Verdantix Says Spending On Space And Workplace Management Software Will Surpass $1.7 billion In 2026
London – June 30, 2021. The overall market for space and workplace management software will grow from $0.9 billion in 2021 to surpass $1.7 billion in 2026, according to a new study from independent research firm Verdantix. The forecasted annual growth rate of 16% will be driven by return-to-work initiatives, the allocation of budgets that were previously frozen in the wake of the pandemic outbreak, and the need to prepare for more agile working environments. Vendors positioned to benefit from this growth include firms offering space and workplace management software such as, but not limited to, Accruent, AREMIS, Brivo, eCIFM, essensys, FM:Systems, FSI, Honeywell, IBI Group, IBM, Infogrid, iOFFICE, JLL, Locatee, MRI Software, Nuvap, Nuvolo, Openpath, Planon, Rapal, Ricoh, Schneider Electric, ServiceNow, Siemens, SpaceIQ, Spacewell, Spica Technologies, Tango, Thing Technologies, ThoughtWire, VergeSense, and WeWork.
“As expected, the current progression of global COVID-19 vaccine programmes has had positive implications for the space and workplace management software market,” commented Verdantix Senior Analyst Ibrahim Yate. “As a result, occupancy rates in offices will likely fluctuate and be less predictable for the foreseeable future, necessitating the use of more real-time occupancy data analytics and digital tools to manage office space reservations.”
The Verdantix report, Market Size And Forecast: Space And Workplace Management Software 2020-2026 (Global), provides strategy, product and marketing officers at firms providing space and workplace management software solutions 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 surpass $1.7 billion in 2026. North America will continue to be the major market for space and workplace management software, though there are substantial ecosystems of suppliers and clients in the Europe and APAC regions. Global market growth will reach a CAGR of 16% between 2021 and 2026 with APAC growing the fastest, at a CAGR of 18% per year, followed by EMEA and North America, both at 16%.
“Workplace management software suppliers need to plan for an increasingly competitive market,” continued Yate. “The market continues to attract new players and see strategic acquisitions, particularly in the last six months, so the need for product differentiation is stronger now than ever before.”