LONDON--(BUSINESS WIRE)--The global market for space and workplace management software will grow from $833 million in 2020 to surpass $1.3 billion in 2024 according to a new study from independent research firm Verdantix. The forecasted annual growth rate of 12% will be driven by space rationalization programmes, the need to monitor occupancy and support social distancing in offices, the use of visitor management to support contact tracing, and country-level GDP forecasts shaping spend at the country level. Vendors positioned to benefit from this growth include firms offering space and workplace management software, including Accruent, Archibus, FM:Systems, iOFFICE, Mapiq, Planon, Schneider Electric, SpaceIQ, Spacewell, Tango and Trimble.
“The market drivers for the space and workplace software market have changed considerably in recent months under the influence of the global pandemic,” commented Verdantix Industry Analyst Ibrahim Yate. “The negative economic impacts of COVID-19, as well as the expected growth in the market as firms digitize and automate more processes within their office management practices, is forcing budget holds to revise their investment plans to adapt to this new reality.”
The Verdantix report, Market Size And Forecast: Space And Workplace Management Software 2019-2024 (Global), provides vendor executives with all the information they need to assess their market opportunity. Revenue projections find that the global market spend on space and workplace management software will reach $833 million in 2020, with the North American market representing nearly half (47%) of market share at $394 million. Europe will see $259 million of spending in 2020 and APAC $180 million. Global market growth will reach a CAGR of 12% between 2019 and 2024 with APAC growing at the fastest rate, at a CAGR of 15% per year.
“Our analysis indicates that while the global economy faces expected recession due to COVID-19, new regulation and guidance aimed at keeping workers safe may present new opportunities to software vendors, with the global market returning to accelerated growth in 2021,” continued Yate. “Software vendors looking to grow their market share should lead with space consolidation tools as firms prioritize space rationalization as a cost-control measure, and explore reconfiguring solutions to help firms set up safe workspaces for those not working from home.”
Read the full report here.