Market Overview:
The global workforce management market is expected to grow from USD 5.27 billion in 2018 to USD 10.06 billion by 2030, at a CAGR of 8.8% from 2018 to 2030. The growth of the global workforce management market can be attributed to the increasing demand for cloud-based solutions, growing need for real-time tracking and monitoring of employee productivity, and rising adoption of big data and analytics across enterprises. However, the high implementation costs associated with workforce management solutions may restrain the growth of this market during the forecast period. On the basis of type, the global workforce management market is segmented into software, hardware, and service segments.
Product Definition:
Workforce management is the process of managing the workforce to meet the organization's goals. Workforce management includes planning, recruiting, hiring, training, developing, and managing employee performance. The goal of workforce management is to ensure that the right number of employees are hired with the appropriate skills and abilities to meet the needs of the organization.
Software:
Software is the Collection of Procedures, Systems and Tools which aid in carrying out a specific task or achieve a particular objective. Software has been broadly classified into two types: System software includes operating systems such as UNIX, Windows and Mac OS X; while application software includes various business applications used by enterprises including Oracle, SAP ERP and Microsoft Office.
Hardware:
Hardware is the part of Workforce Management (WFM) that includes computer systems and electronic devices such as printers, scanners, copiers, and other communication devices. Hardware components are used in WFM for various functions such as record keeping & storage of data; scheduling & automating tasks; decision support & analysis; training services delivery along with application development tools.
Hardware components can be classified into two types depending upon their usage in WFM solutions namely workstations and servers.
Application Insights:
The workforce scheduling application is expected to register the highest CAGR over the forecast period. The growth can be attributed to a rise in demand for time and attendance management solutions as organizations face increasing compliance issues. For instance, according to U.S. Department of Labor 2016 wage and hour regulations, an employer must provide certain minimum breaks for employees; if these are not provided then it would be considered as labor law violation and could lead to heavy fines against the organization. This is likely to increase pressure on companies operating in various industries, which is anticipated to fuel segment growth over the forecast period.
The other applications segment includes human resources management,absence management, embedded analytics etc.
Regional Analysis:
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The growth can be attributed to increasing investments in human resource management solutions by companies and growing adoption of these systems in various industries, such as manufacturing, healthcare & life sciences, transportation & logistics. Moreover, rising awareness about employee benefits and availability of advanced HRMS software is anticipated to drive demand for workforce management solutions in this region.
Growth Factors:
- Increasing demand for Workforce Management solutions from small and medium-sized businesses (SMBs) due to the growing complexity of managing a workforce.
- The increasing adoption of cloud-based WFM solutions, which helps organizations to manage their workforce more efficiently and effectively.
- The growing demand for WFM solutions that can help organizations optimize their staffing levels and improve employee productivity.
- The increasing use of mobile devices by employees, which is driving the need for mobile-friendly WFM solutions.
- The rising popularity of social media, which is helping organizations to better understand employee engagement and satisfaction levels
Scope Of The Report
Report Attributes
Report Details
Report Title
Workforce Management Market Research Report
By Type
Software, Hardware, Service
By Application
Workforce Scheduling, Time & Attendance Management, Embedded Analytics, Absence Management, Others
By Companies
Kronos, Infor, Oracle, McKesson, Allocate Software, SAP, Cornerstone Ondemand, Workday, Timeware, Nice Systems, Verint Systems, Workforce Software, ActiveOps
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
191
Number of Tables & Figures
134
Customization Available
Yes, the report can be customized as per your need.
Global Workforce Management Market Report Segments:
The global Workforce Management market is segmented on the basis of:
Types
Software, Hardware, Service
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Workforce Scheduling, Time & Attendance Management, Embedded Analytics, Absence Management, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Kronos
- Infor
- Oracle
- McKesson
- Allocate Software
- SAP
- Cornerstone Ondemand
- Workday
- Timeware
- Nice Systems
- Verint Systems
- Workforce Software
- ActiveOps
Highlights of The Workforce Management Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Software
- Hardware
- Service
- By Application:
- Workforce Scheduling
- Time & Attendance Management
- Embedded Analytics
- Absence Management
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Workforce Management Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Workforce management is the process of planning, organizing, and directing the work force to achieve organizational goals. It includes developing and implementing policies and procedures that govern employee behavior; providing training and development opportunities; managing human resources; setting work schedules; assigning tasks and responsibilities; monitoring performance.
Some of the major companies in the workforce management market are Kronos, Infor, Oracle, McKesson, Allocate Software, SAP, Cornerstone Ondemand, Workday, Timeware, Nice Systems, Verint Systems, Workforce Software, ActiveOps.
The workforce management market is expected to grow at a compound annual growth rate of 8.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Workforce Management Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Workforce Management Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Workforce Management Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Workforce Management Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Workforce Management Market Size & Forecast, 2018-2028
4.5.1 Workforce Management Market Size and Y-o-Y Growth
4.5.2 Workforce Management Market Absolute $ Opportunity
Chapter 5 Global Workforce Management Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Workforce Management Market Size Forecast by Type
5.2.1 Software
5.2.2 Hardware
5.2.3 Service
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Workforce Management Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Workforce Management Market Size Forecast by Applications
6.2.1 Workforce Scheduling
6.2.2 Time & Attendance Management
6.2.3 Embedded Analytics
6.2.4 Absence Management
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Workforce Management Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Workforce Management Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Workforce Management Analysis and Forecast
9.1 Introduction
9.2 North America Workforce Management Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Workforce Management Market Size Forecast by Type
9.6.1 Software
9.6.2 Hardware
9.6.3 Service
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Workforce Management Market Size Forecast by Applications
9.10.1 Workforce Scheduling
9.10.2 Time & Attendance Management
9.10.3 Embedded Analytics
9.10.4 Absence Management
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Workforce Management Analysis and Forecast
10.1 Introduction
10.2 Europe Workforce Management Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Workforce Management Market Size Forecast by Type
10.6.1 Software
10.6.2 Hardware
10.6.3 Service
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Workforce Management Market Size Forecast by Applications
10.10.1 Workforce Scheduling
10.10.2 Time & Attendance Management
10.10.3 Embedded Analytics
10.10.4 Absence Management
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Workforce Management Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Workforce Management Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Workforce Management Market Size Forecast by Type
11.6.1 Software
11.6.2 Hardware
11.6.3 Service
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Workforce Management Market Size Forecast by Applications
11.10.1 Workforce Scheduling
11.10.2 Time & Attendance Management
11.10.3 Embedded Analytics
11.10.4 Absence Management
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Workforce Management Analysis and Forecast
12.1 Introduction
12.2 Latin America Workforce Management Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Workforce Management Market Size Forecast by Type
12.6.1 Software
12.6.2 Hardware
12.6.3 Service
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Workforce Management Market Size Forecast by Applications
12.10.1 Workforce Scheduling
12.10.2 Time & Attendance Management
12.10.3 Embedded Analytics
12.10.4 Absence Management
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Workforce Management Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Workforce Management Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Workforce Management Market Size Forecast by Type
13.6.1 Software
13.6.2 Hardware
13.6.3 Service
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Workforce Management Market Size Forecast by Applications
13.10.1 Workforce Scheduling
13.10.2 Time & Attendance Management
13.10.3 Embedded Analytics
13.10.4 Absence Management
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Workforce Management Market: Competitive Dashboard
14.2 Global Workforce Management Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Kronos
14.3.2 Infor
14.3.3 Oracle
14.3.4 McKesson
14.3.5 Allocate Software
14.3.6 SAP
14.3.7 Cornerstone Ondemand
14.3.8 Workday
14.3.9 Timeware
14.3.10 Nice Systems
14.3.11 Verint Systems
14.3.12 Workforce Software
14.3.13 ActiveOps
