Workforce management is categorized under the human resource management, and encompasses all activities required to track and maintain workforce in various organizations in order to obtain a productive outcome. Majority of small and medium enterprises across developing regions use traditional methods of monitoring and maintaining their workforce. Workforce management is used to limit the expenses incurred on labor, improve utilization of workforce and enhance business performance. The automation of processes such as time calculations and employee pay either reduces or eliminates errors, thereby ensuring that various policies of organization are both updated and implemented into systems easily along with accuracy. The organizations are able to efficiently carry out complex analytics on workforce processes to find out problems and rectify them, thus helping to make better use of existing resources.
The workforce management solutions are being increasingly employed in sectors such as retail, healthcare,the BFSI and government. The introduction of cloud and mobiles has ushered in new ways of working in varied sectors. There is an increasing popularity of real-time workforce management owing to the rising complexities in business activities and rapid transformation in people’s conditions and their plans. The technological innovations and advancements have significantly impacted the growth of workforce management market. The rapidly growing solutions in the market include workforce analytics and talent management. The North America market is expected to command the largest share; however, the emerging nations in the Asia-Pacific region are believed to possess huge growth potential.
The global workforce management market is categorized based on type of products, industry verticals, solutions, and regions. On the basis of product type, the total workforce management market can be divided into software, hardware, and service. The software segment can be further divided into cloud-based and on-premise. Based on solutions, the global workforce management market can be divided into task management, scheduling optimization, analytics, budgeting and forecasting, absence and holiday management, and time and attendance. Based on industry verticals, the global market can be divided into healthcare, telecom and IT, banking financial services and insurance (BFSI), retail, government, transportation and manufacturing, and energy and utilities, and entertainment sector. Geographically, the workforce management market can be divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA).
During the future years, the workforce management market is estimated to witness a healthy growth owing to the rising number of small-medium business and rising population among various end users across emerging economies. Presently, North America commands the largest share of the global workforce management market followed by Europe. However, during the future years, Asia-Pacific is expected to witness robust growth for workforce management solutions.
Factors such as rising population, emergence of small and medium enterprises across developing markets such as China and India, and transitioning work dynamics are further estimated to fuel the growth of workforce management solutions market. Moreover, rising rate of adoption of cloud-based solutions and rising smartphone penetration across varied emerging markets is further expected to drive the growth of workforce management market. Additionally, the benefits associated with workforce management solutions enable a well-organized flow of tracking and maintaining the workforce in an organization. However, the lack of awareness in some developing nations is presently hampering the growth of workforce management market.
Some of the major players in the workforce management market include SAP AG, IBM Corporation, Oracle Corporation, ClickSoftware Technologies Ltd., Workforce Software, Infor Global Solution, Atoss Software AG, LLC, Kronos, ADP, and Workday Inc. The majority of players in the workforce management market indulge in acquisitions and partnerships with various local players in order to attain a competitive position in the market. Also, the major players are engaged in providing customized and innovative solutions to fulfill the demand of numerous other organizations of varied sizes.
Market Segmentation
Market by Product Type
Software
o Cloud-based
o On-premise
Hardware
Service
Market by Solutions
Task management
Scheduling optimization
Analytics
Budgeting and forecasting
Absence and holiday management
Time and attendance
Market by Industry Vertical
Healthcare
Telecom and IT
Banking Financial Services and Insurance (BFSI)
Retail
Government
Transportation and manufacturing
Energy and utilities
Entertainment
Market by Geography
North America
o US
o Canada
o Mexico
Europe
o UK
o Germany
o France
o Rest of Europe
Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
Latin America
o Brazil
o Chile
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
