The global workforce management market is anticipated to grow at a CAGR of 9.6% during 2016 to 2023. The market has generated the revenue $ 5348.81 Million in 2016 and is anticipated to reach up to $10160.87 Million by 2023. The major boosting factors of the market are raising adoption of workforce management by SMES, businesses leaning towards human resource analytics. Earlier a relatively small number of small and medium sized businesses contained the workforce management on Cloud and even less of them actually took benefit of it. In the last five years, it is estimated that the Cloud has emerged in the small and medium sized businesses market with 52% of small business in the US, Almost half of the small and medium business uses mobile devices to access data stored in the cloud.
The global workforce management markets are segmented into its service, solution, deployment type, vertical, and organization size. The service segment is further divided into implementation services, training and education, support and maintenance. The solution segment is sub segmented by absence management, performance management, workforce scheduling, time and attendance management, workforce analytics, and other solutions. The deployment type is sub segmented into on-premises and cloud. On-premises software is runs and installed on computers on the place of the organization or person using the software, rather than on remote facility such as a cloud or server. The cloud is an Internet-based computing that offers shared computer resources on demand to computers and other devices. It offers on-demand access to computing resources. In today’s world the organizations of all sizes are gradually adopting cloud technology to drive business value. The vertical segment is sub segmented into government and defence, banking, financial services and insurance, healthcare, transportation and logistics, telecom and IT, consumer goods and retail, manufacturing, energy and utility, Enterprise software is a set of computer programs having common business applications, tools for modeling the entire organization works, and develops tools for building applications. Organization size segment is sub segmented into small and medium enterprises and large enterprises.
On the basis of geography the workforce management market is segmented into North America, Europe, Asia Pacific and Row. In 2016 North America dominated the workforce management market followed by Europe. Asia-Pacific is also expected to lead the workforce management market throughout the forecast period. Due to the Smartphone penetration and growing cloud-based solution adoption across a variety of developing markets are expected to impel the development of workforce management market. Moreover, increasing number of population, small-medium enterprises across developing nation such as China and India and changing work dynamics are anticipated to enhance the growth of workforce management market. The major players of the workforce management market are At&T Inc., Atoss Software Ag, Automatic Data Processing (Adp), Llc., Clicksoftware Technologies Ltd., Ibm Corporation, Infor Global Solution, Kronos, Inc., Oracle Coporation, Pegasystems Inc., Reflexis Systems, Inc., Sap Se, Ultimate Software Group, Inc., Verint Systems, Inc., Workforce Software, Llc., Workday, Inc. Acquisition, merger, innovation and new product launch are the major strategies which help to sustain in the market. In the year 2016 kronos Inc has acquired empower software solution with this acquisition; Kronos further expand its leadership in human capital management.