Integrated Workplace Management System Market Worth $4.6 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, July 16, 2019 /PRNewswire/ -- According to a new market research report "Integrated Workplace Management System Market by Solution, Services (Professional and Managed), Deployment Type (On-premise and Cloud), Vertical (Public Sector, Manufacturing, BFSI, Retail, and Real Estate), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Integrated Workplace Management System (IWMS) market size is projected to grow from USD 2.3 billion in 2019 to USD 4.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% from 2019 to 2024 The demand for IWMS is driven by the requirement of improved and efficient operational solutions, which is leading toward an increased sophistication of solutions and services. 

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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 and 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.

Solution segment to hold a larger market size in 2019

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 the 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.