CHICAGO, July 16, 2019 /PRNewswire/ -- According to a new market research report "Integrated Workplace Management System Market by Solution, Services (Professional and Managed), Deployment Type (On-premise and Cloud), Vertical (Public Sector, Manufacturing, BFSI, Retail, and Real Estate), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Integrated Workplace Management System (IWMS) market size is projected to grow from USD 2.3 billion in 2019 to USD 4.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% from 2019 to 2024 The demand for IWMS is driven by the requirement of improved and efficient operational solutions, which is leading toward an increased sophistication of solutions and services.
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On-premises segment to hold a larger market size during the forecast period
On-premises deployment is one of the secured types of deployment mode. It is mostly adopted by large enterprises, as they have well-established physical servers, expert Information Technology (IT) technicians, and sufficient budgets. Security is a key factor driving the adoption of the on-premises deployment model. The vendors in the market help securely deploy the IWMS solutions, into their clients' premises, allowing them to scale functionalities, manage and upgrade the solutions with ease. Verticals such as Banking, Financial Services and Insurance (BFSI) and healthcare prefer the on-premises deployment of the IWMS solutions, as security is a top priority for them. The on-premises deployment model helps in installing the IWMS solutions and associated services on-premises.
Solution segment to hold a larger market size in 2019
The solution segment is expected to majorly contribute to the market, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the need for the upgrades and maintenance of existing solutions. These solutions help in the alignment of administrative, technical, infrastructural, and environmental support functions to fulfill the core objective of businesses.
North America to hold the largest market size during the forecast period
North America has always been an innovative and competitive ground for every technology. The region remains one of the fastest in the adoption of innovative technologies. Currently, the US holds the highest share in the IWMS market, due to increasing developments in smart building projects in the US. This has led to the use of IWMS solutions for space management, asset and maintenance management, and real estate and lease management. Most of the leading market players, such as IBM, Oracle, Trimble, Accruent, and ARCHIBUS, have their headquarters in this region. New advancements and establishments of real estate and infrastructure sector demand IWMS solutions in this region. North America, in the coming years, is estimated to continue to lead the IWMS market.
Market Players
Key market players profiled in Integrated Workplace Management System Market report include IBM (US), Oracle (US), Trimble (US), Planon (Netherlands), Accruent (US), ARCHIBUS (US), Service Works Global (UK), Causeway (UK), SAP (Germany), FSI (UK), FM:Systems (US), iOFFICE (US), Spacewell (Belgium), MRI Software (US), and Facilio (US). These players offer various IWMS solutions to cater to the demands and needs of the market. Major growth strategies are adopted by the players including partnerships, collaborations and agreements, and new product launches/product enhancements.
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