Increase in adoption of workflow automation solutions by real estate organizations and focus on energy management by governments drive the growth of the global integrated workplace management system market
PORTLAND, Ore., Oct. 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Integrated Workplace Management System (IWMS) Market 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): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global integrated workplace management system industry garnered $2.34 billion in 2019, and is expected to reach $5.78 billion by 2027, registering a CAGR of 12.9% from 2020 to 2027.
Prime determinants of growth
Increase in adoption of workflow automation solutions by real estate organizations, focus on energy management by government, and increase in corporate social responsibilities (CSR) activities drive the growth of the global integrated workplace management system market. However, lack of awareness regarding IWMS solutions and scarcity of skilled workforce hinder the market growth. On the other hand, emergence of IoT and AI technologies creates new opportunities in the coming years.
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Owing to lockdown enforced by governments of many countries, sectors including manufacturing, real estate & construction, and retail have been completely shut down. So, the demand declined significantly from these sectors.
However, the demand for IWMS experienced a significant spike from the healthcare sector as the management of facilities became an urgent need to ensure improved efficiency and a safe environment.
In the post-lockdown scenario, IWMS solutions would gain momentum as companies would try to devise occupancy scenarios on workplaces to determine floor plans and apply social distancing policies to ensure safe working environment.
The on-premise segment to maintain its dominant share throughout the forecast period
Based on deployment, the on-premise segment contributed to the highest share in 2019, accounting for nearly three-fifths of the global integrated workplace management system market, and is estimated to maintain its dominant share throughout the forecast period. This is due to preference of organizations to deploy solution in their own environment to gain optimal application performance and security of data. However, the cloud segment is estimated to manifest the highest CAGR of 16.6% from 2020 to 2027, owing to less investment required, flexible plans offered by vendors, and scalability.
The manufacturing segment to maintain its lead during the forecast period
Based on industry vertical, the manufacturing segment held the highest market share, accounting for more than one-fifth of the total share of the global integrated workplace management system market in 2019, and will maintain its lead during the forecast period. This is attributed to its various benefits including management of operations & maintenance (O&M) and other projects from the same platform, insights offered on energy spending, and rise in productivity at all facilities. The healthcare segment is projected to grow at the fastest CAGR of 15.6% from 2020 to 2027, owing to factors such as changes in medicaid and other healthcare funding, establishment of urgent care facilities and ambulatory surgery centers, and increase in virtual care.
North America to maintain its dominant position by 2027
Based on region, North America contributed to the largest market share with nearly two-fifths of the global integrated workplace management system market in 2019, and is expected to maintain its dominant position by 2027. This is attributed to rise in adoption of smart buildings along with increase in need for automated & centralized control for accounting, workplace maintenance, and leasing management. However, Asia-Pacific is expected to witness the fastest CAGR of 15.7% from 2020 to 2027. This is due to supportive government initiatives for digital technologies and energy-efficient infrastructure and regulations to offer a sustainable corporate environment.
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