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Workforce Management Market

Workforce Management Market Size, Share & Segmentation by Components (Solution and Services), by Application (Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Risk Management, and Fraud Detection, Public Safety and Law Enforcement, Others), by Deployment Mode (Cloud and On-premises), by Analytics Type (Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics, Descriptive Analytics), by Vertical (BFSI, Retail, and Consumer Goods, Government and Public Sector, Healthcare and Life Sciences, IT and Telecom, Media and Entertainment, Travel and Hospitality, Others), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/2107 | June 2022 | Region: Global | 130 Pages

Report Scope & Overview:

Workforce Management Market size was valued at USD 6.37 Bn in 2021 and is expected to reach USD 12.24 Bn by 2028, and grow at a CAGR of 9.77% over the forecast period 2022-2028.

Workforce management is a collection of practices that assist a business in efficiently managing its engaged workforce. Workforce management software provides a variety of functions that vary based on the client's needs; for example, accurate timesheet processing, hassle-free compliance, end-to-end accounting, timely auto-generated invoicing, employee engagement solutions, financial tracking, and others. Many workforce management technologies are used by businesses to strategically maximize staff productivity, allowing them to guarantee that all resources are utilized to their full potential and are in the right place at the right time.

Workforce Management Market

Workforce optimization may be accomplished through many methods such as performance monitoring, time and attendance tracking, scheduling, and demand projection. Furthermore, labor optimization may be done while simplifying remote working with the adoption of workforce management software and services.

MARKET DYNAMICS:

KEY DRIVERS:

  • There is an increasing demand for workforce efficiency and mobile apps.

  • Cloud-based workforce management systems are becoming more popular.

RESTRAINTS:

  • Concerns about the privacy and security of employee data distributed on the cloud.

OPPORTUNITY:

  • Enterprises are increasingly required to make educated judgments.

  • SME usage of personnel management systems is increasing.

CHALLENGES:

  • Implementing an efficient mobile workforce

  • Because of the integration of new technology, unstructured data formats have emerged.

IMPACT OF COVID-19:

The COVID-19 epidemic has raised demand for agile workplace technology, and many businesses are attempting to achieve a compromise between high performance and ease-of-use solutions. Labor mobile applications are rapidly being utilised because they reduce the expense of the additional system required for workforce management. With features such as real-time notifications, job scheduling, attendance monitoring, and many more, workforce management software is likely to gain momentum and promote market growth throughout the projection period.

Adopting software-based solutions will help them prioritize building remote technology capabilities, analyze the impact on global mobility and business continuity, and assist enterprises to manage staff productivity by establishing a remote working mode. As a result, identifying essential jobs and developing interim succession plans have become critical duties for corporate executives. Organizations may use workforce solutions to construct short- and long-term plans for scenario-building, succession plans, decision rights in the case of changing accountabilities, and an escalation matrix for critical choices.

MARKET ESTIMATION:

Time and attendance management systems, for example, have been used in a variety of sectors for quite some time and are projected to develop steadily in the future. These solutions are widely employed in labor-intensive industries such as manufacturing, healthcare, and retail, and they will continue to gain clients in the future years. While the embedded analytics category is projected to gain traction quickly, the absence management segment is expected to increase at a solid rate throughout the projection period. This expansion can be ascribed to the necessity for compliance with government regulatory rules, which change often and vary by area.

The cloud is the favored deployment choice for workforce solutions in the sector, owing to its flexibility, cost savings, and ease of operation. Furthermore, marketing efforts by prominent solution providers have been essential in establishing the cloud as a practical and simplified deployment choice among sectors with a conventional view. The on-premise deployment sector is likely to lose significant market share to cloud deployment over the next few years. The market is expected to continue its dominance in undeveloped nations where technology is implemented at a slower rate. As a substantial number of labor-management solution customers lag in technology adoption, the cloud deployment sector is predicted to rise in the latter half of the projection period.

In 2021, the retail application category held the highest market share, followed by the healthcare segment. The segment's labor-intensive character has been a key contributor in the development of workforce management solutions in these sectors. Time and attendance and absence management solutions are likewise in great demand in these application areas. Over the forecast period, the banks, financial services, and insurance (BFSI) category is expected to develop the quickest in the labor-management market. The industry's need for labor scheduling and labor budgeting solutions has been expanding, and this is a primary driver of the BFSI segment's growing revenue share.

KEY MARKET SEGMENTS:

by Components:

  • Solution

  • Services

by Application:

  • Sales and Marketing Management

  • Customer Experience Management

  • Competitive Intelligence

  • Risk Management and Fraud Detection

  • Public Safety and Law Enforcement

  • Others

by Deployment Mode:

  • Cloud

  • On-premises

by Analytics Type:

  • Predictive Analytics

  • Prescriptive Analytics

  • Diagnostic Analytics

  • Descriptive Analytics

by Vertical:

  • BFSI

  • Retail, and Consumer Goods

  • Government and Public Sector

  • Healthcare and Life Sciences

  • IT and Telecom

  • Media and Entertainment

  • Travel and Hospitality

  • Others

by Organization Size:

  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)

Workforce Management Market

REGIONAL ANALYSIS:

North America is predicted to have the largest global workforce management market size, while Asia Pacific is expected to develop at the fastest CAGR during the forecast period. North America is predicted to be the region that adopts the most workforce management solutions and services. The United States and Canada are dominating the North American market in the forecasting period. Enterprises in the area are the most forward-thinking in terms of AI, machine learning, and cloud use, propelling the market growth. Because of the rising need for intelligent workforce management solutions, the Asia Pacific region is likely to be the market's fastest-growing area.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are Adp, LLC., Infor, international business machines corporation, Kronos incorporated, Oracle corporation, Sap Se, Sumtotal systems, LLC, Verint systems inc., Workday, inc., and Workforce Software, LLC.

Workforce Management Market Report Scope:
Report Attributes Details
 Market Size in 2021  US$ 6.37 Bn
 Market Size by 2028  US$ 12.24 Bn
 CAGR   CAGR of 9.77% From 2022 to 2028
 Base Year  2021
 Forecast Period  2022-2028
 Historical Data  2017-2020
 Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
 Key Segments
  • By Solution (Workforce Scheduling, Time & Attendance Management, Embedded Analytics, Absence Management, Others)
  • By Deployment (Cloud, and On-premise)
  • By Company Size (Large Enterprises, and Small and Medium Enterprises)
  • By Application (Academia, Automotive & Manufacturing, BFSI, Government, Healthcare, Retail, Others)
 Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
 Company Profiles Adp, LLC., Infor, international business machines corporation, Kronos incorporated, Oracle corporation, Sap Se, Sumtotal systems, LLC, Verint systems inc., Workday, inc., and Workforce Software, LLC
 Key Drivers
  • There is an increasing demand for workforce efficiency and mobile apps
  • Cloud-based workforce management systems are becoming more popular
 Challenges
  • Implementing an efficient mobile workforce

 


Frequently Asked Questions (FAQ) :

Ans: - The Workforce Management Market size was valued at USD6.37Bn in 2021.

Ans: - There is an increasing demand for workforce efficiency and mobile apps and cloud-based workforce management systems are becoming more popular.

Ans: - Asia Pacific is expected to develop at the fastest CAGR during the forecast period.

Ans: - The major key players are Adp, LLC., Infor, international business machines corporation, Kronos incorporated, Oracle corporation, Sap Se, Sumtotal systems, LLC, Verint systems inc., Workday, inc., and Workforce Software, LLC.

Ans: - The study includes a comprehensive analysis of Workforce management Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Workforce Management Market Segmentation, by Components

8.1 Solution

8.2 Services

 

9. Workforce Management Market Segmentation, by Application

9.1 Sales and Marketing Management

9.2 Customer Experience Management

9.3 Competitive Intelligence

9.4 Risk Management and Fraud Detection

9.5 Public Safety and Law Enforcement

9.6 Others

 

10. Workforce Management Market Segmentation, by Deployment Mode

10.1 Cloud

10.2 On-premises

 

11. Workforce Management Market Segmentation, by Analytics Type

11.1 Predictive Analytics

11.2 Prescriptive Analytics

11.3 Diagnostic Analytics

11.4 Descriptive Analytics

 

12. Workforce Management Market Segmentation, by Vertical

12.1 BFSI

12.2 Retail, and Consumer Goods

12.3 Government and Public Sector

12.4 Healthcare and Life Sciences

12.5 IT and Telecom

12.6 Media and Entertainment

12.7 Travel and Hospitality

12.8 Others

 

13. Workforce Management Market Segmentation, by Organization Size

13.1 Large Enterprises

13.2 Small and Medium-sized Enterprises (SMEs)

 

14. Regional Analysis

14.1 Introduction

14.2 North America

14.2.1 USA

14.2.2  Canada

14.2.3  Mexico

14.3     Europe

14.3.1  Germany

14.3.2  UK

14.3.3  France

14.3.4  Italy

14.3.5  Spain

14.3.6  The Netherlands

14.3.7  Rest of Europe

14.3.    Asia-Pacific

14.4.1  Japan

14.4.2  South Korea

14.4.3  China

14.4.4  India

14.4.5  Australia

14.4.6  Rest of Asia-Pacific

14.5     The Middle East & Africa

14.5.1  Israel

14.5.2  UAE

14.5.3  South Africa

14.5.4  Rest

14.6     Latin America

14.6.1  Brazil

14.6.2  Argentina

14.6.3  Rest of Latin America

 

15. Company Profiles

15.1 SAS Institute

15.1.1 Financial

15.1.2 Products/ Services Offered

15.1.3 SWOT Analysis

15.1.4 The SNS view

15.2 Salesforce.com 

15.3 GoodData

15.4 HootSuite Media

15.5 Tableau Software

15.6 IBM Corporation

15.7 Oracle Corporation

15.8 Adobe Systems

15.9 SAP SE

15.10 SAP SE

 

16. Competitive Landscape

16.1 Competitive Benchmarking

16.2 Market Share Analysis

16.3 Recent Developments

 

17. Conclusion

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Secondary Research

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