Market Overview:
The global workforce management system market is expected to grow from USD 2.02 Billion in 2018 to USD 3.06 Billion by 2030, at a CAGR of 5.5% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based workforce management systems and the need for reducing labor costs. However, data security and privacy concerns may restrain the growth of this market to some extent during the forecast period. The global workforce management system market is segmented on the basis of type, application, and region. On the basis of type, it is divided into software, hardware, and service segments. The software segment is further classified into enterprise resource planning (ERP), human resources (HR) software, payroll software,, time & attendance tracking software,, patient classification systems,, analytics tools,, and others segments). By application, it is categorized into payroll processing & administration,, staffing & scheduling,, time & attendance tracking., patient classification., HR analytics., and others applications). By region,. North America accounted for largest share in 2017 due to early adoption of technology by enterprises in this region.
Product Definition:
Workforce management system is a software that enables an organization to manage its workforce effectively. It helps to optimize the use of resources, schedule employees efficiently, and track employee performance. Workforce management systems are important because they help organizations improve their productivity and efficiency.
Software:
Software is the Collection of Procedures, Systems and Tools that helps an Organization to carry out its daily activities more efficiently. Software in Workforce Management (WFM) system is used for various purposes such as time & attendance tracking, labor cost management, workforce planning and employee relationship management among others.
Software in WFM system plays a vital role in improving the overall efficiency of organizations by helping them to reduce operational costs through improved labor utilization.
Hardware:
Hardware is the part of Workforce Management System (WFM) that includes input/output devices such as display terminals, printers, and storage devices. Hardware components are used in WFM to collect and process data for efficient management of workforce.
Application Insights:
The payroll segment dominated the global workforce management system market in 2017 and is expected to witness a CAGR of XX% from 2018 to 2030. The growth can be attributed to the increasing demand for time and attendance services, employee tracking, performance management, and other benefits such as disability benefits or health insurance offered through various companies.
The analytics segment is expected to register a significant CAGR over the forecast period owing to an increase in demand for real-time decisions that improve business operations by identifying patterns of behavior that are invisible with historical data sets. Furthermore, organizations are leveraging these systems for improving employee productivity while reducing costs associated with training or recruitment & retention efforts.
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 countries such as India, China, and Japan. For instance, in July 2017, Oracle Corporation announced its plan of investing USD X million for expanding its business in India. Moreover rising demand for healthcare IT systems and services is anticipated to drive the market growth over the forecast period.
The Asia Pacific region comprises emerging economies such as China and India that are also among top 10 nations with highest population’s count worldwide; thereby making it one of most populous regions globally along with being a key manufacturing hub for many multinational companies across various sectors including automotive, electronics etc.; hence resulting into high demand for workforce management systems within these countries. Furthermore growing awareness about employee benefits coupled with stringent regulatory scenario regarding labor laws is further driving this regional market growth during the forecast period (2018 - 2030).
Growth Factors:
- Increasing demand for Workforce Management System from small and medium-sized businesses (SMBs) due to the benefits of automation and scalability.
- Proliferation of cloud-based WFM solutions that offer deployment flexibility, lower total cost of ownership, and faster time to value.
- The increasing use of mobile devices by employees for accessing work-related information and applications, which is driving the need for workforce management solutions that are optimized for mobile devices.
- The growing trend among organizations towards using performance management techniques such as employee engagement surveys, 360-degree feedback assessments, etc., to improve workforce productivity and effectiveness.
Scope Of The Report
Report Attributes
Report Details
Report Title
Workforce Management System Market Research Report
By Type
Software, Hardware, Service
By Application
Payroll, Staffing and Scheduling, Time and Attendance, Patient Classification, Analytics
By Companies
Kronos, Infor, Oracle, GE Healthcare (Api Healthcare), McKesson, Allocate Software, SAP, Cornerstone Ondemand, Workday, Timeware
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
242
Number of Tables & Figures
170
Customization Available
Yes, the report can be customized as per your need.
Global Workforce Management System Market Report Segments:
The global Workforce Management System 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
Payroll, Staffing and Scheduling, Time and Attendance, Patient Classification, Analytics
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
- GE Healthcare (Api Healthcare)
- McKesson
- Allocate Software
- SAP
- Cornerstone Ondemand
- Workday
- Timeware
Highlights of The Workforce Management System 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:
- Payroll
- Staffing and Scheduling
- Time and Attendance
- Patient Classification
- Analytics
- 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 System 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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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?
A workforce management system (WMS) is a software application that helps organizations manage their human resources. It includes features to help employers identify and track employee information, such as name, address, contact information, and job title; manage payroll and benefits; assign employees to tasks or projects; monitor employee performance; and communicate with employees.
Some of the key players operating in the workforce management system market are Kronos, Infor, Oracle, GE Healthcare (Api Healthcare), McKesson, Allocate Software, SAP, Cornerstone Ondemand, Workday, Timeware.
The workforce management system market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Workforce Management System 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 System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Workforce Management System 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 System 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 System Market Size & Forecast, 2018-2028
4.5.1 Workforce Management System Market Size and Y-o-Y Growth
4.5.2 Workforce Management System Market Absolute $ Opportunity
Chapter 5 Global Workforce Management System 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 System 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 System 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 System Market Size Forecast by Applications
6.2.1 Payroll
6.2.2 Staffing and Scheduling
6.2.3 Time and Attendance
6.2.4 Patient Classification
6.2.5 Analytics
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Workforce Management System 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 System 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 System Analysis and Forecast
9.1 Introduction
9.2 North America Workforce Management System 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 System 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 System Market Size Forecast by Applications
9.10.1 Payroll
9.10.2 Staffing and Scheduling
9.10.3 Time and Attendance
9.10.4 Patient Classification
9.10.5 Analytics
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 System Analysis and Forecast
10.1 Introduction
10.2 Europe Workforce Management System 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 System 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 System Market Size Forecast by Applications
10.10.1 Payroll
10.10.2 Staffing and Scheduling
10.10.3 Time and Attendance
10.10.4 Patient Classification
10.10.5 Analytics
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 System Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Workforce Management System 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 System 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 System Market Size Forecast by Applications
11.10.1 Payroll
11.10.2 Staffing and Scheduling
11.10.3 Time and Attendance
11.10.4 Patient Classification
11.10.5 Analytics
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 System Analysis and Forecast
12.1 Introduction
12.2 Latin America Workforce Management System 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 System 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 System Market Size Forecast by Applications
12.10.1 Payroll
12.10.2 Staffing and Scheduling
12.10.3 Time and Attendance
12.10.4 Patient Classification
12.10.5 Analytics
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 System Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Workforce Management System 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 System 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 System Market Size Forecast by Applications
13.10.1 Payroll
13.10.2 Staffing and Scheduling
13.10.3 Time and Attendance
13.10.4 Patient Classification
13.10.5 Analytics
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 System Market: Competitive Dashboard
14.2 Global Workforce Management System 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 GE Healthcare (Api Healthcare)
14.3.5 McKesson
14.3.6 Allocate Software
14.3.7 SAP
14.3.8 Cornerstone Ondemand
14.3.9 Workday
14.3.10 Timeware
