of workflow automation solutions by real estate enterprises is expected to fuel the Integrated Workplace Management System Market Size. Workflow automation facilitates the real-time monitoring of properties, suppliers, goods and transactions inside an organization. This allows companies to concentrate on key business goals. The adoption of integrated workflow management systems, especially by real-estate firms, is driving the market.
INTEGRATED WORKPLACE MANAGEMENT SYSTEM MARKET SHARE ANALYSIS
Based on the component, the solution segment held the largest integrated workplace management system market share in 2019. This is due to the need for smart maintenance and asset management, the rising emphasis on increasing employee efficiency, the need to reduce IT costs, and the need for agile workplaces to reduce property and facility management costs.
In 2019, North America held the largest integrated workplace management system market share. This dominance of North America is attributed to the high expenditure on facility management, an increase in the number of smart buildings and early adoption of new technologies such as IoT and AI. In addition, the majority of main market vendors are headquartered in North America, which is also driving the growth of this region.
Asia Pacific region is expected to witness the highest growth during the forecast period. This rapid growth of Asia Pacific is attributed to the supportive government initiatives for digital technologies and regulations to offer a sustainable corporate environment.
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