PUNE, India, Aug. 14, 2017 /PRNewswire/ -- /MRFR Press Release/- Market Research Future published a half-cooked research report on "Global Workforce Management Market Research Report - Forecast to 2022" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP AG (Europe), KRONOS (U.S.), Workforce Software (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Infor Global Solution (India), and ClickSoftware (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Workforce Management Market.
Workforce Management Market Overview
The Global Workforce Management Market is growing with the rapid pace majorly due to deployment of cloud and the rapid adoption of workforce analytics. According to a recent study report published by the Market Research Future, the global market of Workforce Management is booming and expected to gain prominence over the forecast period. The global workforce management market is prognosticated to value USD 9 billion by the end of 2022 with ~11% CAGR during forecast period 2016-2022.
The augmented demand for a minimized labour expenses, improved workforce utilization & business performances are some of the major factors contributing to the growth of the workforce management market. Increased focus on workforce optimization and mobile applications are providing impetus to the market growth. The growing number of medium and small enterprises in the emerging market is fostering the growth of the market in the years to come. Also, workforce management solution enables organizations to run complex analytics on workforce processes to spot problems and correct them and hence ensure better use of existing resources due to which the market for the workforce management market has augmented.
The trend of managing own schedules in mobile applications in particular is propelling the market growth of WFM solutions, enabling employees to view their own schedules on a smart phone or tablet.
Workforce Management technology is gaining traction because it is so closely linked to cost savings. Organizations are getting value from their WFM solutions, the challenges they faced, and their plans for the future.
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The two most common administrative benefits observed in the market are - an improvement in administrative efficiency and cost savings; and these of course are the main reasons for investing in WFM. However, other benefits such as improved compliance, customer satisfaction and employee productivity are also prevailing. The takeaway is that WFM is so closely linked to day-to-day operations that there are many places it can have an impact.
However, the market is projected to face some challenges such as the lack of awareness and availability of trained staff among small firms towards the benefits of the workforce management; this factor is likely to hinder the market growth for a long run. The bigger impact is in insights into managing short-term issues like absenteeism.
WFM is a multi-faceted subject, there are many problems it can address and which ones a company chooses to focus on will depend on individual circumstances. Workforce management can be defined as an integrated set of processes any particular institution uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels. In a company workforce management involves matching employee skills to specific tasks over time, quantifying the amount and types of labour needed to accomplish particular jobs on a day-to-day or hour-to-hour basis.
Global Workforce Management Market - Competitive Analysis
Workforce Management market appears to be highly competitive and fragmented due to the presence of a numerous large and small players operating in the market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. The study indicates large investments by multinational companies and start up emerging. The market demonstrates high growth prospect which is turn attracting to several new entrants to the market which is apparently anticipated to intensify the market competition. Most organizations will continue investing in both modest and significant improvements in the years ahead which is attributed to the various components the WFM solutions have.
Workforce Management Global Market - Segments
Workforce Management Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Deployment Type: Comprises On-premises and on Cloud.
Segmentation by Component: Comprises Solutions and Service
Segmentation by End Users: Comprises BFSI, Healthcare, Retail and ecommerce, Manufacturing, Government, Telecommunications and IT, and others.
Segmentation by Organization size: Comprises SME, Enterprises, and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
On the basis of organization size, the market can be segmented into SMEs and enterprises. Out of these, SMEs accounted for the largest market share majorly due to adoption of WFM solutions and technological transition. Also, workforce analytics solutions accounted for the largest market share majorly because companies are giving high importance to optimize workforce outcome and the growing demand for performance management.
Workforce Management Market - Regional Analysis
Regionally, Europe accounted for the largest market share especially in the countries such as U.K majorly due to deployment of cloud and the rapid adoption of workforce analytics.
Africa and South America market accounted for demonstrating a sluggish growth due to the lack of awareness among small firms in and high training cost associated with workforce management solutions.
North-American region is expected to grow over the forecast period, 2016-2022 especially in countries such as U.S. and Canada majorly due to adoption of new and emerging technologies.
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