The global space management solutions market is expected to grow at a 6.9% CAGR from 2022 to 2032. The space management solutions market is expected to reach a valuation of around US$ 1.89 billion by the end of 2032, up from a current valuation of US$ 890 million in 2022.
The growing need to manage costly resources and actual extra space is driving the growth of the global space management solutions market. Furthermore, a significant factor that has recently contributed to the company’s growth is the growing interest in space management solutions in the retailing industry.
Throughout this forecast period, there is expected to be an increase in the reception of space management solutions beneficial for some organisations covering the management of prestigious crude assets at the beginning to retail outlet space for storing end results. Likewise, the demand for space management solutions is expected to grow as more organisations use cloud-based space planning and management frameworks to advance with AI integration.
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As per the space management solutions market services, the major attraction is predicted to increase during the forecast years due to the growing global demand for computerized management of the complete lifecycle of the overall capacity process.
However, over the projected period, privacy and security concerns over personal data are anticipated to hinder space planning and management solutions market trends to certain degrees. Another significant factor anticipated restraining the worldwide market for space management systems is the rise in complexity and the absence of visibility across the entire portfolio of storehouses which causes delays in making decisions.
Key Takeaways from Space Management Solutions Market Study
- The absolute growth of the global space management solutions market is estimated to be around US$ 1 Billion over the forecast decade covering the years 2022 to 2032, by following the average CAGR of 6.9%.
- Hospital sector is the largest segment for the space management solutions market that is also growing at a faster rate.
- With a nearly 28.5% share of global sales and exports, the North American area dominates the global market for space management software.
- On the other hand, Asia Pacific nations have had some exceptional development chances in recent years, and with a participation of around 22.6%, they have moved up to the second place.
Competitive Landscape for the Global Space Management Solutions
Some of the well-known space management solutions market players are Accurent, Symphony Retail Solutions, Trimble Navigation Limited, JDA Software Group, Inc., and Asset Works among others. By the entry of several new companies, the market for space management solutions as a whole is becoming more fragmented than it was previously due to the domination of a few key solution providers.
Several new players have emerged in the global space management solution sector in recent years as a result of sensing the enormous vacuum in the established market for delivering adequate solutions in accordance with continuously diverse working settings. As a key tactic to break into the business, numerous startup businesses have begun to offer support services as well for their vendors.
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Recent Developments in the Global Space Management Solutions Market:
In the year 2017, PointGrab that is a famous workplace management software developing company and Serraview Company signed a long-term agreement. In order to increase the company’s business of space management software, PointGrab is renowned for producing Cognipoint edge-analytics sensing and actuation solutions.
Key Segments in the Space management solutions Market
By Solution Type:
- Real estate
- workplace management
- Omni channel retail solutions
- Others
By Services:
- Facility management services
- Professional services
- Others
By End User:
- Retail
- Telecommunication
- Healthcare
- Manufacturing
- Utilities
- Others.
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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