The global workforce management market size reached US$ 5.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.9 Billion by 2027, exhibiting a growth rate (CAGR) of 10.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global workforce management market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution, service, deployment type, organization size and vertical.
Breakup by Solution:
Time and Attendance Management
Breakup by Service:
Support and Maintenance Services
Training and Education Services
Breakup by Deployment Type:
Breakup by Organization Size:
Small and Medium-sized Enterprises (SMEs)
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:
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. and WorkForce Software LLC, etc.
Key Questions Answered in This Report
1. What is the global workforce management market growth?
2. What is the impact of COVID-19 on the global workforce management market?
3. What are the global workforce management market drivers?
4. What are the key industry trends in the global workforce management market?
5. What is the global workforce management market breakup by organization size?
6. What are the major regions in the global workforce management market ?
7. Who are the key companies/players in the global workforce management market?