As companies around the world face an increasingly competitive economic environment, maximizing the use of resources and assets becomes ever more vital for their long-term success. This is why more and more businesses are looking to adopt Integrated Workplace Management Systems (IWMS) to extract as much value as possible out of their physical properties, which can significantly reduce costs. Tech giants such as IBM and Oracle have already recognized the importance of IWMS and have become major players in this market.
According to a new report by Mind Commerce, the global IWMS market is set to reach $5.98 Billion USD within the next five years, growing at an expected CAGR (compound annual growth rate) of 16%. Integrated Workplace Management Systems combine various software applications to manage every facet of the facility’s lifecycle. Numerous end-use industries require this type of technology to support strategic planning, control expenses and increase productivity. With just a single up-front cost, it provides ongoing savings for medium to large size companies, including energy consumption (typically 10%), maintenance (typically 14%) and asset lifecycle costs (typically 30%).
At Vission Technology, we believe this is just the beginning of its transition into a mature market. The integration of AI, IoT and 3D visualization technologies with IWMS is expanding, which will add even more value for customers. Our partner Archibus is already one of the top 10 service providers, and we look to build on this success.