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Report
Integrated Workplace Management System - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
The Global Integrated Workplace Management System Market was valued at USD 3.3 billion in the previous year and is expected to grow at a CAGR of 11.8%, reaching USD 6.49 billion by the next five years. In order to manage the end to end life cycle of corporate facilities, The software platform used by IT is an integrated workplace management system, facility management and real estate professionals. It helps to make the work environment more comfortable for staff, by optimising use of office resources. By monitoring the real estate portfolio, it also contributes to cost containment.
Key Highlights
-Demand for increased productivity and cost reduction as businesses become complex is driving the market growth. It also provides real-time visibility into managing the impact of changing workplace dynamics. Also, as energy cost is rising, enterprises are focusing more on reducing energy utilization. According to IBM, energy costs represent 23 % of the total occupancy costs of facilities, which would lead to exponential adoption of workplace management systems.
-During the forecast period new technologies such as Machine Learning ,Things, Artificial Intelligence in an integrated workplace management system are expected to be introduced that will generate profitable growth opportunities on a global market for Integrated Workplace Management Systems which is driven by growing number of Smart & Sustainable buildings.
-Demand for integrated workplace management systems is expected to be driven by growing demand for effective and more efficient operation solutions, which in turn lead to greater level of solution and service sophistication.
-Market growth has also been hindered by ignorance of IWMS solutions and a lack of expert labour, as well as myths such as steep implementation costs and the need for comprehensive training in implementing IWMS.
-Post COVID-19 emergence, IWMS solution are anticipated to witness the demand, as companies are seeking assessment of alternative occupancy scenarios due to lockdown, exploring options to automatically apply physical distancing policies to the floor plans & provide safe working environment, re-evaluate their entire real estate portfolio to identify opportunities to lower costs & optimize space.
Integrated Workplace Management System Market Trends
Rise of Real Estate Enterprises Increasing in Adoption of Workflow Automation Solutions
- Real estate enterprises are dynamic and need to handle a number of processes such as the management of multiple projects, monitoring different locations, maintaining up to date inventories, selling properties, recruiting tenants or investing in new developments, among others.
- Workflow automation will allow for real time tracking of assets, vendors, products and transactions within a business. This should allow organizations to focus on the main objectives of their business. This market is driven by the adoption of Integrated Workflow Management Systems, which are particularly adopted by Commercial Real Estate Enterprises.
- Automated processes in this sector will bring improved communication, reducing the friction to manage property companies' operations. An integrated web interface can be used for the management of workflow automation in real estate services.
- In addition to the growing demand for robust analysis of real estate and capital planning, which is driving the growth of the integrated workplace management system market, the monitoring of building constructions, property details, progress of ongoing projects, renewal of agreements, emails, documents and all related activities is centralised.
North America to Occupy Major Share
- The use of the most up to date and innovative technologies is at the forefront in North America. In order to increase productivity and improve customer experience, they are innovating and competing in a number of technologies. Therefore, the region has been a key player to implement an Integrated Work Environment Management.
- Demand for IWMS solutions continues to increase in the U.S., driven by increased developments in smart building projects focusing on asset & infrastructure management, space management or real estate and lease management. Moreover, market growth in the United States is expected to be boosted by innovation developments, increasing numbers of manufacturing sectors and technical advances in industrial products.
- Furthermore, the region's market for IWMS is experiencing a disruptive boom of efficient technology products due to an increased use of internet of Things and has prompted companies in the area to adopt interoperability solutions that simplify their operations. As corporate and government networks expand, cloud services become more widespread, and businesses and operations grow, the adoption of IWMS systems in North America is likely to increase.
- Moreover, the rapid development of small and medium sized enterprisesSMB in the US is expected to accelerate integrated workplace management systems during the forecast period with a view to increasing their presence at regional and global levels by concentrating more on incorporating new products and services.
Integrated Workplace Management System Industry Overview
The market is fragmented due to increasing demand for improved decision making and ensuring cost-effective operations and some of players include Planon B.V.,AssetWorks LLC,ARCHIBUS Inc.,IBM Corporation, Flairsoft.
- October 2022 - Accruent has announced that it has entered into a partnership with Imperial consulting and technilogy ICT, Partnership offers world-class managed services and best-in-class project, document, real estate, and infrastructure lifecycle management solutions.
- August 2022 - ARCHIBUS Inc. and iOffice + SpaceIQ, the global workplace technology company, has announced its intent to seek authorization from the U.S. (FedRAMP) for its Integrated Workplace Management System and where FedRAMP facilitates adoption of secure technologies across U.S. government agencies by standardizing assessment, authorization, and continuous monitoring of cloud-based products and services.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Demand for Increased Productivity and Cost Reduction is Driving the Market Growth
5.1.2 Rise of Real Estate Enterprises Increasing in Adoption of Workflow Automation Solutions
5.2 Market Restraints
5.2.1 Lack of Expertise to Maintain the Deployed System is Discouraging the Market Growth
6 MARKET SEGMENTATION
6.1 By Type of Solution
6.1.1 Real Estate and Lease Management
6.1.2 Facilities and Space Management
6.1.3 Asset & Maintenance Management
6.1.4 Project Management
6.1.5 Environmental Sustainability
6.1.6 Other Solutions
6.2 By Service
6.2.1 Professional Services
6.2.2 Managed Services
6.3 By Deployment
6.3.1 Cloud
6.3.2 On-Premise
6.4 By Geography
6.4.1 North America
6.4.1.1 United States
6.4.1.2 Canada
6.4.2 Europe
6.4.2.1 United Kingdom
6.4.2.2 Germany
6.4.2.3 France
6.4.2.4 Rest of Europe
6.4.3 Asia Pacific
6.4.3.1 China
6.4.3.2 India
6.4.3.3 Japan
6.4.3.4 Rest of Asia Pacific
6.4.4 Latin America
6.4.4.1 Mexico
6.4.4.2 Brazil
6.4.4.3 Rest of Latin America
6.4.5 Middle East & Africa
6.4.5.1 United Arab Emirates
6.4.5.2 Saudi Arabia
6.4.5.3 Rest of Middle-East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Planon B.V.
7.1.2 AssetWorks LLC
7.1.3 ARCHIBUS Inc.
7.1.4 IBM Corporation
7.1.5 Flairsoft
7.1.6 Trimble Inc.
7.1.7 NJW Ltd.
7.1.8 FM: Systems
7.1.9 MRI Software LLC
7.1.10 Lucernex Inc
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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