The global workforce management market is reporting a high rise in its valuation, states a new report published by Report Ocean. The report, titled “Global Workforce Management Market Size study, by Component (Solution and Service), by Deployment Mode (On-Premise and Cloud), by Organization Size (Large Enterprises and Small & Medium Enterprises), by Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Retail & E-Commerce, IT & Telecom, Education and Others) and Regional Forecasts 2020-2027,” is prepared by performing a detailed analysis of the overall market and its current and past performance.
According to the report, the demand for workforce management systems has fueled substantially in the manufacturing, retail, distribution, and transportation industries. The global workforce management market is valued approximately at US$4.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.2% over the forecast period 2020-2027.
The increasing demand for workforce optimization and mobile application is likely to support the growth of the global workforce management market during the forecast period. Apart from this, the increasing uptake of cloud-based workforce management solutions is also expected to boost this market over the next few years. However, privacy and security concerns related to workforce data deployed on the cloud may hamper this market in the years to come.
The regional analysis of the global workforce management market is also given in this research report. According the study, the market is spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The dominant regional market for workforce management is North America across the world. The increasing uptake of workforce management solutions and services in this region is the key factor that has been boosting the North America workforce management market. Researchers expect this regional market to continue to lead over the forecast period. Another regional market that is witnessing significant growth is Asia Pacific, thanks to the presence of ample untapped opportunities.
The key market players are focusing on new product launches to maintain their presence in the global market. For instance, in May 2020, Infor rolled out Infor Workforce Management Express Program in China.
Impact of Covid 19 on Global Workforce Management Market
The global workforce management market is one of those rare markets, which have been impacted positively by the Covid 19 pandemic. The lockdown imposed in many of the countries enforced people to stay at home, eventually compelling them to start working from home. Workforce management systems proved quite helpful to companies in aligning their workforce and managing their work, which stirred their popularity and added substantially to their demand. Experts suggest that the market will continue to benefit from this in future.
- The dominant regional market for workforce management is North America across the world.
- The Asia Pacific market for workforce management is also witnessing impressive growth, thanks to the presence of ample untapped opportunities.
The global workforce management market is segmented into:
By Deployment Mode
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Industry Vertical
- Retail & E-Commerce
- IT & Telecom
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Automatic Data Processing Inc.
- International Business Machines Corp.
- Kronos Inc.
- Oracle Corp.
- SAP SE
- SumTotal Systems LLC
- Verint Systems Inc.
- Workday Inc.
- WorkForce Software LLC
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