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Workforce Management Market Report

RA00330

Workforce Management Market, by Component (Software and Service), Application (Workforce Scheduling, Time & Attendance Management, Embedded Analytics, Absence Management, Others), Deployment Type (On-Premises and Cloud), Organizational Size (Small and Medium Enterprises, Large Enterprises), End-User (BFSI, IT& Telecommunications, Healthcare, Education, Government, Retail, Manufacturing, Others), Regional Analysis, Global Opportunity Analysis and Industry Forecast, 2020–2027

RA00330

Pages: 100

May 2020

COVID-19

pandemic has shown to have an enormous impact on most
industries.

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Impact of covid-19 on Workforce Management Market

The workforce management market will witness growth due to the increasing demand for cloud-based platforms and workforce optimization. Effective time-management and workforce analytics are some of the other factors driving the workforce management market.  

Workforce Management Market, Market Analysis:

Workforce management is an institutional procedure that boosts the execution level and competency of an organization. Several companies have adopted workforce management to maximize the efficiency level of their employees. Workforce management includes successfully anticipating work requirements to achieve a specific goal on an hourly and daily basis. Workforce management offers a variety of solutions such as implicit staffing, scheduling, forecasting, and budgeting to an organization. These solutions become necessary to conduct different business functions. The workforce management market is estimated to have a high adoption rate in the foreseen period.

Growing adoption of artificial intelligence and IoT solutions are expected to drive the workforce management market:

Technological advancement, combined with high demand for electronic appliances, has transformed the traditional workforce management services into IT and technology solutions services. Reliance on artificial intelligence has made it easier to use workforce management. It benefited the workforce management by providing accurate data and systematic management. IoT solutions enabling automation features have simplified the work keeping track record of workers and convenient data analysis. Growing adoption of artificial intelligence and IoT solutions are key factors in making a positive impact on the Workforce management market.

Cyber security threats are anticipated to restrain the growth of the workforce management market:

The workforce management market is currently on a critical technological transition phrase. Cyber security threats to workforce management solutions are increasing with the growing adaptation of workforce management services by organizations. Cyber security danger prevails on every organization such as viruses, spyware, malware, unauthorized access, and so on due to increased internet connectivity. These cyber security threats put organizations in uncomfortable situations that are sometimes out of their control. Development is needed in the workforce management market to overcome cyber security; this factor is anticipated to decline the demand of the global workforce management market in the forecast period. 

Rapid industrialization to create enormous opportunities for the workforce management market:

Workforce management systems provide important information about overall employee’s productivity. Rapid industrialization generates various openings for work due to which organizations requires an effective management tool. This reason results in an increasing number of workforce management system adaptations by various organizations. In addition, the workforce management systems offer cost-efficiency, better customer services, tracking employee attendance, and better employee planning that creates growth opportunities in the workforce management market.  

Workforce Management Market, by Components:

Service segment will be most lucrative till 2027

By components, the workforce management market is classified into software and services. The software component includes scheduling of workforce and keeping track of employee information. On the other hand, the services component includes support, maintenances, training, and consulting. The Services component is expected to rise due to the growing rate of adoption by the companies to optimize their business functions in the forecasted period.

Workforce Management Market, by Applications: 

Time &attendance management is projected to be the highest growing till 2027

On the basis of applications, the workforce management market is bifurcated into workforce scheduling, time & attendance management, embedded analytics, absence management, and others. These applications contribute to better human recourse functioning, such as hiring and processing candidates. Organizations with a large number of employees like manufacturing and retail companies are relied upon time and attendance management because of which this application is expected to grow in the predicted period. 

Workforce Management Market, by Deployment type:

Demand for cloud-based software will have a significant growth till 2027

By deployment type, workforce management is segmented into the cloud and on-premises model. Additional benefits of cloud deployment, such as time-efficiency, affordability, and simplicity of execution, have made the cloud model more preferable by the organizations.

Workforce Management Market, by Organizational Size:

Small or medium-sized businesses are projected to be the fastest-growing till 2027

Based on organizational size, the workforce market is divided into small and medium-sized enterprises and large size enterprises.  Large size enterprises are major users of workforce management due to its requirement for handling a large number of employee records. On the other hand, small and medium-sized enterprises are steadily adopting workforce management systems for their benefits, such as staff scheduling and time management. Thus, small and medium-sized enterprises are estimated to be the fastest-growing segment in the forecasted period. 

Workforce Management Market, by End-Users:

IT &telecommunication industry is estimated to be the highest growing till 2027

The workforce management market on the basis of end-users is categorized into BFSI, IT& telecommunications, healthcare, education, government, retail, manufacturing, and others. Amongst these, the IT and telecommunication industry dominates the market share and is expected to have remarkable growth in the global workforce management market. These sectors widely use various tools provided by workforce management systems such as integrated customer relationships, employee relationship management, data analyses, and keeping track records. Out of these sectors, the IT and communication industry is known to adopt a workforce management system the most, followed by the retail industry. 

Workforce Management Market, by Region:

Asia-Pacific region will have lucrative opportunities for the market investors

The workforce management market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions. Asia-Pacific dominated the market in the forecast period owing to increase adaptation of workforce management systems and solutions. Major countries that have strong potential for the workforce management market in the Asia-Pacific region are China, India, Japan, Australia, and New Zealand. North America region has the major market share due to the presence of a large number of manufacturers such as Oracle Co., Kronos Inc., Ultimate Software Group Inc., and others in this region. Technological advancements, along with increased investment by top players such as Autodesk Inc., are anticipated to boost the growth of the workforce management market.

To explore more about Workforce Management Market, get in touch with our analysts here.

https://www.researchdive.com/connect-to-analyst/330

Key Participants in the Global Workforce Management Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Key Participants in the Global Workforce Management Market

Some of the major key players working in the global workforce management market are Oracle Co., Kronos Inc., Automatic Data Processing Inc., SAP SE, Ultimate Software Group Inc., Work Force Software LLC, International Business Machines Co., Workday Inc., Ceridian HCM Inc., Verint Systems and others. Market players prefer inorganic growth strategies to expand into local markets. Workforce management market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, Porter’s five forces model is explained in the report.

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2020-2027

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Component

  • Software
  • Services

  Segmentation by Application

  • Workforce Scheduling
  • Time & Attendance management
  • Embedded Analytics
  • Absence Management

  Segmentation by Deployment Type

  • On-Premises
  • Cloud

  Segmentation by Organizational Size

  • Small and Medium Enterprises
  • Large Enterprises

  Segmentation by End-User

  • BFSI
  • IT & Telecommunications
  • Healthcare
  • Education
  • Government
  • Retail
  • Manufacturing

  Key Countries Covered

U.S., Canada, Germany, France, Spain,

Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia

  Key Companies Profiled

  • Oracle Co.
  • Kronos Inc.
  • Automatic Data Processing, Inc.
  • SAP SE
  • Ultimate Software Group, Inc.
  • WorkForce Software LLC
  • International Business Machines Co.
  • Workday Inc.
  • Ceridian HCM, Inc.
  • Verint Systems

Source: Research Dive Analysis


FREQUENTLY ASKED QUESTIONS?
 

A. Oracle Co., Kronos Inc., and Automatic Data Processing Inc. are some of the key players in the global workforce management market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Technological advancements, product development, along with joint ventures, are the key strategies opted by the operating companies in this market.

A. SAP SE, Ultimate Software Group Inc., and WorkForce Software LLC are the companies investing more in R&D activities for developing new products and technologies.

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