Pune, India, August 2021, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Workforce Management Market.
The workforce management market is projected to reach USD 19,769.6million by 2027, registering a CAGR of 17.5% during the forecast period, 2021–2027. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.
The global workforce management market is expected to witness favorable growth during the forecast period.Workforce management is a software tool for improving employees' productivity to ensure that all resources are in the right place and at the right time. It includes scheduling, forecasting, skills management, timekeeping and attendance, intraday management, and employee performance management. As the volume of such data increases, the complexity of handling and managing the employee increases with the need for automated technology that eases various functions that include workforce scheduling, timekeeping, and others. The workforce management also ensures that employees with the necessary skills are available to meet job requirements that enhance their skillset and improve workforce planning.
The workforce management market has been classified based on component, deployment mode, organization size, vertical, and region.
Based on component, the workforce management market is segmented into services and solutions. Workforce management services provide organizations with specific requirements in certain areas such as leave management, scheduling, and others. Services also form an integral part of troubleshooting various workforce management systems. These services can be opted in to through subscription models and contracts. On the other hand, workforce management solutions are a complete package with a plethora of products and services that offer 360-degree flexibility in operations. Services and solutions together provide a cohesive workflow for organizations implementing such systems.The solution segment accounted for the larger market share of 78.6% in 2019, with a market value of USD 5,024.1 million; it is expected to register a CAGR of 17.2% during the forecast period. In 2019, the service segment was valued at USD 1,370.3 million; it is projected to register a higher CAGR of 18.7%.Workforce management solutions offer a range of products and services that provide seamless interconnect between all the workforce management points such as time & attendance management, absence management, workforce scheduling, analytics, performance management, desktop & process analytics, and others.
Based on deployment, the workforce management market has been segmented into cloud and on-premises. Among the two deployment modes, the cloud-based workforce management solution is expected to register the higher CAGR during the forecast period. The on-premise segment accounted for the larger market share of 63.2% in 2019, with a market value of USD 4,040.1 million; it is expected to register a CAGR of 15.3% during the forecast period. In 2019, the cloud segment was valued at USD 2,354.2 million; it is projected to register the higher CAGR of 20.6%.The on-premise deployment model of workforce management solution enables the enterprises and developers to have better control over their data and provide a greater sense of ownership. Security is a major issue due to which enterprises prefer the on-premise deployment for the workforce management solutions. The cloud-based deployment model allows most system-based applications to run on an open and flexible architectural platform. Using the cloud for workforce management helps reduce IT administrator’s jobs by ensuring cost-effective and seamless workflow.
Based on organization size, the global workforce management market has been segmented into small & medium enterprises and large enterprises. The large enterprise segment accounted for the larger market share of 61.6% in 2019, with a market value of USD 3,939.4 million; it is expected to register a CAGR of 16.3% during the forecast period. In 2019, the small & medium enterprise segment was valued at USD 2,455.0 million; it is projected to register the higher CAGR of 19.2%.In any large-scale enterprise, the workforce is enormous as compared to the small- & medium-sized enterprises. Thus, managing such a workforce requires a proper workforce management solution that can effectively manage and keep track of all the employees in the organization. The role of workforce management in SMEs is to ensure enhanced efficiency and effectiveness in the overall working environment, which is based on proper organizational behavior and strategic management of the resources.
Based on the industry vertical, the workforce management solutions include BFSI, IT & telecommunication, energy & utility, manufacturing, retail, healthcare, government & defense, and others.The IT & telecommunication segment accounted for the largest market share of 19.6% in 2019, with a market value of USD 1,253.6 million; it is expected to register a CAGR of 16.9% during the forecast period. The banking, financial services, and insurance (BFSI) segment was the second-largest market in 2019, valued at USD 1,102.8 million; it is projected to exhibit a CAGR of 16.5%. However, the healthcare segment is anticipated to register the highest CAGR of 19.8%.The BFSI sector deals with various elements, including multiple branch locations, different languages, foreign currencies, holiday calendars, and others. Therefore, keeping track of every employee from multiple branch locations has become a complex and daunting task for the organization.The IT & telecom segment is anticipated to witness the highest market share in the global workforce management market. The expansion of 4G networks and the development of 5G trails have encouraged the service providers to keep pace with technology changes. The energy & utility sector is witnessing a unique set of challenges, and its growth is attributed to the rising need for efficiency of operational processes, enhancement of resources, and optimization of assets. The adoption of workforce management solutions has significantly helped the manufacturing sector be flexible, agile, efficient, and productive and boost the competitiveness among manufacturing companies. There are several attributes through which workforce management offers greater convenience to the manufacturing sector. Implementation of workforce management solutions allows the retail sector to improve its customer experiences with seamless management of in-store, field, and third-party resources. Transportation & logistics is a personnel-intensive sector that regularly deals with seasonal and fluctuating inflow. Therefore, workforce scheduling plays a pivotal role here. The sector requires extensive inventories to meet the rising demand for the fast delivery of goods and products. Healthcare organizations are facing an acute shortage of skilled staff to offer 24/7 healthcare services to patients. At present, the healthcare sector is becoming increasingly fragmented, considering the demographic developments in both private and public facilities. The government & defense sector includes the public sector agencies and institutions governed or regulated mostly by government agencies. The others segment includes education, contract services, and hospitality industries.
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The key players of the global workforce management market includeWorkday, Inc (US), Verint Systems Inc (US), Workforce Software LLC (US), Reflexis Systems, Inc. (US), ATOSS Software AG (Germany), Huntington Business Systems (US), Zoho Corporation (India), Ceridian HCM Holding Inc (US), SumTotal Systems (Florida), IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), and UKG Inc (US).
The global workforce management market has been categorized into four regions—North America, Europe, Asia-Pacific, and the rest of the world (South America and Middle East & Africa). North America led the global workforce management market in 2019, whereas the market in Asia-Pacific is expected to register the highest growth rate during the forecast period. Europe is anticipated to hold the second spot in the workforce management market in terms of market share during the forecast period, 2021–2027.