The global workforce management market is currently witnessing strong growth. Workforce management (WFM) refers to a collection of tools and processes that enables an organization to monitor and centralize the data for their human resource utilization. It includes various performance-based software and tools to enhance the efficiencies of front-line supervisors, corporate management, managers and workers across the organization. It can perform multiple functions, such as workforce forecast and scheduling, HR management and workforce analysis. It can also create customized workflows that enhance overall productivity and make decision-making more efficient. Owing to this, it finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), medical, government & defense, transportation & logistics, retail and information technology (IT).
The growing need for automation across industries, along with the increasing adoption of cloud-based solutions, is one of the key factors driving the growth of the market. With an increasing focus on workforce optimization, organizations are extensively employing WFM solutions to manage time and avoid duplication of tasks. Furthermore, cloud-based solutions minimize the requirements for physical hardware, which is also boosting the adoption of these solutions in organizations. The platform also reduces the overall operational costs and enhances the scalability of the infrastructure by providing access to various endpoints. Additionally, increasing penetration of smartphones, along with the prevailing trend of Bring-Your-Own-Devices (BYOD), is also creating a positive impact on the market growth. With the deployment of WFM solutions, the employer can track the progress on tasks at any point of time while providing the employees with secure access to official files. Other factors, including rapid urbanization, especially in developing economies, rising awareness about the benefits of WFM, and extensive research and development (R&D) activities in the field of IT, are projected to drive the market in the upcoming years. Looking forward, IMARC Group expects the global workforce management market to exhibit moderate growth during 2020-2025.
Breakup by Solution:
- Absence Management
- Performance Management
- Workforce Scheduling
- Time and Attendance Management
- Workforce Analytics
Breakup by Service:
- Implementation Services
- Support and Maintenance Services
- Training and Education Services
Breakup by Deployment Type:
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Vertical:
- Government and Defense
- Banking, Financial Services, and Insurance (BFSI)
- Transportation and Logistics
- Telecom and IT
- Consumer Goods and Retail
- Energy and Utilities
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being ADP, Atoss Software AG, HotSchedules Inc., Huntington Business Systems, IBM, Kronos Inc., Oracle Corporation, Reflexis Systems, SAP SE, Ultimate Software Group Inc., Verint Systems, Workday Inc., WorkForce Software LLC, etc.
Key questions answered in this report:
- How has the global workforce management market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global workforce management?
- What are the key regional markets?
- What is the breakup of the market based on the solution?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the deployment type?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global workforce management market and who are the key players?
- What is the degree of competition in the industry market?