Workforce Management Market to Surge at 10.1% CAGR till 2026; Growing Uptake of AI-Powered Software to Foster Promising Prospects: Fortune Business Insights™
- Key Companies Covered are NetSuite, Inc., Verint, Cornerstone OnDemand, Inc., WorkForce Software, LLC., Automatic Data Processing, Inc. Oracle Corporation, Infor, IBM Corporation, Ultimate Software, Workday, Inc., SAP SE, Kronos, Inc.
PUNE, India, April 15, 2020 /PRNewswire/ -- The global workforce management market size is projected to reach USD 5.25 billion by 2026, exhibiting a CAGR of 10.1% during the forecast period. Growing need to enhance productivity and efficiency of employees among organizations will be the central growth driver for this market, as per the new Fortune Business Insights™ report, titled "Workforce Management Market Size, Share & Industry Analysis, By Component (Software, and Services), By Deployment (On-Premise, and Cloud), By Enterprise Size (SMEs and Large Enterprises), By Application (Workforce Analytics, Workforce Scheduling, Time and Attendance Management, and Others), By End-Use Industry (IT and Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, and Others) and Regional Forecast, 2019-2026". Majority of office tasks today are performed in a clockwork manner, requiring executives and other employees to use their decision-making faculties even for routine administrative work. This has resulted in declining productivity of the workforce, necessitating solutions to optimize management of workforce in companies. For example, Apollo Hospitals, a leading healthcare provider in Asia, deployed the Kronos Workforce Central in early 2019 in a bid to increase the efficiency and productivity of its employees. The product allows staff members to program their schedules and make user engagement easier and more convenient. Incorporation of such innovations by end-users in various sectors is expected to lead the workforce management market trends in the foreseeable future.
According to the WFM market report, the value of this market stood at USD 2.44 billion in 2018. The report also contains the following insights:
- In-depth analysis of the key market drivers;
- Detailed evaluation of the challenges facing the market;
- Comprehensive research of the regional dynamics of the market;
- Exhaustive study of all the market segments; and
- Microscopic assessment of the competitive landscape of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Market Driver
Lack of Knowledge about WFM Software Tools to Hamper Growth
Managing and maintaining the productivity levels of human resources is an expensive undertaking for companies of all sizes. The Human Capital Management Institute estimates that 70% of an organization's operating costs are eaten up by employee management tasks. In such a dire scenario, where reducing operational costs is the prime focus in the private sector, the demand for effective workforce management systems is rising as they offer numerous advantages for organizations. For instance, WFM software can empower managers to make more informed decisions due to better access to data. It would also enable managers to select the right person for the right job, ensuring efficiency in task performance. Unfortunately, awareness of these benefits is abysmally low, stemming the adoption of these technologies, particularly among the small and medium enterprises (SMEs). This can put crippling limitations on the workforce management market growth during the forecast period.
Regional Analysis
Government-led Digitization Initiatives to Drive Market Growth in Asia-Pacific
The market size in Asia-Pacific is anticipated to showcase the most impressive growth trajectory in the forthcoming years. The prime factor propelling the market in this region include digitization of services and processes, backed by strong government support. An excellent example of this is Singapore's 'Go Digital' initiates that encourages SMEs to integrate digital solutions in their existing setups.
North America, with a revenue generation of USD 0.92 billion in 2018, is poised to dominate the workforce management market share as companies in the region are aggressively implementing cloud-based solutions. Additionally, the region is also home to some of the largest technology giants such as IBM and oracle, which augurs well for this market. In Europe, on the other hand, rising demand for automation is expected to fuel the market.
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Competitive Landscape
Upgradation of Existing Offerings with WFM Solutions to Intensify Competition
Companies across the board are recognizing the benefits of WFM tools, creating a wide field of opportunities for players operating in this market. Some key participants are also entering into strategic collaborations to expand their presence in this market, according to the workforce management software market analysis.
Industry Developments:
- January 2020: The Italian gum and confectionary manufacturer Perfetti Van Melle chose Kronos Incorporated, the US-based workforce management leader, to automate its 2,600-strong workforce in eight countries. With Kronos Workforce Central, Perfetti will have a unified WFM platform to monitor its employees as well as optimize its manufacturing processes.
- October 2019: The American human resource management tools provider Automatic Data Processing, Inc. expanded its WFM solutions portfolio to include ADP Compliance on Demand to track employee performance efficiently.
List of Key Companies Profiled in the Workforce Management Market Report are:
- NetSuite, Inc.
- Verint
- Cornerstone OnDemand, Inc.
- WorkForce Software, LLC.
- Automatic Data Processing, Inc.
- Oracle Corporation
- Infor
- IBM Corporation
- Ultimate Software
- Workday, Inc.
- SAP SE
- Kronos, Inc.
note
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Global Workforce Management Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Software
- Services
- By Deployment (Value)
- Cloud
- On-Premise
- By Organization Size (Value)
- SME's
- Large Enterprises
- By Application (Value)
- Workforce Analytics
- Workforce Scheduling
- Time and Attendance Management
- Others (Task Management and fatigue management)
- By End Use Industry (Value)
- Telecom and IT
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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