Global Workforce Management Market Size By Type (Solution, Services), By Application (Large Enterprise, Small & Medium Enterprise), By End User (BFSI, Retail and e-Commerce), By Geographic Scope And Forecast

Workforce Management Market Size And Forecast

Workforce Management Market size was valued at USD 6.305 Billion in 2021 and is projected to reach USD 11.86 Billion by 2030, growing at a CAGR of 7.06% from 2022 to 2030. 

An increase in demand for workforce optimization and mobile workforce applications will drive the global workforce management market in the forecast period. The increase in the adoption of cloud-based workforce management to support remote working in the growing Coronavirus pandemic is also one of the factors driving the market growth. Another major factor expected to drive global market growth in the near future is the need for vertical industries to gain a competitive advantage through employee and customer engagement. The Global Workforce Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Workforce Management Market Definition

Workforce management is a set of processes that help an organization manage its engaged workforce efficiently. Workforce management applications include a set of features that vary depending upon the client’s requirements; some features include accurate timesheet process, hassle-free compliance, end-to-end accounting, timely auto-generated invoices, employee engagement solutions, financial tracking, and others. Many workforce management tools are used by companies to strategically optimize the productivity of employees, which helps them to ensure that all resources are used at maximum capacity and are in the right place at the right time.

Workforce Management Market Overview

The rise in demand for workforce optimization and mobile applications due to ongoing COVID-19 pandemic is a major factor that drives the global Workforce Management Market during the forecast period. Stringent policies such as stay at home and work from home been implemented in COVID-19, which has shifted the focus of businesses toward remote workforce management; thereby positively impacting the market growth. Moreover, increase in adoption of cloud-based workforce management and necessity to achieve competitive advantage in terms of employee engagement among various industry verticals are among some of the major factors expected to boost the Workforce Management Market growth in the near future.

However, dearth of skilled professionals’ concerns associated with cloud-based workforce data privacy and compliance are factors that can restrict the Workforce Management Market growth to a certain extent. The increasing need to make informed decisions among enterprises and the rising adoption of workforce management solutions by SMEs are factors expected to provide lucrative revenue growth opportunities for the players operating in the market.

Workforce Management MarketSegmentation Analysis

The Global Workforce Management Market is segmented into Type, Application, End-User, and Geography.

Workforce Management Market, By Type

• Solution• Services

The global workforce management market’s service segment is expected to grow the fastest and be the most dominant. The increased adoption of SaaS (software as a service) workforce management solutions across sectors such as healthcare, retail, e-commerce, manufacturing, and others. There are a number of advantages to cloud-based deployments, including that they are more cost-effective since they are based on a subscription model and they do not require a large amount of data storage. These factors are expected to boost demand for services and further propel market growth.

Workforce Management Market, By Application

• Large Enterprise• Small & Medium Enterprise

Among the subsegments of the global workforce management market, the small and medium enterprise segment is predicted to have the fastest growth as well as be the most dominating segment. This increase is being attributed to a growing need to decrease the cost of the employee performance management process, improve employee engagement and productivity, generate data-based insights for individual and organizational performance, and increase the scalability potential for small and medium-sized enterprises (SMEs). It is expected that these factors will boost this sub-segment in the forecast period.

Workforce Management Market, By End User

• BFSI• Retail and e-Commerce• Healthcare and Government• IT& Telecom• Others

A dominating market share will be held by the IT & telecom sub-segment in the global market. A major cause of the growth is the widespread use of technology related to software and communication, which has sparked an increase in demand for services from the information technology (IT) and telecommunications (Telecom) sectors. IT and telecom companies have the largest number of employees and have increased the use of workforce management software from small and medium-sized enterprises to large-scale enterprises in the industry to meet this demand. This sub-segment is expected to grow due to these factors.

Workforce Management Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

The Asia-Pacific to be the Fastest Growing Market for Workforce Management. The personnel control marketplace withinside the Asia-Pacific place is predicted to develop because of the presence of a big quantity of corporations from small to big scale that require superior human useful resource control solutions, the developing scale of digitization withinside the organizations of rising international locations of the place inclusive of China, India, Japan, South Korea, and others.

Key Players

The “Global Workforce Management Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as ADP, LLC., IBM Corporation, Oracle Corporation, SAP SE, SumTotal Systems, LLC., Workday, Inc., WorkForce Software, LLC, Infor, Kronos Incorporated, and Verint Systems Inc. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• April 2021- On 16th April, Authority Software announced the launch of Authority Workforce Management; its applications include quality recording management, customer relationship management, and rapid applications development.

• January 2021- Trax partnered with Blue Yonder to launch a dynamic workforce management software for retailers and fulfillment centers to track real-time demand visibility and a flexible, skilled workforce to solve store issues quickly and at scale.

• January 2020The Italian gum and confectionary manufacturer Perfetti Van Melle chose Kronos Incorporated, the US-based workforce management leader, to automate its 2,600-strong workforce in eight countries. With Kronos Workforce Central, Perfetti will have a unified WFM platform to monitor its employees as well as optimize its manufacturing processes.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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