Workforce Management Market to Reach 7.82 Billion USD by 2023 - IndustryARC

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Increased adoption of cloud based services in emerging economies and changing work dynamics set to fuel the workforce management market to reach $7.82 billion by 2023

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Workforce Management systems are an integrated set of process based solutions that are merged into operational aspects of business to enhance productivity and efficiency levels of employed personnel and resources.  These solutions have multi-dimensional functionalities associated with them that include forecasting, scheduling, real-time management, self-service and others which increase the operational efficiency and outcome of an organization with minimum cost.

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Increasing number of small and medium sized enterprises in emerging economies and increased cloud based services in numerous industry verticals such as BFSI, manufacturing, retail and IT & Telecom are responsible for providing new opportunities for the market growth and is projected to drive the market over the forecast period.

Global Workforce management market by type is segmented into two types namely, Solution and Services. Services segment accounted for about 26% of the market revenue and is estimated to reach around 36% by 2023. Americas and Europe regions held the largest market share of in 2016 because of the presence of various high end enterprises and a huge presence of BFSI industry. The BFSI industry held highest market revenue with a 55% share in 2016 and is projected to grow at a healthy rate of 6.7% CAGR till 2023 driven by early adoption of on premise workforce management software.

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Asia-Pacific has been identified as the fastest growing region in the forecast period 2017-2023 due to the increasing number of industries in countries like China, Japan and India. These industries are emphasizing to enhance their operational efficiency and remain competitive in the global market.

The Major Players in this Market include: 

• Infor Global (U.S.)
• SAP AG (Germany)
• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Kronos Inc (U.S.)

The Global WFM market is also explained by end-user industry:

• BFSI
• Retail
• IT and Telecom

The overall market is also presented from the perspective of type of services and solutions, deployment type, organization type and geographical analysis and the key countries in this industry.

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