Workforce Management Market

Market Overview

In today’s always connected and instant access environment, the adoption of workforce management solutions is transforming the workplace in becoming digital and in simplifying the work of employees.

With the adoption of workforce management solutions, organizations are benefitted with better streamlining of workforce and provides their employees with time to focus on more significant business aspects.

The workforce management market is gaining immense popularity and is expected to witness tremendous growth in coming years owing to the rising awareness of businesses to consume evolving streams of data and to maintain and track workforce to attain a productive outcome.

Workforce management market is rapidly evolving owing to the transformation of traditional solutions into advanced IT and technological solutions.

The growing need of next-generation technologies and rising remote working trend is expected to create potential growth opportunities for the workforce management market.

Moreover, the demand for workforce management is rising continuously among organizations to increase the productivity, workforce effectiveness, and employee engagement.

Most of the organizations around the globe are adopting workforce management for operations such as leave and absence management, workforce analytics, task management, and workforce scheduling for core business processes.

Impact of COVID-19

The emergence of COVID-19 has brought with it travel bans and quarantines, disruptions in slowing down the supply chain, and the fall in business confidence.

Moreover, the first half of 2020 has represented a mass experiment in remote working worldwide and workforce management is going to play a crucial role during and post COVID-19.

Various organizations are focusing on leveraging technologies such as workplace analytics, artificial intelligence platforms, analytics algorithms, and data visualization tools to maintain & manage every aspect of the relationship between employee and office agile.

Moreover, growing need for advanced technologies in healthcare is expected to increase the demand for workforce management solutions at this time of global pandemic.

Therefore, due to this factor, the workforce management market is expected to witness a spike in growth in coming 2-3 years. From 2014-2019, the workforce management market has grown at a CAGR of around 10% and owing to the outbreak of COVID-19 the workforce management market is expected to witness the growth of around 15% in 2021 and 2022.  

Workforce Management Market: Market Dynamics

The rising trend of BYOD (Bring-Your-Own-Device) and growing trend of digital workplace are among the key factors driving the growth of workforce management market. The rising demand for cloud based solutions and enormous development in the business intelligence tools are among the key factors propelling the growth of workforce management market.

Moreover, growing interest towards technology-enabled workplace solutions and along with the increasing penetration of smart devices is driving the growth of workforce management market.

Furthermore, workforce management solutions is helping organizations in automating the process and helps them with solutions for productivity, efficiency, and effectiveness. 

Due to these factors, workforce management is becoming a part of workflow rather than a separate technology, and businesses around the globe are adopting this technology to exploit growth opportunities. 

Apart from this, the fourth industrial revolution and paradigm shift towards smart and digital workspace that uses new technologies and products is generating potential growth opportunities for the workforce management market.

Workforce Management Market: Competition Landscape

The workforce management market is highly competitive owing to the presence of numerous global solution providers and various other emerging players incorporating innovative technologies to offer product differentiation.

Most of the leading players in the Workforce Management market are focusing offering innovative solutions to meet the growing demand for advanced technologies and to enhance their capabilities and roadmaps of analytics and business intelligence, machine learning, and data science technologies.

Some of the key players in the workforce management market are

• IBM Corporation 
• Oracle Corporation 
• SAP
• Tableau Software
• ADP
• LLC.
• Workday

Workforce Management Market: Regional overview

On the basis of regions, Europe and North America are expected to be among the key markets, owing to the early adoption of advanced technologies and presence of various key providers of workforce management solutions in the region.

Moreover, the growing adoption of digital workplace solutions in countries of these regions such as US, UK, Spain and others, is playing a crucial role in driving the growth of workforce management market in the region.

Furthermore, the workforce management market in Asia Pacific is expected to create significant growth opportunities, owing to the rising adoption of digital technologies and continuous increase in involvement of smart technologies in business processes to strengthen their IT framework.

Furthermore, the growing demand for smart devices and rising trend of BYOD in the countries of Middle East & Africa and Latin American regions is expected to drive the market growth.

The workforce management market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on:                                     

• Workforce Management Market Segments
• Workforce Management Market Dynamics
• Workforce Management Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in Workforce Management Market
• Technology Landscape
• Value Chain of the Workforce Management Market
• Market Drivers and Restraints

Regional analysis includes:

• North America (U.S., Canada)
• Latin America (Mexico, Brazil, Rest of Latin America)
• Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
• East Asia (China, Japan, South Korea)
• South Asia and Pacific (India, Malaysia, Indonesia, Singapore, Australia & New Zealand, Rest of South Asia)
• Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)

Report Highlights:

• Detailed overview of parent Workforce Management market
• Changing Workforce Management market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of value
• Recent industry trends and developments
• Competitive landscape of Workforce ManagementMarket
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint