Global Integrated Workplace Management System (IWMS) Market Is Expected to Reach USD 6.10 Billion by 2027 : Fior Markets

Newark, NJ, July 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theA global integrated workplace management system (IWMS) market is expected to grow from USD 2.38 billion in 2019 and to reach USD 6.10 billion by 2027, growing at a CAGR of 12.50% during the forecast period 2020-2027.The cloud-based application is driving the growth of the market. The SaaS-based application enables resource-intensive, less costly and more granular projects. It also allows minimized expenditure on deployment cost, training cost, onsite implementation and data centre infrastructure. Lack of awareness and its importance regarding facility management is restricting the growth of the market as employees are not fully aware of the changes in services and products. Also, myth such as rigorous training is required for an integrated workplace management system along with the higher cost for the software are restricting the growth of the market.The integrated workplace management system is a platform for software. It has different functional areas such as facilities management (operations, optimal utilization of facilities), sustainability and energy management, real estate management (acquisition, financial management, disposition of tangible property assets), A maintenance management and capital project management (remodelling of facilities, development, design). Also, the integration of AI in an integrated workplace management system is generating higher demand for the automation process. It is beneficial for companies in efficiently utilizing the resources at the workplace. A rise in the investments in an integrated workplace management system is primarily due to the cloud-based deployments and implementation of the Internet of Things. It is classified into two packages such as individual modules as well as a full-fledged suite which can be scaled over time. The higher demand for enhanced operational solutions is boosting the growth of the market.
The demand for enterprise integration has increased due to new development environments, SaaS, mobility, cutting-edge new sensors, advanced analytics and IoT. These factors result in generating higher opportunities for the growth of the market. The integrated workplace management system can support smartphones, sensors, devices which result in driving the facilities automation, decisions and operations. Lack of knowledge and required skill sets in implementation of the integrated workplace management system possesses a challenge to the market as the projects consist of multiple sites located in different countries. Also, another challenge to the market is the poor image of facility management. It results in a complex understanding of company goals and regulatory objectives.DOWNLOAD FREE SAMPLE REPORT ATA
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