The Integrated Workplace Management System (IWMS) Market size is expected to grow from USD 2.6 billion in 2020 to USD 4.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. The demand for IWMS is driven by the requirement for improved and efficient operational solutions, which is leading towards an increased sophistication of solutions and services.
The 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 & 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.
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Solution segment to hold a larger market size in 2020
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 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.
The major players in the IWMS market are IBM (United States [US]), Oracle (US), Trimble (US), Planon (Netherlands), Accruent (US), Archibus (US), Service Works Global (United Kingdom [UK]), Causeway (UK), SAP (Germany), FSI (FM Solutions) (UK), FM: Systems (US), iOFFICE (US), Spacewell (Belgium), MRI Software (US), Facilio (US), zLink (US), Nuvolo (US), VLogic Systems (US), Rapal (Finland), AssetWorks (US), Smartsheet (US), SIERRA (India), OfficeSpace (US), IDASA SISTEMAS (Spain), Collectiveview (US), Budgetrac (US), Tango (US), QuickFMS (US), and ServiceChannel (US). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product launches and acquisitions were the two major strategies adopted by these players to achieve a strong foothold in the IWMS market.
IBM (US) is one of the prominent players in the IWMS market. IBM TRIRIGA delivers a robust suite of IWMS applications on a single system to optimize the life cycle of facilities. TRIRIGA helps organizations increase the operational, financial, and environmental performance of real estate portfolios. Moreover, it has plans to invest in new businesses, products, services and technologies, systems, facilities, infrastructures, and acquisitions. For instance, in June 2020, IBM introduced Watson Works, a curated set of products that incorporates IBM Watson AI models and applications to address post-COVID-19 workplace requirements, such as prioritizing employee health, facilities management, workplace re-entry, space allocation, contract retracing, and communication and collaboration.
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Accruent (US) is another innovative company in the IWMS market. The company is a leading provider of the physical resource management software that helps organizations to achieve superior performance by transforming how they manage their physical resources. The real estate, facilities, and asset management solution, an integrated cloud-based framework and reporting platform, enables organizations to optimize all stages of real estate, facilities and asset management, from capital planning through IoT-based monitoring and control.
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