Workforce management is a software tool used in managing the schedules of workers, labor requirements, and maintenance of schedules on a daily basis. The set of processes can improve the productivity of employees. The global workforce management market report by Market Research Future (MRFR) dives into the industry for latest upgrades in software, adherence to latest labor laws, and other niche trends for the period of 2020 to 2026 (forecast period). The COVID-19 outbreak and its impact have been included as a vital catalyst in the report.
The global workforce management market is expected to register a CAGR of 8.53% during the forecast period.
The market is expected to thrive owing to the burgeoning manufacturing sector and the abundance of industrial parks. Management of the workforce and curbing expenditure costs on workers for training are prime factors of the market. Adoption of automated solutions by companies in India, South Africa, and Brazil are expected to be highly opportunistic for the market. The workforce management software can be used in scheduling employee duties, measurement of performance and efficiency, and marking absence on workdays.
The COVID-19 pandemic has brought to the fore the usefulness of remote work and collaboration of discrete teams. The workforce management market can thrive owing to the use of software to monitor the productivity and efficiency of employees. The software can see renewed interest among corporate behemoths looking to lean towards cloud-based solutions and forecast business outcomes based on client requirements.
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The market has been segmented based on component, deployment, organization size, vertical, and region. Based on components, the workforce management market is segmented into services and solutions.
By deployment, it has been segmented into cloud and on-premise deployment solutions. Among the two deployment modes, the cloud-based workforce management solution is expected to register the highest CAGR during the forecast period.
Based on organization size, the global workforce management market has been segmented into small & medium enterprises and large enterprises.
By industry vertical, the workforce management software caters to industries of government and defense, BFSI, IT and telecommunication, government and defense, energy and utility, retail, healthcare, and others.
North America is expected to be the largest workforce management market during the forecast period. In 2019, the US dominated the workforce management market, followed by Canada and Mexico. The setup of large industrial facilities and factories requiring manual labor is one of the biggest drivers of the market. Rapid advances in digital technologies and early adopters in the region are other drivers of the market. Moreover, increasing mobile penetration and adoption of cloud across organizations are also some of the factors responsible for the growth of the market.
APAC is expected to have the highest CAGR during the forecast period. The presence of various enterprises looking for automating their workforce management process and amplifying and scaling their production volume can invoke the market demand in the region. Deployment of healthcare workforce management solutions for hospital chains in India and China for measuring performance indexes can bode well for the market. New breakthroughs in technology such as telehealth and artificial intelligence owing to supporting the workforce with connected devices can drive the regional market demand.
Kronos Incorporated, Oracle Corporation, IBM Corporation, SAP SE, ADP LLC, Reflexis Systems, Inc., ATOSS Software AG, VERINT, Workday, Inc., SumTotal Systems, Zoho Corporation, Ceridian HCM Holding, Inc., Workforce Software, Ultimate Software, and Huntington Business Systems are key players of the global workforce management market. Among them, Kronos, SAP, Oracle, ADP, and Ultimate Software are currently dominating the market and aim to maintain their hold through mergers and acquisitions.
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Workforce Management Market Research Report: By Component (Services and Solutions), By Deployment (Cloud-Based and On-Premise), By Organization Size (Small and Medium Enterprises and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Energy and Utility, Manufacturing, Retail, Healthcare, Government and Defense and Others) and Region (North America, Europe, Asia-Pacific, Rest of the World) – Forecast till 2026