BANGALORE, India, Nov. 26, 2020 /PRNewswire/ — The integrated workplace management system market is segmented by Component (Solution and Services), Deployment (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry Vertical (Manufacturing, IT & Telecom, Real Estate & Construction, Healthcare, Retail, BFSI, and Others). It also covers Global Opportunity Analysis and Industry Forecast to 2027. This report is published on Valuates Reports in the Software Utilities Category.
The integrated workplace management system market size was valued at USD 2.34 billion in 2019 and is projected to reach USD 5.78 billion by 2027, growing at a CAGR of 12.9% from 2020 to 2027.
Major factors driving the growth of IWMS market size are the growing adoption of workflow automation solutions by real estate firms, increasing focus on government energy management, and increasing corporate social responsibilities (CSRs).
COVID-19 IMPACT ON INTEGRATED WORKPLACE MANAGEMENT SYSTEM MARKET
The global market for integrated workplace management systems has seen substantial growth in the recent past and is expected to show similar trends in the coming years. However, owing to the COVID-19 pandemic, the majority of workplaces in sectors such as manufacturing and retailing have been shut down due to mandatory lockdowns enforced across countries.
As a result, IWMS’s business growth was sluggish in 2020. However, the IWMS market is projected to rebound until mid-2021 due to the need to protect workers’ health and have safer workplaces after COVID-19.