Market Highlights:
Market Research Future (MRFR)’s latest study projects that the global workflow management system market is poised to thrive exponentially striking a CAGR of 19.14% during the forecast period 2016 to 2022. The market valuation is estimated to grow from USD 2.4 Bn to USD 6.96 Bn by the end of the year 2022. The rapid changes witnessed in the nature of business and workflow in small and medium business units have paved the way for accelerated adoption of the technology. The trend is anticipated to perpetuate in the forthcoming years.
The global workforce management (WFM) market accruing pervasively mainly due to the deployment of cloud technologies and the rapid adoption of workforce analytics. The WFM solution enables organizations to run sophisticated analytics on workforce processes that can spot problems and correct them, ensuring better use of existing resources; due to which the uptake of WFM analytics is increasing rapidly among medium and small enterprises. The growing number of SMEs in the emerging market is one of the key forces that foster the market growth on the global level.
Additional factors substantiating the market growth include the augmenting demand for a minimized labor expenses and improved workforce utilization & business performances. Increased focus on workforce optimization and the emergence of complimenting mobile applications are providing impetus to the market growth.
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Major Key Players
- IBM Corporation (U.S.),
- Oracle Corporation (U.S.),
- SAP AG (Europe),
- KRONOS (U.S.),
- Workforce Software (U.S.),
- ADP LLC (U.S.),
- WORKDAY (U.S.),
- Infor Global Solution (India),
- ClickSoftware (U.S.) and others.
According to Market Research Future, the global Workforce Management Market is expected to reach USD 9 billion by the end of 2022 with ~11% CAGR during forecast period 2016-2022
Industry/Innovation/Related News:
September 19, 2018 – Fourth (US), a leading provider of hospitality operations platform, announced the acquisition of Choice HR (US), a full-service Payroll, Benefits, and HR Services business to create an end-to-end workforce management solution for the hospitality sector.
The acquisition of Choice HR, effective immediately will add over 400 new customers to Fourth’s roster with most serving as customer support and solutions experts. Together the companies can significantly reduce the risk of non-compliance and make it much easier to pay part-time and full-time shift-based employees correctly and on time.
August 29, 2018 – Kronos Incorporated (US), a leading global workforce management solutions company announced the launch of a set of new solutions under its ‘workforce dimensions suite.’ The suite boasts the features such as scheduling, timekeeping, absence management, data collection, compliance mapping, and analytics.
Powered by the artificial intelligence, the new workforce management analytics also has a personal digital consultant and advanced machine learning to automate daily decisions that consume time like approvals, so that managers spend time on more strategic initiatives.
Competitive Analysis
The Market of Workforce Management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. The large players of workforce management solution providers are acquiring start-ups to eliminate the competition and focus towards innovation. Companies like Teleopati, Nice Systems are focusing towards adding more features to provide better workforce management solutions to the clients. The companies are moving towards enhancing the marketing for back office workforce management solutions, creating awareness about the advantages of back office workforce management solutions.
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Regional Analysis
North America is dominating the Global Workforce Management Market with the largest market share due to high adoption of cloud services is observed in North America, high potential, technological progress. Workforce Management Market in Asia Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 owing growing ecommerce market, growing number of small-medium enterprises. The European market for Workforce Management Market is expected to grow at a considerable CAGR (2016-2022) due to the focus towards reducing costs and increasing efficiency.
Segmentation
The Global Workforce Management market has been segmented on the basis of component, deployment, end-users and region. By component, the market has been bifurcated into solutions and services. On the basis of deployment, the market can be segmented as on-premises and cloud based. On the basis of end-users the market can be segmented into BFSI, healthcare, retail & e-commerce among others. By organization size, the market includes SMEs and enterprises. Further, the market has been segmented into four regions which include- North America, Europe, Asia-Pacific and RoW.
On the basis of organization size, the market can be segmented into SMEs and enterprises. Out of these, SMEs accounted for the largest market share majorly due to adoption of WFM solutions and technological transition. Also, workforce analytics solutions accounted for the largest market share majorly because companies are giving high importance to optimize workforce outcome and the growing demand for performance management.
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Intended Audience:
- Workforce Management Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Software Developers
- Vendors
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
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