Dublin, July 20, 2021 (GLOBE NEWSWIRE) -- The "Global Workforce Management Market (2021-2026) by Component, Deployment, Organization Size, Function, Operating System, Vertical, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Workforce Management Market is estimated to be USD 6.7 Bn in 2021 and is expected to reach USD 10.2 Bn by 2026, growing at a CAGR of 8.5%.
The rise in the high volumes of workforce data has led to rising demand for workforce optimization in different organizations. With the advancements of technology, there has been increased automation at workplaces, followed by adopting cloud-based workforce management solutions. These data analysis can be a valuable source for maintaining and tracking the workforce and increasing the workforce's productivity, workforce effectiveness, and employee engagement. Thus, these solutions are widely being adopted in different industry sectors and are positively impacting market growth.
The high costs of software deployment and the workforce management solution's training costs are likely to restrain the market growth. Also, data privacy concerns can limit the growth of the market further.
Increasing Automation in Workplaces
Adoption of Workforce Analytics
Growing Demand for Cloud-Based Solutions
High Cost of Training and Software Deployment
Privacy and Security Concerns
The emergence of App-Based Workforce Management Solutions
Adoption of Workforce Management Solutions by SMEs
Advancements in Industrial IT Infrastructure
Integration of Advanced Technologies
Lack of Awareness about the Benefits of Workforce Management in Developing Countries
Resistance to Adopt New Technologies
By Component, the Solutions segment holds the highest market share in the forecast period. The solutions adopted in the workforce management solutions are used to transform the traditional management to digitally accepted technological solutions for optimizing the workforce. The solutions comprise workforce analytics, scheduling, forecasting to help simplify and streamline workforce resources. Adoption of these solutions allows the organizations to focus more on their core business operations. Thus, they are demanded in large business organizations as well as the Small and Medium Scale Enterprises (SMSE) for optimizing their workforce.
By Deployment, the Cloud-Based deployment holds the highest market share during the forecast period. Cloud-based solutions are gaining popularity with the development of intelligent solutions in varied industry sectors. They are creating opportunities for players operating in the market to expand their workforce management portfolio by integrating cloud-based features. This has helped in the overall efficacy of the organization. Besides, many start-ups prefer cloud-enabled workforce management services as they are comparatively low priced to on-premise workforce management solutions.
By Organization Size, Large Enterprises holds the highest market share. These organizations aim to optimize their workforce requirements as they also impact their company revenues. The workforce management solutions help enterprises to deploy real-time solutions by integrating customer relationship management (CRM). Also, workforce management solutions can implement interaction analytics tools for maintaining communication between large sets of employees. This is a major factor for the adoption of workforce management solutions in various industries to ensure the workforce's enhanced performance.
By Function, the market is classified as Scheduling, Forecasting, Performance Management, Workforce Analytics, Employee Engagement, Others. Amongst the different functions, Workforce Analytics holds the largest share. It is mainly because of the high data analyzing capacity and these solutions can be effective to gauge workforce productivity.
By Operating System, the market is classified as IOS, Android, Windows, and Others. Amongst all, Windows holds the largest market share due to its wide usage in organizations and its scalability across platforms. However, recently, there are certain workforces that are independent of the type of the OS.
By Vertical, the Consumer Goods And The Retail vertical holds the highest market share during the forecast period. This sector has been evolving rapidly with the changes in customer needs, technological advancements, etc. Thus, to optimize the workforce and implement more control over them, workforce management is being adopted for purposes like training, labor analytics forecasting & scheduling, and ensuring optimum utilization of resources.
By Geography, North America is anticipated to lead the market. The technological advancements with the adoption of Artificial Intelligence (AI), Machine Learning (ML), and cloud-based services have been faster in this region. This has been attributed to market growth. Also, the presence of market vendors providing these workforce management solutions is driving the market growth of the region. The Asia Pacific, on the other hand, is anticipated to hold lucrative opportunities during the forecast period. The factors attributed to the market's growth are the rising population in the emerging markets like India and China, along with the smartphone penetration in these regions. This has further propelled the growing adoption of cloud-based solutions in workforce management. With a rise in the start-ups in the APAC region, these solutions are estimated to drive the market growth further.
Some of the companies covered in this report are ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC.
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
The report offers a comprehensive evaluation of the Global Workforce Management Market.
The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence's Proprietary competitive positioning tool.
A complete analysis of the market including parent industry
Important market dynamics and trends
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
4.2 Market Dynamics
5 Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Workforce Management Market, By Component
6.2.1 Time and Attendance Management
6.2.2 Leave and Absence Management
6.2.3 Workforce Scheduling
6.2.4 Workforce Analytics
6.3.3 Training, Support and Maintenance
7 Global Workforce Management Market, By Deployment
8 Global Workforce Management Market, By Organization Size
8.2 Large Enterprises
8.3 Small and Medium-Size Enterprises
9 Global Workforce Management Market, By Function
9.4 Performance Management
9.5 Workforce Analytics
9.6 Employee Engagement
10 Global Workforce Management Market, By Operating System
11 Global Workforce Management Market, By Vertical
11.2 Banking, Financial Services and Insurance (BFSI)
11.5 Consumer Goods and Retail
11.7 Energy and Utilities
11.8 Transportation and Logistics
11.9 Healthcare and Life Sciences
11.10 Information Technology enabled Services (ITeS)
11.11 Others (Education, Travel and Hospitality, and Media and Entertainment)
12 Global Workforce Management Market, By Geography
12.2 North America
12.3 South America
12.4.6 Rest of Europe
12.5.6 South Korea
12.5.9 Rest of APAC
12.6 Rest of the World
12.6.2 Saudi Arabia
12.6.3 South Africa
12.6.4 United Arab Emirates
12.6.5 Latin America
13 Competitive Landscape
13.1 Competitive Quadrants
13.2 Market Share Analysis
13.3 Competitive Scenario
13.3.1 Merger & Acquisition
13.3.2 Agreement, Collaboration, & Partnership
13.3.3 New Product Launch & Enhancement
13.3.4 Investment & Funding
14 Company Profiles
14.2 IBM Corporation
14.3 Oracle Corporation
14.4 SAP SE
14.5 Kronos Incorporated
14.6 ADP, LLC.
14.7 Ultimate Software
14.8 Workday, Inc.
14.9 Verint Systems Inc
14.10 Workforce Software LLC
14.11 Reflexis Systems, Inc
14.12 Atos Software AG
14.13 Huntington Business Systems
14.14 Zoho Corporation
14.15 Ceridian HCM Holding, Inc
14.16 Sumtotal Systems
14.17 Ramco Systems
14.19 Timeclock Plus
14.20 Mark Information
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