ID: MRFR/ICT/1763-CR | August 2021 | Region: Global | 147 pages
The workforce management market size is predicted to grow from USD 6,394.4million in 2019 to USD 19,769.6 million by 2027, growing at a compound annual growth rate (CAGR) of 17.5% during the study period.
Between the years 2016 and 2020, there was seen an advantageousness Workforce Management Market growth. Basically, it is an assemblage of tools and several procedures that centralizes the industry's data to help them in human resource operations. Besides, the increase in technology advancements and wide-range acceptance of cloud-based systems leads the market to grow exponentially.
Following, the reason for its popularity in this market is the wide range of awareness in technology and work from home advantages. Moreover, the introduction of several small and medium businesses and industries leads to the development of the Workforce Management Market size. Mainly, this market leads to high growth due to the need for improvement in business organizations.
Covid 19 Analysis
Covid 19 was absolutely an unfortunate situation dealing with severe global health issues and affected almost every industry growth and development. However, the Workforce Management Market shares get some benefits during the pandemics. It assisted the Workforce Management solutions with an increase in the remote workforce during the covid 19 periods.
According to the Workforce Management Market Forecast, many of the industries have claimed that they will go to continue the work from the home trend in the future also. Besides, these industries have used the Workforce Management tools and procedures to continue their organizational works successfully during the pandemics. However, there were some uncertainties too. The lack of knowledge and awareness about these tools within some industries has led to a decline in the Workforce Management Market Shares.
Market dynamics are basically the Workforce Management market trends that provide information about the industry. For example, the driving factors, facing challenges, getting new opportunities, and some restraining factors that hamper the market of Workforce Management.
The drivers are mainly the factors that lead to positive growth in an industry. According to the market research, it is likely that this market will grow to a positive extent. Moreover, the increasing demand for automation in the workplaces has assisted as the major driving factor in the Workforce Management market trends. The wide range of acceptance of workforce analytics and the increments in the demands of cloud-based solutions are other vital driving factors. These market drivers are basically chief and major factors that help the market to grow.
The latest trends and developments of automation in the workforce industries have increased market opportunities. According to the Workforce Management market forecast, the development of the app-based workforce organizational solutions is the chief Workforce Management market opportunity. The demands for the app-based workforce platforms have improved the market growth and increases the chances of the wide range of acceptance. However, the use of more smartphones and the internet can be another significant opportunity to consider in the global market.
The restraints are mainly the declining factors that somehow affect the global market. The absence of accurate knowledge about technology and automation are some restraining factors that hamper the industry's growth. However, the high training and maintenance costs in the workforce can lead the Workforce Management market to drop. Although there is growth in this industry these restraints affect the market to a bad extent. Most of the small industries are still unaware of the latest Workforce Management market trends and this leads to falling in the global market.
Despite the growth in the market, there are many challenges that the market has to face. The demand for technology and automation in this market is increasing in the forecast period. However, the lack of knowledge and high-cost funding has affected the Workforce Management market growth. Small industries do not have accurate expenses to uphold the workforce market. Also, some of them were mostly unaware of the latest technologies and updates that act as challenging factors.
During the previous year 2020, there was an estimation that the international Workforce Management market size was at 3,566 million US Dollars. According to the market research, there are chances of growth in the CAGR with 8.65% during the forecast period from 2021 to 2026. Also, the estimated value of the market is expected to have an increase that will reach 5,868.14 million Dollars.
Value Chain Analysis
With the increase of technology and the emergence of new industries, the need for a Workforce Management market is also increasing. Unquestionably, technological advancements and increasing demand for automation in the workplaces have positively resulted in the exponential growth of the global market. As the covid 19 situations have somehow hampered the market, this growth will help the economy to balance internationally. Also, the increase in the need for cloud-based and app-based solutions will lead to the development of the market.
The international requirement of the Workforce Management market is mainly divided into 5 different segments. this segmentation is discussed in detail below along with its sub-segments.
By Organization size
The Workforce Management Market growth is dominating in many regions namely the Americas, Europe, Asia Pacific, Middle East, and Africa. However, many countries across these regions are involved in the market. These are classified as under:
Europe, Middle East, and Africa
The market players mostly rely on strategical growth to enter profitable markets. the strategies depend upon the collaboration with key players, the invention of products, and global regional distributions. Undoubtedly, the workforce has a steady growth rate in automation, retail, It, and telecommunication departments. The adoption of this market strategy leads to customer satisfaction, higher investment returns, reduction in process times, and higher growth globally.
Furthermore, in this forecast report, the industries have examined several important Workforce Management Market Key Players. Some of the most important key players are included in the list below:
This research report depicts a comprehensive and detailed analysis of the Workforce Management Market trends. Under this report, the ultimate growth with its values is estimated for the forecast period from 2021 to 2026. Moreover, the other factors that are covered in this report are market dynamics, value analysis, competitive key players, market segmentation overview, and recent developments. Indeed, the report is all made up of primary and secondary that helps in the global market growth.
|Market Size||2020-USD:7,001.8 Million 2027-USD: 19,769.6Million|
|Forecast Units||Value (USD Million)|
|Segments Covered||• By Component [Solution (Time and Attendance Management, Absence Management, Workforce Scheduling, Workforce Analytics, Performance Management, Desktop and Process Analytics, Others) and Services (Implementation Services, Training and Education Services, Support and Maintenance)] • By DeploymentMode (On-Premise and Cloud) • By Organization Size (Large Enterprise and Small & Medium Enterprise) • By Vertical (Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, Energy & Utilities, Manufacturing, Retail, Transportation & Logistics, Healthcare, Government & Defense, and Others)|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (UK, Germany, France, Italy, and Rest of Europe) • Asia-Pacific (China, Japan, India, Southeast Asia,and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Key Vendors||• IBM CORPORATION • ORACLE CORPORATION • SAP SE • UKG Inc • ADP, LLC • Workday, Inc • VERINT SYSTEMS INC • WORKFORCE SOFTWARE LLC • REFLEXIS SYSTEMS, INC. (ZEBRA TECHNOLOGIES) • ATOSS Software AG • Huntington Business Systems • ZOHO CORPORATION • Ceridian HCM Holding Inc • SumTotal Systems|
|Key Market Opportunities|
|Key Market Drivers||• Drivers • Increasing Automation in Workplaces • Adoption of Workforce Analytics • Growing Demand for Cloud-Based Solutions • Restraint • High Training Costs • Opportunities • Emergence of App-Based Workforce Management Solutions • Advancements in IoT Technology and AI • Challenge • Challenges in Mobile Workforce • Impact of COVID-19 on the Global Workforce Management Market • Impact of Covid-19 on the IT Industry • Impact of Workforce Management Solutions amidst the pandemic • Workforce strategies post-covid|
Frequently Asked Questions (FAQ) :
The high demand for automation across different sectors is propelling the adoption of workforce management solutions. This is expected to cause the global workforce management market to thrive at a 10.8% CAGR during the assessment period.
Workforce management systems offer valuable insights into employees’ performance. Rapid industrialization is creating numerous job opportunities. Hence, the expansion of the workforce base requires an effective management tool. It is due to which; workforce management systems are experiencing a high rate of adoption across different verticals. Thus, the global workforce management market is expected to witness a sharp rise in its valuation in the years to come. Additionally, the growing number of startups and the adoption of workforce management systems across SMEs is also likely to spur its market growth.
Cloud and on-premise deployment models of workforce management are both appreciated by clients. However, the adoption of a deployment model is highly dependent on a client’s requirement. A study conducted by Market Research Future reveals, on the workforce management market, the cloud deployment is likely to gain high popularity due to the advantage of improving energy efficacy. The cloud, deployment model segment of the market is expected to expand at 16.3% CAGR in the assessment period, states MRFR.
Where large workforce in large enterprises are installing workforce management systems, the growing awareness of micro-level management in SMEs to get high productivity is expected to exhibit to high rate of workforce management system adoption. MRFR states, the SME, organization size segment of the market can thrive at 12.3% CAGR during the forecast period.
MRFR in its list of key players for the workforce management market mentions ATOSS Software AG, Reflexis Systems, Inc., and Huntington Business Systems among others as prominent companies that are operating in the market.