IWMS solution helps manage multiple facilities within an organization’s workplace. It is an integration of multiple solutions to manage real estate infrastructure, maximize real estate portfolio, provide capital planning of assets, and improve an organization’s business functions. The integrated suite comprises multiple solutions, such as real estate management, project management, facility and space planning management, asset and maintenance management, and environment and risk management. The IWMS follows various industry standards, including IPD, BREEAM, LEED, CEN, BOMA, FICM, and OSCRE. Additionally, the IWMS has the capability to integrate with other solutions, such as enterprise resource planning, human resources, building management systems, and smart meters.

Market Overview

Best IWMS Software is the combination of databases, visual display tools, and geographic data tools, which integrate with traditional workplace management solutions to provide the real-time tracking and management of facilities, real estate, capital planning, and environment functions. It brings improved integration and forecasting, support and communication, control and maintenance, and planning capabilities in workplace systems. The evolution of IWMS from the traditional workplace management solutions to integrated solutions with multiple capabilities has enabled organizations to reduce costs and complexities. The need for best IWMS Software is generally driven by the need for enhanced and effective operational solutions, which is leading toward more superiority of solutions and services. The best IWMS Software market is expected to grow at a fast pace, owing to the increased adoption of Internet of Things (IoT), and Information and Communications Technology (ICT) across different industry verticals. In addition to this, the growth of cloud-based deployment model for IWMS is helping organizations utilize the benefits of advanced solutions, without investing in physical infrastructure. There have been significant investments in technology projects worldwide; however, the adoption of IWMS solution is still struggling due to the lack of awareness among users.

What are the driving factors of the IWMS market?

Rising demand for cloud based applications

Nowadays, the trend is shifting from complex on-premises deployment to cloud-based (SaaS-based) deployment. The SaaS-based application of IWMS allows more precise, less expensive, and resource-intensive projects. Cloud deployment is widely adopted by small companies, as it enables them to spend a minimum amount of their revenue on data centre infrastructure and onsite implementation, deployment cost, and training cost. Cloud platforms present a perfectly cost-effective and easily deployable alternative, eliminating the need to build on-premises data centres specifically for small organizations. Furthermore, the cloud technology is able to deliver many benefits to the best IWMS software market, like live tracking, unified processes, reduced energy consumption, safety and security, disaster recovery, and data centre consolidation. For instance, mobile usage along with cloud technology has made it much easier for facility managers to send alerts to employees at remote areas anywhere, anytime.

Changing workforce dynamics

A large multinational organization operates on a global scale, thus generating the need of taking account of a more consistent and holistic view of its global facility portfolios. The multinational companies are majorly deploying best IWMS software to break down traditional construction, real estate and facility management silos, and to obtain a significant Rate of Interest (RoI). The baby boomers who were accustomed to traditional working lifestyle are retiring now and being replaced by generation Y, boosting the adoption of IWMS. This changing workforce is technology-savvy and believes in the usage of new technologies, such as smartphones, internet, cloud deployment, and online businesses, at the workplace. IPreviously, most companies set-up workstations where employees worked for several hours. However, now workplaces have become flexible, and organizations need to manage the cost of underutilized spaces in a better way to fuel the requirement of workplace management solutions to get accustomed to these changing working dynamics.

 Increasing importance of CSR across the globe

Corporate Social Responsibility (CSR) has gained momentum due to increased sensitivity toward environmental and sustainability issues, especially among corporates. Companies are now more concerned about carbon foot print, sustainable energy consumption, water conservation, and waste management. As a part of corporate sustainability, these concerns are to be dealt on priority by organizations’ maintenance management system. Hence, solutions such as Computerized Maintenance Management System (CMMS), Computer-Aided Facility Management (CAFM), EC4, energy lens software, and IBM Tririga environmental and energy management software and technologies – such as cloud platform and hotel optimizer in the hospitality industry – are being launched by the facility management market players. Condition-based monitoring is done by IWMS to help monitor and track data on energy and water consumption. Moreover, the CMMS software helps manage waste, and efficiently schedules and suggests preventive maintenance tasks on the basis of historic data analysis of various company assets. The hotel optimizer technology offers a software to the hospitality sector to evaluate and avoid carbon emission in the best possible way. The participation of an organization in CSR activities is increased due to growing concern over a greener environment, which is by far possible only by implementing workplace and facility management solutions.

Growing severity of government regulations

Currently, companies are complying with strict government regulatory standards and guidelines to conduct their business activities. Some of the popular compliances are International Organization for Standardization (ISO) certifications, Occupational Safety and Health Administration (OSHA) compliance, Food and Drug Administration (FDA) guidelines, and Environmental Compliance Certificate (ECC). Most of the organizations are opting for workplace and facility management solutions to keep a track of various government-issued guidelines and subsequent revisions, if any. IWMS, as it is able to provide reliable management information, monitors compliance with legislation and regulations, and offers maximum insights by real-time monitoring. These solutions help companies reduce their compliance cost and provide users with better workplace management services and sustainability. Software such as CMMS and entropy assist workplaces to track incidents, employee health and safety information, auditing, corporate governance, and risk and compliances activities. Therefore, to abide by these compliances, organizations are actively adopting these solutions.

What are the possible future opportunities in the IWMS market?

Emerging Technologies

Currently, the best IWMS Software market is gaining momentum around technologies such as Internet of Things (IoT), advanced analytics, cutting-edge new sensors, mobility, SaaS, and new development environments, allowing more demand for enterprise integration than earlier, which also is influencing the deployment of IWMS solution across businesses. The IWMS solution is able to link over social media, affecting project collaboration and space usage. Best IWMS Software is able to support machine and device data from sensors, meters, smartphones, etc., thereby driving operations, decisions, and facilities automation. Contrasting to the traditional analytic tools, IWMS solution is readily integrated with the Real Estate Financial Modeling (REFM) business process and is also pre-configured for business use. IWMS solution is able to offer real-time analytics, predictive analytics, and newly emerging cognitive analytics and presence analytics. Emerging technologies such as IoT are considered to be one of the biggest opportunities, as they can act as a game changer technology for managers. The implementation of IoT will considerably simplify the operations, as data can be automatically gathered through sensors, which can later be assessed for maintenance operation at the maximum efficiency. The use of IoT will significantly lessen the pressure on workplace management tools, such as CMMS, and help in getting accurate results in minimum time. IoT is still in the early stage but has a lot of growth potential in the near future. Hence, as the market of IoT evolves, it will definitely impact the market of facility management solutions.

Untapped geographic market

Though IWMS solution is gaining momentum in developed countries, still most of the geographic regions are less aware about the importance of implementing workplace management systems. The increasing real estate business, space inventories, operations, and maintenance plans are boosting the involvement of individuals and organizations in IWMS across various regions. IWMS solution seems to have gained pace to manage these facilities effectively. APAC countries such as Japan, Malaysia, Hong Kong, and Singapore are witnessing IWMS development with respect to practice, education, and research. Due to the fact that some of these countries are multi-cultural, they are readily adopting these changing business views and working styles. Increasing penetration of internet, cloud usage, and changing work environment across most of the countries in Europe are also opening new opportunities for the best IWMS software market. Moreover, an increasing need for maintenance services at workplaces is driving the growth of the IWMS market.

Employee safety post Covid-19

The COVID-19 pandemic posed business continuity challenges among various verticals, including construction and real estate, healthcare, and manufacturing, owing to global lockdowns. Though with shift from office to home-based work and workplace re-entry of limited workforce post COVID-19, companies demand robust solutions to serve their workplace management needs, such as property and space management, work order management, risk management, project management, and maintenance. This presents huge opportunities to IWMS solution providers to add new modules and curate their products as per new COVID-19 regulations, social distancing guidelines, and changing demands. The organizations are expected to increase their adoption of IWMS solution to adhere to new social distancing norms using movement management capabilities of best IWMS software solution. Moreover, IWMS solution helps remotely monitor and maintain occupied, partially occupied, and unoccupied spaces, which is an added advantage for companies facing lockdowns.

Visionary Leaders in the best IWMS Software market are: SpaceIQ, IBM Tririga, and Robin.

Dynamic Differentiators in the best IWMS Software market are: essensys, Condeco, and fm : systems.

Innovators in the best IWMS Software market are: ARCHIBUS, and Officespace Software.

Emerging companies in the best IWMS Software market are: Nexudux Space and Optix.

Which technologies act as enablers of the Best IWMS Software?

Internet of Things

Most of the key players across the IWMS solution market are using IoT sensors for facilities as well as space management for enterprises. IoT can be defined as an ecosystem where different components can communicate through internet protocols and deliver intelligent and measurable information to improve the efficiency in different aspects of facilities. The emergence of IoT is one of the biggest opportunities, as it can be a game changer in terms of adoption and implementation of best IWMS solution. IoT sensors help collect the data automatically, which can be analysed later for maintenance operations with maximum efficiency. The IoT sensor market is expected to reach USD 22.5 billion by 2023, resulting in an increased demand for data maintenance and operations. IoT sensors enable workplaces to capture real-time information by integrating with mobile devices. The implementation of IoT has led to a huge increase in data flow, hence generating the need for data management, leading to a proliferation in the demand for best IWMS software. IoT also enables users to simply log into the web portal to track the movement of mobile workforce, instead of inquiring about the details on the field.

Cloud Computing

The cloud deployment benefits, such as flexibility, scalability, reduced Capital Expenditure (CAPEX) and Operating Expenditure (OPEX), as well as seamless integration, are driving the IWMS cloud-based solutions market. Cloud computing also minimizes the spending over integration, training, and infrastructure, resulting in increased effectiveness of IWMS solution. Many of the challenges, such as augmented competition, changing market needs, and worker productivity, can be easily solved with the help of integration of cloud platform with best IWMS software.

Furthermore, mobility of work has induced the requirement of continuous access to services due to the increasing integration of IoT, which in turn is driving the application integration in the cloud. Cloud-based facility management makes the task of collecting and storing data easier, and also backs up the data to a secure cloud server. This technology is widely adopted by small companies, as it provides them with minimum spending on data center infrastructure and onsite implementation.

Artificial Intelligence

The emergence of AI and machine learning and their increasing adoption across various verticals, such as real estate, healthcare, and BFSI, are driving the IWMS market. Real estate solution offering companies are now implementing AI to incorporate a new and broader set of data to not only detect but also to understand the rapid and changing interactions between employees/customers and workplaces. AI is fundamentally changing the organization’s real estate and facilities management systems. AI-driven IWMS solutions enable companies to make smarter, analytical, and more informed data-driven decisions, regarding facility and space management, which are quite critical in today’s fast-evolving environment.

What are the most important capabilities provided by IWMS?

Best IWMS Software is offered as an integrated solution with multiple capabilities. These capabilities include environmental and energy management, facility management, operations and services management, project management, and real estate management. They help in the alignment of administrative, technical, infrastructural, and environmental support functions to fulfill the core objective of businesses. The IWMS tracks and manages space, assets, properties, and projects, among others. Energy consumption, environment sustainability, and maintenance are other important offerings in the market.

Operations and services management

Operations management refers to the management of all maintenance activities in an organization. It helps maintenance teams keep asset records, and track and manage all maintenance tasks. It also helps maintain the database for all maintenance- related information, such as past maintenance drives, future maintenance schedules, major repairs, and the life expectancy of facility parts. Moreover, it assists organizations in looking into the true picture, or providing the real assessment of the condition of organizational assets, such as buildings, equipment, and machineries, among others. The top software in maintenance management is the CMMS, which produces status reports and documents on maintenance activities, along with the performance analysis of equipment, assets, and properties.

Real estate management

The real estate management solution manages space requirements and the cost associated with space requirements. It compares the benefits of leased and owned properties based on their cost performance. The solution enables facility managers to reduce property-related costs; track and monitor historical data for properties; and integrate property-related information, such as available spaces, occupied spaces, and other information in terms of matrices. Lease administration solution capabilities help track and manage all the information of owned and leased premises. These solutions help track processes that would help reduce data redundancy and avoid the unnecessary penalties related to lease. These solutions also assist facility managers in processing lease-related issues, such as lease contractual terms, related financials, and the termination/extension of lease period.

Environmental and energy management

The Energy Management System (EMS) and environment sustainability solution is considered to be a major tool in the facility management market space, as it helps in solving the major global issue of environment protection. The solution helps in tracking energy consumption patterns and forecasts the associated costs and future energy requirements of organizations. It also identifies the poor performing facilities of energy and environment conservation, and the good practices for a greener workplace. Moreover, it also focuses on greenhouse gas emissions, carbon footprints, and waste management, thereby helping organizations save energy and the associated costs. Solutions such as smart energy management and sustainability are provided under energy and environment management. These solutions help in managing wastes, reducing carbon emissions, tracking water and electricity consumption, and controlling the emissions of hazardous chemicals and materials. Reporting tools track and analyse all the patterns of these consumptions and emissions, so as to optimize the use of energy resources effectively.

Facility Management

CAFM tools are the IT-based solutions which help facility managers to optimize the use of resources and cost in facilities. Basically, CAFM solutions help facility managers to take strategic decisions which might look insignificant, but in terms of optimization of resources and cost, they have significant. CAFM tools use databases, visual modeling tools, and GIS and services and provide vital information to the facility managers. Computer-Aided Design (CAD) and databases make the core of any CAFM solution. The primary purpose of CAFM solutions and services is to provide support in operational and strategic management, which includes technical, infrastructural, and administrative tasks in operational facility premises.

Project management

Project management is the process of planning and guiding project processes from start to end in an organization. Project management solutions help manage projects through planning, organizing, cost controlling, allocating resources, and managing quality. Most of the capital project management solutions are related to managing budgets. The project management solution encompasses basic tools, such as resource management, schedule management, demand management, portfolio management, financial management, and request management. In addition to this, advanced tools that include team collaboration tools, such as social media tools and client collaboration tools, have increased project visibility. These solutions also track and monitor the budget of real-time projects and provide visibility across vertical and horizontal levels. Project management solutions also offer features that include tracking and managing all jobs, budgets, schedules, locations, and project requirements. These solutions also deal with communication of deliverables, cost and time schedules, and the database management and analysis of vendors and suppliers. The output of these solutions are in the form of customizable reports and interactive dashboards, Gantt charts, Program Evaluation and Review Technique (PERT) charts, and critical path analysis.

What are the various professional services offered by IWSM Software providers?

The vendors in the best IWMS Software market offer a broad portfolio of solutions, and therefore, services become necessary to manage these solutions. Some of the major services covered in this section are professional services and managed services. The professional services consist of consulting, integration and deployment, and support and maintenance. These services help organizations easily deploy IWMS on their premises and maintain facilities. Software providers offer a comprehensive range of services that help businesses in conducting several activities that are important for business functions. The services segment would have a promising future, as the IWMS market is evolving at a decent pace and the need for proper pre- and post-consulting, deployment, and overall facility management is rising at a fast pace. Hence, service providers generally focus on offering dedicated services by understanding buyers’ demands and needs.

Consulting

Consulting services include technology consulting in planning and designing real estate and facility management projects. These services help in managing business transformation programs and deliver robust models for helping clients achieve strategic objectives through technical and business improvements. They support the areas, such as portfolio management and rescue management. They ultimately ensure the increased realization of benefits and proactive risks management, and better alignment of program objectives and business goals in large-scale transformation programs. The consulting services thus offer many advantages, such as assistance in decision-making, improved business processes, simplified management, cost-effective operations, and increased productivity.

Integration and deployment

System integration and deployment services help organizations meet the increasing demand for effective business processes. The services also help in achieving better quality products by integrating all subsystems. For example, the integration of facility management solutions with Enterprise Resource Planning (ERP) applications, such as HR, security, and financial system, helps in increasing business functionalities and productivity. Moreover, these services aid in identifying the need for modification or upgradation to support facility management processes with the existing IT infrastructure and applications for avoiding bottlenecks and maximizing the potential of the existing solutions. There are several third-party vendors who provide integration and deployment services. These vendors manage the consolidation and system content implementation of facility management solutions. They help load the existing facility information in cloud remotely, so that it can be accessed. The deployment and integration services help in providing the necessary tools needed for facility managers to take control of the facility process in their organizations.

Support and maintenance

With technology advancements such as the introduction of IoT, applications need to be updated to suit new business challenges. Support and maintenance services are important for the enhancement and extension of the life of applications. These services focus on seamlessly maintaining and transforming business-critical applications, so that utility companies can meet their ever-changing demands. The support and maintenance services include 24/7 troubleshooting assistance; upgradation of existing software solutions; problem-solving; the repairing of failed components; planned and unplanned outage management; engineering skills for repairs, modifications, and enhancements; emergency response management; test scenario management; and rapid on-site reaction, among others. Maintenance is generally an aftersales service, and various vendors provide periodic maintenance services to their clients. The timely inspection of software installed, disaster recovery, and ensuring the proper functioning of workplace management applications are some of the maintenance services provided by vendors to workplace managers.

Managed services

Managed services are considered important as they are directly related to the customer experience, and no company can afford to compromise on them if it wishes to stay ahead in the competition. Furthermore, it has become tough for businesses to focus on core processes and support many other functions. Therefore, managed services are outsourced to third parties for ensuring better services at the optimum cost. These services offer the technical skills required to maintain and update all software in the facility management ecosystem. All the deployment queries and needs of users are typically handled under managed services. Managed services help end users by providing software tailored to their needs for and by offering help at every step of software usage. Additionally, integrated facility management, consultancy, and 24×7 help desks are some of the growing managed services required by facility managers.

What are the options available to deploy an IWMS?

The IWMS market by deployment type is divided into on-premises and cloud. Deployment is described as the process of setting up an IT infrastructure with hardware, operating systems, and applications required to manage the IT infrastructure. The integrated workplace management system can be deployed on any deployment model based on security, availability, and scalability. Majority of IWMS are being deployed in cloud, as it offers advantages such as pay-per-use, and low installation as well as maintenance costs. The cloud deployment model is expected to witness high growth in the near future.

On-premises

On-premises deployment is one of the secured types of deployment type. It is typically accepted by big enterprises, as they have well recognized physical servers, skilled IT technicians, and adequate budgets. Security is an important factor that is driving the acceptance of the on-premises deployment model. The vendors in the IWMS market help securely deploy IWMS into their clients’ premises with easy to manage, upgrade, and scale functionalities. Majority of vendors deliver on-premises solutions with a one-time license fee and an annual service agreement, which also includes free upgrades and new functionalities. Firms or enterprises opt for the on-premises deployment type to obtain control over their data and its security. However, the emergence of cloud-based IWMS has impacted the growth of on-premises solutions. In the IWMS market, the cloud segment is expected to grow at a higher CAGR during the forecast period.

Cloud

The cloud deployment model offers a number of benefits, such as reduced operational and maintenance costs, simple deployments, and higher scalability. Cloud-based solutions are economical as well as simple to install. They are highly favoured across SMEs. Also, they help in maintaining a competitive edge by removing the managerial barricades of supporting infrastructure and enable businesses to focus on improving their competencies. Due to the increasing awareness of the benefits of cloud-based solutions, the adoption of cloud deployment model is expected to grow tremendously. Best IWMS solution providers are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or public cloud. Moreover, Cloud-as-a-Service enables organizations to not only manage costs, but also achieve better agility. Cloud-based IWMS solutions are significantly gaining traction, due to their cost-effective benefits and global availability.

How does the IWMS solution helps different verticals?

The verticals in this market heavily depend on human resources; hence, they are expected to immensely contribute to the market growth. Currently, these verticals are using the applications developed using the IWMS technologies, such as capital management and space management. The changing workforce dynamics as well as increasing infrastructure facilities have increased the focus on workplace management. The increasing adoption and implementation of IWMS solutions and services are expected among all verticals during the forecast period.

Public Sector

Best IWMS software and services play a key role in the public sector and utilities vertical. The sector always seeks for the solutions that are able to solve budget issues, and are flexible enough to handle technology changes as well as the changing workforce dynamics. The employees of government agencies always have to face changes in rules, regulations, and budgets; thus, they are the early ones to implement the IWMS and services for managing their workforce. Companies such as Accruent, Spacewell, and IBM Tririga are some of the market players offering IWMS , such as data and energy management, infrastructure management, maintenance management, and space management, in the public sector.

Best IWMS software and services offer benefits, such as managing asset management life cycle in the long run, renewing capital processes, prioritizing capital renewal projects, and monitoring the utilization of space to drive greater efficiency and cost reduction. IWMS enables public sector entities to accomplish considerable economic benefits as well as address a broad range of business challenges faced by them. It is highly recommended for the sectors, such as Aerospace and Defense (AnD), as the sector faces the problems related to the maintenance of advanced technologies and assets due to environmental changes and cost escalation. It supports the AnD sector in tasks, such as maintaining work efficiency, managing security, improving capital planning, managing projects, and tracking the performance of all facility work orders to reduce operational expenses and security issues.

IT and Telecom

Due to the growing interest of organizations toward technology advancements, IT and telecom enterprises have been continuously demanding IWMS solutions and services to complete their complicated projects. Moreover, the global IT spending has also increased considerably in the last 2 decades. The IT and telecom enterprises use the IWMS solution for network upgradation, project management, and site and asset management. IWMS makes the effective use of data and IoT technologies, thereby enabling enterprises to maintain and operate IT and telecom assets. The IWMS solutions enable IT and telecom companies to meet the international industry benchmarks. The IT sector emphasis on mobile applications to track employees and support organizations in managing their work costs. IWMS solution helps companies resolve the problems related to the integration of IT and network data. It also supports companies to easily collaborate with service providers for managing necessary network upgrades, deployments, and maintenance projects within their budget. The demand for IWMS is expected to increase among the IT and telecom vertical, due to the changing demographics and economic factors.

Manufacturing

Manufacturing comprises a range of activities, from factory floor operations to productivity and profitability. Manufacturing companies majorly focus on key factors, such as production of quality products and reduction in operational costs, unwarranted incident management, and improvement in overall production performance. All these factors are driving the adoption of IWMS across the manufacturing vertical to manage, upgrade, develop, scale, and maintain the data visualization system under one integrated environment. For instance, most of the manufacturing companies are implementing IBM’s Tririga solution to manage and maintain their workforce. Best IWMS software comprise asset management to facilitate complete management of assets throughout their life cycle and ensure optimum asset performance. They help optimize performance, increase productivity, and reduce delivery time. All these benefits help increase the adoption of IWMS solutions across the manufacturing vertical. In the logistics and warehousing sector, IWMS offers various systems including Warehouse Management Systems (WMS), Radio Frequency Identification (RFID), Electronic Data Interchange (EDI), sensor technologies, and Global Positioning System (GPS) tracking, which help solve the critical problems such as delay in quick response to emergency situations and the high cost involved in the transportation of materials and finished goods. IWMS solution helps the manufacturing vertical to address the concern over increased costs and reduce time wastage.

Banking, Financial Services and Insurance

The BFSI vertical collectively includes organizations that offer banking services, such as core banking, corporate, retail, and investment; financial services comprising payment gateways, stock broking, and mutual funds, and insurance services covering both life and non-life insurances. Financial services is a fast growing vertical, and has become highly competitive. The adoption of IWMS is expected to increase among the BFSI vertical, as it is highly regulated as compared to that of other verticals. Banking enterprises are responsible to manage multi-site facilities and accomplish operational processes across the facilities. To provide better customer experience, the BFSI vertical is more focused on asset management than on whole IWMS to provide better employee satisfaction, mobile banking services, and online payment systems. To cater to these requirements, the facility managers in banks and financial institutions are utilizing IWMS and CMMS software to strategically manage their facility activities, such as maintenance management, work order tracking, space and move management, and infrastructure management.

Real Estate and Construction

The cost involved in the construction vertical is high, due to complex projects, many stakeholders, and multiple documents. Organizations are adopting IWMS solutions and services to reduce the associated cost of complex projects to the minimum level. The implementation of Best IWMS software provides the real estate vertical with various benefits, including managing infrastructure changes, analysing accurate costs incurred on building infrastructure, ongoing building assessment, and managing data. IWMS provide the GIS feature that helps in the portfolio performance of real estate data. Moreover, they offer construction companies transparency into their real estate portfolio and help management teams continuously compare, analyse, and identify potential improvements. The vertical is expected to evolve in the coming future and show high potential in the IWMS market.

Retail

The retail vertical has been undergoing remarkable changes and has shown tremendous growth over the years. The high growth is attributed to the growing need for improving customer insights and meeting customer demands in both developed and developing economies. Building customer relationships and customer loyalty, and developing a strong brand name are the key focus points of retailers. IWMS offers solutions that are able to manage the life cycle of entire retail outlets, right from determining locations, capital planning, project management, operation planning, lease administration, rent accounting, and contract management to disposition. Hence, the retailers require these solutions to manage properties, assets, and work orders for connecting service managers, field technicians, vendors, and customers. Apart from this, to manage inventories and locations, the retailers also require management solutions. All the factors mentioned above make the vertical dependent on IWMS solutions.

Healthcare

The healthcare vertical has to deal with a wide range of activities on a daily basis. The activities involve the management of clinical, administrative, and financial data. Healthcare providers have to deal with the growing competition, increasing cost pressures, rising patient management challenges, and evolving quality and regulatory requirements. This has increased the demand for IWMS across the healthcare vertical to enhance patient care with the proper management of medical equipment, infrastructure, and intensive healthcare properties. Tools such as RFID, hospital asset management software, work order management software, Real-Time Locating Systems (RTLS), and the energy management solution are offered by IWMS solution providers to overcome the challenges of logistics and the hygiene department’s management. These tools offer the healthcare vertical conformity and competence, database conversion capabilities, support, and seamless software integration. Various market players are providing best IWMS software for healthcare management that helps in identifying patient issues and staff working risks, and regulatory bodies associated with assets, managing multiple projects, and tracking assets. The industry implements various best IWMS solutions to prioritize daily work and schedule preventive measures.