PUNE, India, November 9, 2015 /PRNewswire/ --
According to a new market research report "Workforce Management Market by Solution (Time and Attendance, Compensation Management, Learning Management, Talent Management, Workforce Analytics, Workforce Scheduling), by Service, by Deployment, by Org Size, by Vertical, by Region - Global Forecast to 2020", published by MarketsandMarkets, the global Workforce Management Market is expected to grow from USD 4,880.3 Million in 2015 to USD 7,725.8 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 9.6%.
Browse 72 market data Tables and 56 Figures spread through 152 Pages and in-depth TOC on "Workforce Management Market"
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The changing concept of HR professionals becoming business partners has revolutionized the way HR used to function. The importance of understanding the concept "you cannot manage what you cannot measure" in HR has coined an important topic called measuring HR which helps organization to understand the importance of human capital, cost spent of various HR activities, and employee feedbacks for better employee satisfaction.
Therefore, companies can manage their workforce in a better way which is the vital part of HR functions. Technological advancements have enabled Workforce Management Market to understand the emerging needs of the organizations and provide better solutions. Workforce management solutions such as time and attendance, talent management, compensation management, performance management and analytics are helping HR managers to hire and retain their employees. Solutions and systems are gaining very high traction across several markets due to decrease in HR operational costs, and increase in the profitability of the organization.
The demand for this market is also driven by cloud ubiquity worldwide and the changing work dynamics. Emerging factors such as increasing usage of smartphones, internet, and increasing mobility is driving the Workforce Management Market. North America is the expected to be the top contributor in the workforce management in 2015, due to increasing technological acceptance and high awareness about emerging workforce management concerns in the organizations. However, Asia-Pacific (APAC) and Middle East and Africa (MEA) are expected to show tremendous growth in this market in the coming years.
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The global Workforce Management Market report has been segmented on the basis of solutions, services, organization sizes, deployment types, and verticals. The workforce management solutions are segmented into time and attendance, learning management, compensation management, workforce scheduling, talent management, and analytics. The market has been segmented into services such as deployment and integration, support and maintenance, and training and education. Also, the market has been segmented into organization size as small and medium businesses (SMBs) and large enterprise. In addition to this, the report classifies deployment type as on-premises and cloud. The verticals covered in the report are government and public utilities, BFSI, education, IT and Telecom, manufacturing, retail, healthcare, automotive, and energy and utilities. The regions covered in the report are North America, Europe, APAC, MEA, and Latin America.
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