The global market for integrated workplace management systems (IWMS) is set to reach $11 billion by 2030, according to a new report.
The report by research firm MarketsandMarkets identifies has seen significant growth in recent years, as more companies look to optimise their real estate and facility management operations. These systems provide a centralised platform for managing various aspects of a workplace, including space allocation, maintenance, and compliance.
It also identifies key players in the IWMS industry, including Accruent, Archibus, AssetWorks, Causeway Technologies, and Facilio.
One major driver of growth in the IWMS market is the increasing adoption of smart buildings, which leverage sensors and other Internet of Things (IoT) technologies to automate various tasks and optimise energy usage. The adoption of IWMS solutions is especially high in North America, where the trend towards smart buildings is well-established.
Integrated Workplace Management Systems (IWMS) key drivers
Another key factor driving the growth of the IWMS market is the increasing focus on sustainability and energy efficiency. With rising energy costs and greater public awareness of environmental issues, companies are under increasing pressure to reduce their carbon footprint and minimise their energy usage. IWMS solutions can help companies achieve these goals by providing real-time data on energy usage and other environmental factors, according to the report authors.
The report identifies several trends that are likely to shape the future of the IWMS market. One of the most significant is the shift towards cloud-based solutions, which offer greater flexibility and scalability compared to traditional on-premises systems. Another trend is the increasing use of artificial intelligence (AI) and machine learning (ML) technologies that can help companies automate various tasks and make more informed decisions.
In terms of geography, the report predicts that North America will continue to be the largest market for IWMS solutions, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is likely to see the fastest growth in the coming years, driven by increasing urbanisation and the rapid adoption of smart building technologies.
Several challenges that could limit the growth of the IWMS market, including data security concerns and a lack of standardisation in the industry. However, the report concludes that the overall outlook for the IWMS market is positive, with significant growth potential in the coming years.
Overall, the IWMS market is poised for significant growth in the coming years, driven by the increasing adoption of smart building technologies and the growing focus on sustainability and energy efficiency. As more companies look to optimise their real estate and facility management operations, IWMS solutions are likely to play an increasingly important role in shaping the future of the workplace.