Global Workforce Management Market. (2020-2025) | Latest COVID19 Impact Analysis
Workforce Management Market is valued at USD 5874.56 Million in 2018 and expected to reach USD 11817.11 Million by 2025 with the CAGR of 10.5% over the forecast period.
Growing labour force rapidly across the world is driving factor for the growth of global workforce management market.
Workforce management is the process of scheduling and organizing business’s labor force as efficiently and effectively as possible. It is often utilizes workforce management software to automate some processes and enable employee self-service and also used to increase overall efficiency and productivity among employees. There are numbers of solutions which used to support workforce management such as time & attendance management, leave and absence management, workforce scheduling, workforce analytics and others. Workforce management (WFM) used in apply in various applications including effective staffing, forecasting, scheduling and real-time adjustments required for organization to be as efficient as possible. By using correct technology, processes and procedures, users can effectively manage workforce for optimal performance and lowered labor costs. Workforce management solutions consist of leave and absence management, time and attendance, workforce analytics, workforce scheduling and others including task management.
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Workforce management market report is segmented on the basis of component, solution, service, deployment type, organization size industry vertical and by regional & country level. Based upon component, workforce management market is classified into solutions and services. Based upon solution, workforce management market is classified into time and attendance management, leave and absence management, workforce scheduling, workforce analytics, others (fatigue management and task management). Based upon service, workforce management market is classified into consulting, implementation and training, support and maintenance. Based upon deployment type, workforce management market is classified into on-premises and cloud. Based upon organization size, workforce management market is classified into large enterprises and small and medium-sized enterprises (SME’s). Based upon industry vertical, workforce management market is classified into government and defence, banking, financial services, and insurance (BFSI), IT and telecom, healthcare, retail, manufacturing, energy and utilities and others (including education, media and entertainment, and travel and transportation).
The regions covered in this workforce management market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of workforce management is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Workforce Management Companies
Active Ops Limited
Nice Systems Inc.
Workforce Software Group Inc.
Ramco Systems TimeClock Plus
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Workforce Management Market Dynamics –
Growing labour force rapidly across the world is driving factor for the growth of global workforce management market. According to ODI report, globally, 3.45 billion people are in the labour force. In addition, Growing adoption of workforce management solution by small and medium sized enterprises (SMSE) and growing demand for workforce optimization and mobile applications are the key factors demanding for workforce management market. Moreover, increasing adoption for workforce management solutions and services across various sectors is expected to fueling market growth in the forcast period. However, higher innovation cost of workforce management solution, lack of awareness among small enterprises and consumers regarding the need for labour management solution, these factors will hamper the growth of market. Moreover, adoption of technological advancements in healthcare, entertainment, manufacturing, automotive sectors and increasing mobile application users, raising awareness regarding the innovative workforce management solution technologies is predicted to create wide opportunities for the players operating in the workforce management market during forecast period.
Workforce Management Market Regional Analysis –
North America is dominating the workforce management market with the potential rate due to rising demand for workforce optimization and mobile applications utilization in telecom industry, bank sectors, presence of leading players in the region. Also, media and entertainment sectors are driving the growth of the global workforce management market. For instance, Kronos is one of the leading vendors in U.S in the workforce management market. In the market, Kronos offers the Workforce Central Suite and Workforce Dimension Suite. These suites provide to various organizations for several business needs such as forecasting and scheduling, time and attendance, labour activities, absence management, analytics, and data collection.
The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period with due to increasing mobile application users, growing need for intelligent workforce management solutions. Moreover, developing strong technology infrastructure in developing countries such as China and India. These are one of the major factors driving the workforce management market growth during forcast period. Moreover, increasing government initiative towards labour management will increase demand for workforce management in forecast period.
Key Benefits for Workforce Management Market Reports –
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
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Workforce Management Market Segmentation –
By Component: Solutions, Services
By Solution: Time and Attendance Management, Leave and Absence Management, Workforce Scheduling, Workforce Analytics, Others (Fatigue Management and Task Management)
By Service: Consulting, Implementation, Training, Support and Maintenance
By Deployment Type: On-Premises, Cloud
By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
By Industry Vertical: Government and Defence, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Healthcare, Retail, Manufacturing, Energy and Utilities, Others (including education, media and entertainment, and travel and transportation)
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