Workforce Management Market is Projected to Reach USD 11,105 Million by 2027

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Workforce Management Market is Projected to Reach USD 11,105 Million by 2027
GMI Research forecasts the workforce management market size to reach USD 11,105 Million by 2027, expanding at a CAGR of 9.1% during the forecast period due to the increasing demand for mobile applications and workforce management. The evolving need for automation across industries and the increasing deployment of cloud-based solutions will fuel the market growth.

Workforce Management Market Dynamics

Workforce management refers to the process of strategically optimizing the efficiency of employees and maximizing the competency of an organization. With the continuous digital transformation and adoption of remote working trends, workforce management tools play an important role in helping build an agile workforce flexible to market changes.

The rapid transformation of traditional solutions into advanced technology and IT solutions, such as cloud-based solutions, the Internet of Things, and the growing adoption of smart devices, has driven the workforce management market. Changing the business landscape due to the digital transformation, the coronavirus, and the generational gap has raised the need to navigate the emerging workforce trends to sustain their competitive edge in the market. Thus, these tools are being adopted by small and medium-sized organizations to track the workforce, improve accuracy, increase productivity, and promote employee engagement. According to the World Bank Group, small and medium enterprises depicted 90% of businesses throughout the world and are approximated to offer 600 million jobs in 2030. This is likely to bolster the market growth.

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Lack of awareness about workforce management is one of the major factors restraining the market. Various small and medium organizations do not intend to implement the software solutions and are relentless in following the same conventional method. The workforce management market forecast projects that the growing safety concerns pertaining to workforce data might further act as a hindrance for the market.

Key players operating in the market include ActiveOps Limited, Oracle Corporation, Nice Ltd., SAP SE, Kronos Incorporated, International Business Machines Corporation, ADP, Inc., UKG Inc., Workday, Inc., and Zebra Technologies Corporation, among others.

Component Segment Analysis

The HR Management (Software) segment is expected to grow at a faster CAGR over the forecast period due to the essential HR tasks like recruiting, talent management, performance management, and learning management. Software is majorly concerned with tracking and scheduling the workforce. Some of the important HRM software includes cloud-based HRIS software; Dayforce, UltiPro, Oracle HCM Cloud; and ADP Workforce Now.

Deployment Mode Segment Analysis

The cloud segment is projected to hold a significant share in the workforce management market during the forecast period. Cloud is a preferred deployment option to perform workforce-related tasks, regardless of the location of the administrator. Additionally, the workforce management market analysis asserts that the application of loud offers various benefits such as cost-saving, mobility, time efficiency, flexibility, and safety.

End-Use Vertical Segment Analysis

The consumer goods and retail segment will witness faster growth over the forecast period. The labor-intensive nature of this segment has encouraged the adoption of workforce management solutions. The growing focus on time and attendance, managing employee tasks, employee training, scheduling optimization, and labor analytics will bolster the market growth.

Regional Analysis

Geographically, the Asia-Pacific region is expected to expand at a faster rate over the forecast period because of the increasing adoption of the latest digital technologies such as artificial intelligence, cloud computing, workforce management services and solutions, and remote working trend in the developing economies such as China, India, South Korea, and Indonesia. Moreover, the augmenting adoption of workforce management solutions by small and medium-sized enterprises has propelled market growth. As per the Asia-Pacific Economic Cooperation, SMEs gauge for more than 97 percent of all businesses in the region.  

Workforce Management Market Segmentation:

Workforce Management Market by Component

  • Workforce Scheduling and Analysis (Software)
  • Time and Attendance Management (Software)
  • Performance Management (Software)
  • HR Management (Software)
  • Service

Workforce Management Market by Deployment Mode

  • On-Premise
  • Cloud

Workforce Management Market by End-Use Vertical

  • BFSI
  • Consumer Goods and Retail
  • Automotive
  • Energy and Utilities
  • Healthcare
  • Manufacturing
  • Others

Workforce Management Market by Region:

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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