Workforce Management Market is expected to reach at USD 11,105 Million by 2027 at a 9.1% CAGR during the forecast period.

Introduction of the Workforce Management Market Report

The workforce management can be defined as the process of strategically optimizing the productivity of employees, maximizing the performance levels, and competency for an organization. This process involves a complex framework for better streamlining of workforce, maintaining human capital, scheduling, forecasting, skills management, timekeeping and attendance, employee empowerment and providing employees with time to focus on more significant business aspects to maintain a productive workforce. The workforce management market involves a wide range of end-use verticals which includes consumer goods, automotive, energy and utilities, manufacturing and others.

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Market Dynamic

Key Drivers and Emerging Trends

The growing demand for workforce optimization, the rising trend of BYOD (Bring-Your-Own-Device), increasing adoption of digital workplace and remote working trend are some of the major factors that are expected to drive the growth of the workforce management market size during the forecast period. In addition, rapidly transforming traditional solutions into advanced IT and technological solutions including cloud based solutions, Internet of Things, and penetration of smart devices such as laptops, smartphones in business organizations are further stimulating the workforce management software market growth.

Workforce management solutions is helping organizations to automate the process in order to increase the productivity, workforce effectiveness, efficiency, improving accuracy, and employee engagement. Furthermore, growing workforce management software adoption among small and medium-sized organizations owing to the demand to maintain and track workforce for attaining a productive outcome is another emerging workforce management market trends that is likely to provide lucrative growth opportunities to the market. According to the World Bank Group, small and medium enterprises represent about 90% of businesses worldwide and estimated to provide 600 million jobs 2030. This is likely to boost the workforce management software market size in the coming years.

Restraint in the Workforce Management Market

However, the lack of awareness regarding the benefits of implementing workforce management solutions in an organization may hamper the growth of the market. Moreover, the increasing privacy and security concerns pertaining workforce data on the cloud is further expected to restraint the market growth.

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Component – Segment Analysis

Based on component, HR Management (Software) segment is anticipated to hold a significant market share primarily due to the strategic HR tasks like performance management, recruiting, talent management, and learning management. Some of the prominent HRM software including UltiPro, cloud-based HRIS software; Oracle HCM Cloud; Dayforce, and ADP Workforce Now is further expected to accelerate the market growth.

Deployment Mode – Segment Analysis

Based on deployment mode, the cloud segment is expected to grow at a significant CAGR during the forecast period owing to the increasing deployment of cloud computing in workforce management software for performing workforce-related task, irrespective of the location of the administrator. Additionally, cloud deployment of workforce management offers various benefits including mobility, flexibility, time efficiency, and security, which is likely to boost the growth of the market.

End-Use Vertical – Segment Analysis

Based on end-use vertical, the consumer goods and retail segment is expected to grow at a faster CAGR over the forecast period. This can be attributed to the increasing focus on employee training, time and attendance, scheduling optimization, managing employee task, and labour analytics. Quinyx, ATOSS Software AG, SimpliField, and When I Work, Inc. are some of the companies offering workforce management solution to the retail sector.

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Regional – Segment Analysis:

Based on region, Asia-Pacific is projected to witness faster CAGR during the forecast period owing to the growing adoption of advance digital technologies including cloud computing, artificial intelligence, workforce management services and solutions, and remote working trend in the growing economies such as India, China, South Korea, Indonesia. Moreover, increasing adoption of workforce management solution among small and medium sized enterprises in the region is further expected to contribute to the market growth. According to the Asia-Pacific Economic Cooperation, SMES account for over 97 percent of all businesses in the region. This is likely to support the market growth in the region over the forecast period.

Top Market Players

Several Leading players operating in the market include ActiveOps Limited, Oracle Corporation, Nice Ltd., SAP SE, Kronos Incorporated, International Business Machines Corporation, ADP, Inc., UKG Inc., Workday, Inc., and Zebra Technologies Corporation, among others. 

Key Developments:

• • In 2020, Reflexis Systems, a part of Zebra Technologies Corporation, one of the leading providers of intelligent workforce management announced that IKI has selected Reflexis systems for deploying intelligent workforce management solutions including Workforce Scheduler, Time & Attendance, Employee Self-Service (ESS), Advanced Analytics & Reporting and Mobility solutions.

Segments covered in the Report:

The global Workforce Management Market has been segmented on the component, deployment mode, end-use vertical, and regions. Based on component, the market is segmented into workforce scheduling and analysis (software), time and attendance management (software), performance management (software), HR management (software), and service. Based on deployment mode, the market is segmented into on-premise and cloud. Based on the end-use vertical, the market is segmented into BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, manufacturing, and others. 

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Key questions answered in this research report:

• • At what pace is global Workforce Management Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Workforce Management Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Workforce Management Market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various end-use verticals of global Workforce Management Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2027)	USD 11,105 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Deployment Mode, By End-Use Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ActiveOps Limited, Oracle Corporation, Nice Ltd., SAP SE, Kronos Incorporated, International Business Machines Corporation, ADP, Inc., UKG Inc., Workday, Inc., and Zebra Technologies Corporation, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Workforce Management Market by Component

• • Workforce Scheduling and Analysis (Software)
  • Time and Attendance Management (Software)
  • Performance Management (Software)
  • HR Management (Software)
  • Service

Global Workforce Management Market by Deployment Mode

• • On-Premise
  • Cloud

Global Workforce Management Market by End-Use Vertical

• • BFSI
  • Consumer Goods and Retail
  • Automotive
  • Energy and Utilities
  • Healthcare
  • Manufacturing
  • Others

Global Workforce Management Market by Region

• • North America Workforce Management Market (Option 1: As a part of the free 25% customization)
    • North America Market by Component
    • North America Market by Deployment Mode
    • North America Market by End-Use Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Workforce Management Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Component
    • Europe Market by Deployment Mode
    • Europe Market by End-Use Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Workforce Management Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Deployment Mode
    • Asia-Pacific Market by End-Use Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Workforce Management Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Component
    • RoW Market by Deployment Mode
    • RoW Market by End-Use Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Workforce Management Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ActiveOps Limited
  • Oracle Corporation
  • Nice Ltd.
  • SAP SE
  • Kronos Incorporated
  • International Business Machines Corporation
  • ADP, Inc.
  • UKG Inc.
  • Workday, Inc.
  • Zebra Technologies Corporation