The Global Workforce Management Market Size is Expected to Grow from an Estimated USD 6 Billion in 2020 to USD 9.3 Billion by 2025, at a CAGR of 9.3%
This market study covers the workforce management market size across segments. It aims at estimating the market size and growth potential of this market across different segments: component, solution, service, deployment type, organization size, vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Major vendors offering workforce management solution across the globe Oracle (US), Kronos (US), ADP (US), SAP (Germany), Ultimate Software (US), WorkForce Software (US), IBM (US), Workday (US), Ceridian (US), Verint (US), Reflexis Systems (US), ATOSS (Germany), NICE (US), SumTotal (US), Infor (US), Meta4 (Spain), Ramco Systems (India), TimeClock Plus (US), Replicon (US), and Mark Information (Denmark).
Growing demand for workforce optimization and mobile applications expected to drive the growth of the workforce management market.
The workforce management industry is driven by various factors, such as increasing adoption of cloud-based workforce management solutions and growing demand for workforce optimization and mobile applications. However, privacy and security concerns related to the workforce data deployed on the cloud can hinder the growth of the market.
Services segment to grow at a higher CAGR during the forecast period.
Workforce management has a diversified portfolio of solutions, and therefore, services become necessary to maintain these solutions. The services covered in this section include consulting, implementation, and training, support and maintenance. These services help organizations to deploy workforce management solutions on their premises or on cloud easily. Vendors provide a complete range of services that help companies conduct different activities necessary for the business functions and provide a single point of contact for all the help and assistance required.
The services segment has a very promising future, as the workforce management market is evolving rapidly and needs proper pre- and post-consulting, deployment, and overall management of its solutions. Therefore, service providers are focused on delivering dedicated services by understanding buyers' demands and needs. Workforce management vendors sometimes provide services via channel partners that help strengthen the geographical reach of solution vendors and cost effectiveness.
Large enterprises segment to account for a higher market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises control a number of different systems at high levels of complexity. The market size of workforce management solutions in large enterprises is relatively high compared to Small and Medium-sized Enterprises (SMEs). This is due to affordability and high economies of scale that allow organizations to leverage the benefits of this technology.
The workforce management market is undergoing significant technological transitions through collaboration with social media platforms, deployment of real-time solutions, and the usage of mobile devices. All these advancements are highly adopted by large organizations. Workforce management helps these enterprises by providing tools specially catered to them, such as unified desktop, Customer Relationship Management (CRM) integration, and interaction analytics, to maintain healthy communication between large sets of employees.
Other than the Human Resources (HR) functionality modules, such as recruitment and learning management, workforce management solution providers offer custom-made workforce management suites to meet the needs of the customers.
Asia-Pacific to grow at the highest rate during the forecast period.
The workforce management market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In the APAC region, there is a tremendous demand for workforce management solutions and services. China, India, Japan, Australia and New Zealand (ANZ), and Singapore have emerged as undisputed leaders in the workforce management industry.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Market 4.2 North America: Market, by Component and Country, 2020 4.3 Workforce Management Market, by Organization Size, 2020-2025 4.4 Workforce Management Market, by Deployment Size, 2020-2025
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Growing Demand for Workforce Optimization and Mobile Applications 22.214.171.124 Increasing Adoption of Cloud-Based Workforce Management Solutions 5.2.2 Restraints 126.96.36.199 Privacy and Security Concerns Related to Workforce Data Deployed on the Cloud 5.2.3 Opportunities 188.8.131.52 Increasing Need to Make Informed Decisions Among Enterprises 184.108.40.206 Rising Adoption of Workforce Management Solutions by SMEs 5.2.4 Challenges 220.127.116.11 Implementation of Effective Mobile Workforce 18.104.22.168 Unstructured Data Format Owing to the Integration of Advanced Technologies 5.3 Use Cases 5.3.1 Use Case 1: Replicon 5.3.2 Use Case 2: Mark Information 5.3.3 Use Case 3: Kronos 5.4 Next Generation Industry Trends 5.4.1 Artificial Intelligence and Predictive Analytics 5.4.2 Cloud and Mobility 5.4.3 Automation 5.5 Value Chain Analysis 5.6 Technology Analysis
6 Workforce Management Market, Impact of the COVID-19
8 Workforce Management Market, by Solution 8.1 Introduction 8.2 Time and Attendance Management 8.3 Leave and Absence Management 8.4 Workforce Scheduling 8.5 Workforce Analytics 8.6 Others
9 Workforce Management Market, by Service 9.1 Introduction 9.2 Consulting 9.3 Implementation 9.4 Training, Support and Maintenance
10 Workforce Management Market, by Deployment Type 10.1 Introduction 10.2 On-Premises 10.3 Cloud
11 Workforce Management Market, by Organization Size 11.1 Introduction 11.2 Large Enterprises 11.3 Small and Medium-Sized Enterprises
12 Workforce Management Market, by Vertical 12.1 Introduction 12.2 Banking, Financial Services, and Insurance 12.3 Telecom 12.4 Government 12.5 Consumer Goods and Retail 12.6 Manufacturing 12.7 Energy and Utilities 12.8 Transportation and Logistics 12.9 Healthcare and Life Sciences 12.10 Information Technology Enabled Services 12.11 Other Verticals
13 Workforce Management Market, by Region 13.1 Introduction 13.2 North America 13.3 Europe 13.4 Asia-Pacific 13.5 Middle East and Africa 13.6 Latin America