The much-dreaded coronavirus (COVID-19) has turned once-bustling offices into ghost towns. This phenomenon is actually opening doors for improvements at physical workplaces in the integrated workplace management system (IWMS) market. Since employees are practicing mandatory isolation, companies can evaluate current space use, plan entire departments, and optimize workplace technology. Novel integrated workplace management systems provide valuable tools for space optimization and asset management.
COVID-19 is giving facility professionals in the integrated workplace management system (IWMS) market the opportunity to plan new designs and maximize on underutilized space to fit activity-based options for employees. Employers can rely on integrated workplace management systems to enhance the productivity of employees with the help of enterprise-wide data and analytics. Move management software is one of the growing trends in big and mid-sized enterprises. This software allows employers to spot potential gaps and identify the need for new equipment that could build a suitable workplace ecosystem for employees.
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Real Estate Planning at Forefront for Innovations in IWMS Solutions
There is a growing demand for robust analytics for real estate and capital planning in the market for integrated workplace management systems. As such, the real estate industry dominates the highest revenue in the market landscape where the market is estimated to be valued at ~US$ 9 Bn by the end of 2027. Vendors who are offering functions for real estate management in their integrated workplace management systems are acquiring global recognition.
Companies in the integrated workplace management system (IWMS) market are increasing their focus in digital workplace platforms that are instrumental in improving employee effectiveness. Maintenance management, sustainability & energy management, and capital project management are becoming the key focus points for vendors in the integrated workplace management system (IWMS) market.
SaaS or On-Premises: What is Ideal for IWMS?
Integrated workplace management systems are deployed either on-premises or via the SaaS (Software-as-a-Service) approach. For budget-strapped employers, integrated workplace management systems incorporated with SaaS is a suitable option. The SaaS approach helps in faster recovery from disaster or other business interruptions. However, in some cases, the SaaS approach can be more expensive than the on-premises approach with mandatory handling of all IT through in-house resources.
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The integrated workplace management system (IWMS) market is advancing at a lightning CAGR of ~16% during the forecast period. Thus, the on-premises approach is a suitable option if an employer already has an IT staff and infrastructure in place for IWMS deployment. Such business practices help in cost reduction instead of switching to the SaaS model. However, it is challenging to ensure the reliability of the systems if the employer’s IT infrastructure is not backed-up with a professional staff. Hence, employers in the integrated workplace management system (IWMS) market are weighing their choices between capital, scalability, and security to use IWMS with its full potential.
Cloud-based Models Deliver Real-time Process Integration in ERP
There is a need for improved and efficient operational solutions to steer growth for the integrated workplace management system (IWMS) market. Hence, vendors are focusing on developing integrated workplace management systems that deploy data exchange and real-time process integration. This is being achieved by innovating in cloud-based models that deliver real-time application dashboards and reporting. As such, the cloud-based deployment segment is estimated to account for ~76% in 2027. Hence, vendors are tapping into incremental opportunities in multi-tenant cloud architectures to support IWMS.
Since enterprise resource planning (ERP) and HR applications are inevitable in workplace ecosystems, vendors in the integrated workplace management system (IWMS) market are offering sophisticated financial calculation functions that manage all accounting needs. Real-time process integration ensures that all employees have access to same information. Thus, companies in the market landscape are targeting end users that are looking to automate and manage a broad set of real estate and facilities operations.
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