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 IWMS 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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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.
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.
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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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Key Findings Of The Study
- By component, the services segment is expected to witness the highest CAGR during the forecast period.
- On the basis of deployment mode, the cloud segment is expected to witness highest growth rate during the forecast period for integrated workplace management system market.
- Depending on enterprise size, the large enterprises segment is accounted for the highest integrated workplace management system market size in 2019.
- As per industry vertical segment, the manufacturing industry held the highest market share in 2019.
- Region wise, North America accounted for the highest revenue in 2019; however, Asia-Pacific is anticipated to exhibit highest growth during the integrated workplace management system market forecast period.
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