Market Highlights
Workforce management may be a software tool utilized in managing the schedules of workers, labor requirements, and maintenance of schedules on a day to day. The set of processes can improve the productivity of employees. The worldwide workforce management market report by marketing research Future (MRFR) dives into the industry for up to date upgrades in software, adherence to latest labor laws, and other niche trends for the amount of 2020 to 2026 (forecast period). The COVID-19 outbreak and its impact are included as an important catalyst within the report.
The Workforce Management market size is predicted to grow from USD 6,394.4 million in 2020 to 14.31 billion by 2027, growing at a compound annual growth rate (CAGR) of 9.2% during the study period.
Competitive Analysis
The key market players operating within the global workforce management market report include Oracle Corporation (U.S.), IBM Corporation (U.S.), KRONOS (U.S.), Workforce Software (U.S.), WORKDAY (U.S.), ADP LLC (U.S.), SAP AG (Europe), Infor Global Solution (India), ClickSoftware (U.S.), etc.
The global workforce management market features a highly competitive scenario. Therefore, the market players are raising their investments towards research and development projects, and marketing activities to take care of their position within the market over the review period. Furthermore, there's an expected rise in mergers, acquisitions, strategic business partnerships, and joint ventures, to uphold the competitive nature of the market within the foreseeable future.
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Drivers and Restraints
Various end use industries and businesses have started adopting and employing workflow management techniques for enhancing their operational efficiency. Thus, the growing demand of the system has created a gentle competitive landscape over technological innovations in product offerings. The positive competitiveness is probably going to impact the expansion of the worldwide workflow management system market over the review period.
The system is therefore wont to reduce labor expenses, business performance, improve workforce utilization, increased focus, and work optimization, and mobile applications. These also are considered as key driving factors contributing to the expansion of the workforce management market substantially. By employing the system, this enables organizations to ease intricate processes on the workforce and warrant better usage of existing resources.
Moreover, the workforce management system helps managers to forecast staffing requirements accurately. Increased specialise in controlled workforce has initiated the expansion of the worldwide workforce management market steadily.
On the opposite side, the increasing adoption of mobile devices also plays an important role in market growth as many companies have involved mobiles in catering the requirements in enhancing capabilities.
Segment Overview
The international requirement of the Workforce Management market is mainly divided into 5 different segments. this segmentation is discussed in detail below along with its sub-segments.
By Components
- Services
- Others
By Type
- Labor Forecast and Scheduling
- HR Management
- Task Management
- Workforce Analytics
- Attendance and Time Management
By Deployment
- On-Cloud
- On-Premise
By Verticals
- Health
- Retail
- BFSI
- Manufacturing
- Government and Defense
- Energy and Utilities
- IT and Telecommunication
- Transportation and Logistics
- Others
By Organization size
- Large
- Medium and small
Report Overview
This research report depicts a comprehensive and detailed analysis of the Workforce Management Market Forecast. Under this report, the ultimate growth with its values is estimated for the forecast period from 2021 to 2026. Moreover, the other factors that are covered in this report are market dynamics, value analysis, competitive key players, market segmentation overview, and recent developments. Indeed, the report is all made up of primary and secondary that helps in the global market growth.
Report Detail
- Historic Period: 2016-2021
- Base Year: 2021
- Forecast Period: 2021-2026
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Global Workforce Management Market Research Report: by Component (Solution- Time and Attendance Management, Absence Management, Workforce Scheduling, Workforce Analytics, Performance Management, Desktop And Process Analytics, Others, Services), Deployment Mode (On-Premise, Cloud), Organization Size (Large Enterprises), Vertical (BFSI, IT & Telecom, Energy & Utility, Manufacturing, Retail, Transportation & Logistics, Healthcare, Government & Defense and others) by Region – Forecast till 2024
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