Rise in complications at workplace and increasing competition has led the organizations to shift from traditional methods of working to computerized ways that can handle workforce functionality in better and efficient way. Workforce management software keeps a tab on all workforce-related legal compliances and frameworks like laws, age requirements, leaves, working hours, etc. Thus, many organizations are now adoption workforce management solutions for their business activities and managing of human resource, which is the most important aspect of any organization.
Key Determinants and Opportunities
The major forces driving the market for workforce management towards growth are:
- Rising usage of mobile devices and applications
- Consumerization of workforce
- Improving workforce dynamics
- Cost-effective features and availability of SaaS software
Since mobile workforce is reaping benefits from mobile apps that can be easily accessed anytime, the demand for mobile workforce management has increased over the past few years, and is expected to overshadow the demand for web-based workforce management over the coming years.
Market Overview
The workforce management market is projected to grow at a CAGR of 9.6%, reaching USD 7,725.8 Million by 2020 from USD 4,880.3 Million during the forecast period. Because of rising adoption of technological advancements and awareness about upcoming workforce management concerns in organizations, North America is expected to be the highest market in this sector in 2015. Moreover, Asia-Pacific and MEA are also predicted to show enormous growth in the coming years.
The major organizations competing in this market are Atoss Software AG, Infor Global Solutions, Kronos, IBM Corporation, Oracle Corporation, SAP AG, Workforce Software, Clicksoftware Technologies Ltd., Workday, Inc., Automatic Data Processing (ADP), LLC, Peoplefluent, Reflexis System, Inc., Nice Systems, Inc., and Crown Workforce Management System.
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Scope of the Research
The market for workforce management has been forecast and analyzed on the basis of following segmentation:
- Solution: Time and Attendance, Learning Management, Compensation Management, Workforce Scheduling, Talent Management, Workforce Analytics
- Service: Deployment and Integration, Support and Maintenance, Training and Education
- Deployment: On-premises, Cloud
- Organization Size: SMBs, Large Enterprises
- Vertical: BFSI, Government, Education, IT & Telecom, Manufacturing, Retail, Automotive, Energy & Utilities, Healthcare, Others
- Geography: North America, Europe, APAC, MEA, Latin America
