Global Workforce Management Market, By Component (Solutions, Service), By Deployment Type (On-Premises, Cloud-based), By End-users (BFSI, Healthcare, Retail and ecommerce, Manufacturing, Government, Telecommunications and IT), By Organization size(SME, Enterprises)- Forecast 2022
Market Synopsis of Global Workforce Management Market:
Workforce management can be defined as an integrated set of processes any particular institution uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels. In a company workforce management involves matching employee skills to specific tasks over time, quantifying the amount and types of labor needed to accomplish particular jobs on a day-to-day or hour-to-hour basis.
The key drivers contributing to the growth of the workforce management market are to reduce labor expenses, improve workforce utilization & business performances, increased focus on workforce optimization and mobile applications. The growing number of medium and small enterprises in the emerging market is boosting the growth of the market. Also, workforce management solution enables organizations to run complex analytics on workforce processes to spot problems and correct them and hence ensure better use of existing resources.
The restraining factors hindering the growth of the workforce management market are lack of awareness among small firms in regions such as Africa and South America and high training cost associated with workforce management solutions.
Geographically, Europe accounted for the largest market share in the global workforce management market whereas North-America region is expected to grow at a fast pace over the forecast period 2016-2022.
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
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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.
Regionally, Europe accounted for the largest market share especially in the countries such as U.K majorly due to deployment of cloud and the rapid adoption of workforce analytics
North-American region is expected to grow over the forecast period, 2016-2022 especially in countries such as U.S. and Canada majorly due to adoption of new and emerging technologies.
The key players of global workforce management market report include 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.
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Market Research Future Analysis
The global workforce management market is expected to grow significantly. The market is highly application basis. BFSI and healthcare segment of workforce management market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
Europe accounted for the largest market share majorly due to high focus on innovations through research & development, high investments to adopt smart technologies & workforce management solutions. The North-American region is expected to grow at a fast pace over the forecast period, 2016-2022, majorly due to growing adoption of IoT, increasing adoption of new and emerging technologies, increasing number of small medium business and increasing number of users in the emerging markets.
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