Workforce Management Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Workforce Management Market: Snapshot
The business intelligence reports predict that the global workforce management market will record a substantial compound annual growth rate of 9.3 % over the forecast years i.e. 2020 to 2025.
It also informs that the global workforce management market was evaluated initially at US$ 6 billion at the base year of the study i.e. in 2020.
It also predicts that the global workforce management market will cross the evaluation mark of US$ 9.3 billion by the end of the forecast period i.e. in 2025.
The major driver for the growth and expansion within the global workforce management market is the rising demand for optimization of workforce performance.
The increasing demand for mobile operations on the advent of COVID-19 pandemic also influenced the growth in the global workforce management market in recent years.
Some other major drivers for the expansion in the global workforce management market include the increasing adoption of workforce management solutions by small and medium sized enterprises, the rising requirement for making well-informed business decisions, and the increase in the integration and adoption of cloud-based solutions in the global workforce management market.
The global workforce management (WFM) market is envisaged to create decent growth opportunities as workforce analytics and digital technologies continue to attain demand in the coming years.
It could testify the rise of cloud-based deployment growing on the back of the need for WFM tools and practices gaining support from initiatives undertaken by organizations at a rapid pace.
Most of the initiatives relate to workforce optimization, automation, and transformation. However, on-premise deployment may have an upper hand in the market due to security and reliability concerns with the use of cloud-based deployment.
Among various organization sizes, small and medium-sized enterprises (SMEs) are anticipated to make their presence known in the global WFM market because of their high need for automation and flexibility.
SMEs are always under the pressure of saving their resources for future operation. In this regard, WFM tools could prove to be extremely useful, considering the level of automation and flexibility they offer.
Effective implementation of WFM policies is expected to offer certain benefits when partnering with large-scale companies to curb overhead expenses.
Europe is foretold to showcase its prominence in the global WFM market with the rising count of new-generation employees, mobile usage, and cloud penetration. Across different regions of the world, the need for integrated workforce management system as well as unified and connected enterprise systems could increase in the near future. Other factors that could develop the rise of market growth include the growing requirement of complying with regulatory mandates.
Global Workforce Management Market: Overview
Workforce management (WFM) is extensively engaged by entities, departments, and even individuals to improve their labor efficiency and productivity via an integrated set of processes.
A WFM system is able to quantify the type and measure of labor required to complete specific tasks on an hourly or a daily basis and match the skills of employees with particular jobs over time.
Global Workforce Management Market: Key Trends
The world WFM market is prognosticated to achieve a robust growth with a high adoption of verticals such as telecommunications and IT, defense, banking, and healthcare.
The advent of workforce analytics and digital technologies has augmented the usage of mobile applications. As a result, the world market could be significantly boosted, coupled with the surging need for workforce optimization.
WFM services are anticipated to gain a strong impetus on account of a rising count of enterprises outsourcing their IT functioning to third-party firms.
Lack of awareness and knowledge on the part of workforce analytics and its integration could work as a major deterrent in the global WFM market as conventional methods obtain preference in this regard.
However, a dire need for WFM solutions and functionalities is predicted to take precedence as organizations display a swift increase in the implementation of initiatives pertaining to workforce optimization, automation, and digital transformation.
In this respect, the on-premise deployment market could hold a larger share in the market.
The consumer goods and retail WFM market is prophesied to expand at a higher CAGR, owing to a continuous focus on creating a brand name, logistics, market expansion, customer relationship, and other key factors. More opportunities are envisaged to pamper market players in sectors such as healthcare and telecommunications and IT as they adopt WFM solutions for the retention of the best workforce and employee satisfaction.
Global Workforce Management Market: Market Potential
Great Hill Partners is excited to announce its financial investment support to Reflexis, a market leader in workforce management solutions and real-time store execution for retails. The private equity firm based in Boston is pretty impressed with the reputation of Reflexis in its operating domain and confident about its future success. The current leadership team of Reflexis will engage the investment received from Great Hill Partners for cementing the company’s position in the WFM market and fortify its technological offerings portfolio.
Global Workforce Management Market: Regional Outlook
Out of all the other major regions of the international WFM market such as Asia Pacific, North America, Latin America, and the Middle East and Africa, Europe is envisioned to flaunt a vast share. There is a speedy adoption of workforce analytics foretold to be witnessed in Europe as cloud deployment inflates to a convincing degree.
Besides this, the public as well as private companies are perpetually looking to the make the best use of their workforce efficiency, which could aggravate the demand for finer WFM solutions and software even more. Factors such as intense competition among European players and tight budgets are foreseen to increase the growth of the Europe WFM market. Unsurprisingly, countries such as Germany and the U.K. are taking to constant implementation and acceptance of important changes in their WFM.
Global Workforce Management Market: Competitive Landscape
The crucial advantages offered by WFM solutions, such as increase in operational efficiency, are looked upon as a decisive aspect that is anticipated to drive the interest of key players in the global market. Companies operating in the international WFM market could leverage the need to address concerns over express generation of big data. SMEs are predicted to offer a decent momentum to players on the back of the popularity of software-as-a-service (SaaS) platform and its cost-efficient features, which have made the adoption of WFM easier. ADP LLC, Kronos, Inc., SAP SE, Oracle Corporation, and IBM Corporation.
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