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Workplace management report says smart tech will drive market growth

Research and Markets today released its Smart Workplace Market report, predicting that the North American integrated smart workplace management market will reach $923 million by 2027, according to press release.

The report provides analysis on the smart workplace market, which it says include intelligent buildings and smart facilities. Examples include various building automation solutions including smart lighting, smart security and intelligent HVAC systems; it also says next-generation workplaces will include advanced technologies “such as detection systems to determine the presence of employees for workplace optimization.”

Due in part to continuing migration towards remote work and overarching supply chain management, the market report also forecasted growth for smart solutions integrations within a larger business impact scope.

Examples of these growing tertiary vertical markets include sustainable energy management and logistics, which the report estimates will grow to reach $5.89 billion by 2027.

It also noted that one of the most important solutions for optimizing smart workplaces is deploying an Integrated Workplace Management System (IWMS), which it says enables enterprises to optimize asset utilization, energy consumption, technology deployment, building and infrastructure efficiency. The report names five separate modules provided in a IWMS, including:

  • Property management
  • Facility and space management
  • Maintenance management
  • Sustainability and energy management
  • Technology management

While it says the majority of investment in smart workplace technology will come from large corporations, it predicts higher growth rates for medium-size businesses. As smart technology advances forward, the report also estimates that retrofitting existing buildings to accommodate the smart workplace will reach a $26.1 billion global opportunity by 2027.

In other recent proptech news, large student housing firm Landmark selected Tour24 as its exclusive self-tour provider. AppFolio also released its 2022 Property Management Industry Pulse report, highlighting key challenges and changes since 2021.

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