The overall market for space and workplace management software will grow from US$900 million this year to surpass US$1.7 billion in 2026, according to a new Verdantix study. The firm says the 16% annual growth rate “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.”
“As expected, the current progression of global COVID-19 vaccine programs has had positive implications for the space and workplace management software market,” commented Ibrahim Yate, senior analyst with Verdantix. “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 report, titled Market Size and Forecast: Space and Workplace Management Software 2020-2026, provides information that allows individuals and organizations to assess market opportunities.
“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,” Verdantix added when announcing the report’s availability. “Global market growth will reach a compound annual growth rate [CAGR] of 16% between 2021 and 2026 with APAC powering the fastest, at a CAGR or 18% per year, followed by EMEA and North America, both at 16%.”
“Workplace management software suppliers need to plan for an increasingly competitive market,” Yate continued. “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.”