Workforce Management Market To Witness High Growth Due To Increasing Digitization In Organizations By 2025: Grand View Research, Inc.

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The global workforce management market is expected to reach USD 11.09 billion by 2025, according to new study by Grand View Research, Inc. Growing use of digitalization in day-to-day operations of organizations are anticipated to aid the growth of the workforce management market in coming years.

According to a report published by Grand View Research, Inc.; the global workforce management market is anticipated to accomplish a valuation around USD 11.09 billion by 2025.

Increasing digitization in organizations can boost the market during the forecast period (2014 to 2025). Additionally, increasing demand for connected and unified enterprise, and integrated workforce management systems can also support the market growth.

Increasing requirement to satisfy conditions specified by regulatory bodies are also crucial for market growth. for instance, presence of the Family and Medical Leave Act (FMLA) is projected to boost the demand for compliance-based absence management solutions during the forecast period.

Moreover, implementation of cloud and Software-as-a-Service (SaaS) will also help to replace old systems with advanced solutions. The role of HR is shifting from management to planning and analysis. So, the trends such as data gathering, and analysis, agility, and employee engagement are expected to fuel the market growth in the years to come. Additionally, mobile-ready applications are also expected to gain traction in the coming years.

Full Research Report On Workforce Management Market Analysis:

North America workforce management market, by application, 2014 – 2025 (USD Million)

North America workforce management market, by application, 2014 - 2025 (USD Million)

Worldwide workforce management market can be segmented into solution, deployment, company size, application, and region.

Based on solution, the market can be bifurcated into workforce scheduling, absence management, time and attendance management, embedded analytics, and others.

The time and attendance solutions segment captured greater than 37% share of the total market in 2016. The segment is expected to grow steadily. These systems are extensively used in large companies including retail, healthcare, and manufacturing.

The absence management segment is anticipated to show healthy growth during the forecast period. Need to comply with government regulatory policies, which involves constant changes and differ region to region. The segment is poised to rise at a CAGR of 11.0% during the forecast period.

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Europe workforce management market by deployment, 2016 (%)

Europe workforce management market by deployment, 2016 (%)

On the basis of deployment, the market can be classified into cloud and on-premises.

The cloud segment is estimated to expand at a CAGR of 12.9% during the forecast period. The cloud is most popular deployment type in industry due to its cost-effectiveness and flexibility.

Increasing preference for cloud is expected to affect the on-premises deployment segment. However, the segment is likely to sustain its supremacy in emerging countries.

Based on company size, the market can be categorized into large enterprises and Small and Medium Enterprises (SMEs).

On the basis of application, the market can be split into academia, banking, financial services and insurance (BFSI), automotive and manufacturing, government, retail, healthcare, and others.

In 2016, the retail segment accounted for big market share more than 23.1% of the total revenue followed by healthcare segment. Labor-intensive nature of these segments is considered as a key factor responsible for the implementation of workforce management solutions.  Additionally, demand for absence management and time and attendance management are also high in these industries.

The BFSI segment is projected to display fast growth at a CAGR of 12.6% during the forecast period. Requirement for labor scheduling and labor budgeting solutions is high the industry, which is the crucial factor generating revenue share of this segment. In addition, the demand for labor tracking and employee satisfaction is considerably high due to increasing number of millennials in this segment.

Geographically, the market can be divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa (MEA). In terms of revenue, Europe conquered the market with a share more than 31% in 2016. Asia Pacific region is projected to grow on account of increasing number of labor regulations in China and India. North America is anticipated to exhibit strong growth during the forecast period. The U.S. has higher adoption rate of technology. The solutions such as labor cost forecasting and embedded analytics are expected to gain traction in the region. The region is expected to expand at a CAGR of 9.2% from 2017 to 2025.

Some of the leading companies operating in the workforce management market include Ceridian HCM Holding, Inc.; JDA Software Group, Inc.; Workforce Software Group Inc.; Replicon Inc.; and Active Ops Limited.

Grand View Research has segmented the global workforce management market based on solution, deployment, company size, application, and region:

Solution Scope (Revenue, USD Million; 2014 – 2025)

  • Workforce Scheduling

  • Time & Attendance Management

  • Embedded Analytics

  • Absence Management

  • Others

Deployment Scope (Revenue, USD Million; 2014 – 2025)

  • Cloud

  • On-premise

Company Size Scope (Revenue, USD Million; 2014 – 2025)

  • Large Enterprises

  • Small and Medium Enterprises (SMEs)

Application Scope (Revenue, USD Million; 2014 – 2025)

  • Academia

  • Automotive & Manufacturing

  • BFSI

  • Government

  • Healthcare

  • Retail

  • Others

Regional Outlook (Revenue, USD Million; 2014 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa (MEA)

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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