Workforce Management Market Scope
Workforce Management defined as the integrated set of processes where all the particular institution uses to optimize the productivity of employees, individual, departmental and entity wide levels. Workforce Management market is expected to mark significant growth over forecasted period owing to increasing consumers spending on workforce optimization, providing mobile applications and technological advancement. There has been significant rise in number of organizations experienced compliance issues with figure stood up to 50% in United States alone in 2018, the future for workforce management looks promising. This result in rising popularity of flexible work arrangements platforms, increasing demand of automating time and attendance tracking, escalating need for off-boarding and on boarding processes, and growing popularity of workforce analytics may trigger demand and help in industry expansion.
The market study is being classified by Type (Workforce Scheduling, TWorkforce Scheduling, Embedded Analytics, Absence Management and Others), by Application (BFSI, Healthcare, Retail and E-commerce, Manufacturing, Government, Telecommunications and IT and Others) and major geographies with country level break-up. According to AMA, the Global Workforce Management market is expected to see growth rate of 10.6% and may see market size of USD9.53 Million by 2025.
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Workforce Management market throughout the predicted period.
IBM Corporation (United States), Oracle Corporation (United States), SAP AG (Europe), KRONOS (United States), Workforce Software (United States), ADP LLC (United States) and WORKDAY (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Infor Global Solution (India) and ClickSoftware (United States).
AdvanceMarketAnalytics has segmented the market of Global Workforce Management market by Type, Application and Region. On the basis of Type, Workforce Scheduling are dominating the market in the year 2019 where as Workforce Scheduling stood as second largest market share.
On the basis of geography, the market of Workforce Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In May 2019, iSolved HCM acquired workforce Management Company, HK payroll services. This acquisition is beneficial in providing HKP customers to access variety of additional tools and resources including iSolved with Mojo, a collaboration and performance solution, and iSolved Learn, a powerful learning management tool.
In August 2018, Kronos launched a new AI and analytics driven workforce management solution which is beneficial in providing features such as scheduling, absence management, analytics and compliance management. It also offers new set of solutions that help firm to achieve better productivity and prevent attrition among employees.
- Introduction of Innovative Workforce Management in Healthcare Sector.
- Rise in IoT (Internet of Things) based applications in workforce management.
- Increase Focus on Workforce Optimization and Mobile Applications Boost the Workforce Management Market.
- Rapid Demand of Automation Fuelled Up the Workforce Management Market.
- Proliferation of Smartphones, Tablets and Notebooks Leads to Grow the Graphic Processors Market.
- Upsurge Demand of Medium and Small Enterprises in Workforce Management Market.
- Less Adoption of Software Solution Switching from Traditional Methods in SMEs Hampers the Workforce Management Market.
- Implementation and Integrations Concerns Hindering the Workforce Management Market.
- High Training Cost Hampers the Global Market.
- Limitation Due to Complex Analytics Workforce Processes are Anticipated to Challenge the Market.
Key Target AudienceWorkforce Management Manufacturers, Workforce Management Traders, End-Use Market Participants of Different Segments of Workforce Management, Government and Research Organizations, R&D Institutions, Associations and Industrial Bodies and Others
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