Verdantix Benchmark Highlights The IWMS Market Is Thriving In 2019 As New Deployments Swell
The recently published 2019 Verdantix Green Quadrant benchmark of integrated workplace management systems (IWMS) highlights that the market is currently thriving with strong interest from buyers. On average vendors grew their revenues by 15% to 20% over the past year, with some vendors increasing revenues by 40%. This is a strong indicator that IWMS solutions are resonating with buyers.
A key factor behind the recent wave of customer deployments is the updates to the accounting standards that require large firms to bring their lease information onto the balance sheet. Vendors such as ARCHIBUS, Lucernex (Accruent), IBM, MRI, Planon, Spacewell, Tango and Trimble responded swiftly to this market need by launching functionality that helps customers manage some of the key compliance steps. In addition, a new generation of space utilization solutions has reinvigorated the business case for IWMS. Vendors are helping customers to capture a new granularity of space data which enables them to evaluate alternative space strategies such as hot desking or site consolidation. In the 2019 Green Quadrant benchmark, vendors that achieved strong scores for space management include ARCHIBUS, FM:Systems, iOFFICE, Planon, Spacewell and Rapal.
While most IWMS vendors have enjoyed good growth over the past two years, it is also a key time for vendors to review their strategies. In 2019, vendors need to keep scanning the market for new growth drivers and factors that create purchase urgency amongst buyers. The deadlines for lease accounting compliance will pass in 2020 and will weaken the current compliance driver. There are a host of opportunities to explore: upselling customers, targeting new audiences, expanding into new geographies and tapping into growing buyer interest in improving capital planning processes. There are also opportunities to explore in helping organizations maintain assets outside of buildings, such as roads, railways, pipelines and street lighting. Vendors will need to make a call on where to prioritize and focus their resources.
For more insights into the rapidly evolving IWMS market sign up to our webinar next week Selecting The Right IWMS Solution: Product Benchmark Insights on 11 April, 2019.