Workforce Management Software Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

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Workforce Management Software Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

Status : July, 2020 | Technology & Media | PPT format

Report Digest


Global Workforce Management Software Market: Snapshot

The global workforce management market is expected to grow at a healthy pace in the years to come on account of the rapid increase in the use of digitization for the day-to-day operations of organizations and companies. With increasing group globalization, the presence of a younger and more dynamic and diverse workforce, it is expected that the demand for workforce management will increase. With social advancement within companies across the globe, there is a need for operating the daily operations in a unified enterprise. The demand for interaction and integration of the daily operations will be a key factor accelerating the growth of the workforce management market.

With workforce management solutions, companies can experience significant paybacks both in the terms of revenue as well as ease of usage. With an increase in the use of mobile devices, a large number of companies across the globe are showing a keen interest in furthering their mobile capabilities for future. Companies are also demanding absence and leave management solutions which in turn will create the demand for workforce management solutions.

The growth of the workforce management solutions is having tremendous effect on the biometric terminals which are being used for attendance and time applications. It is also expected to impact the legacy systems as more and more companies are adopting cloud as well as software-as-a-service solutions so as to have better workforce integration and enhanced solutions.

Global Workforce Management Software Market: Overview

In the present time, the majority of the HR operations need to be manually handled, which increases the amount of paperwork. This, in turn, negatively affects the overall productivity for HR executives. Workforce management software enhances the efficiency and productivity of the HR personnel by managing employment and staffing related operations, tracking employee attendance, policy updates, beneficiary changes, and discontinuation of coverage among others. With the increasing globalization, workforce management will become imperative. This is, in turn, allowing the global workforce management software market to follow an exponential growth trajectory.

Global Workforce Management Software Market: Key Trends

The burgeoning need to streamline HR functions is the foremost factor augmenting the global workforce management software market. Workforce management software offers various benefits that help in automating and streamlining the workforce management process. The emergence of cloud-based technologies is also working in favor of the market. Moreover, the increasing penetration of social media is also providing a fillip to the market.

On the flip side, small and medium-sized enterprises (SMEs) are reluctant about switching to software solution from conventional methods. This is, in turn, inhibiting the growth of the global workforce management software market. However, the growing trend of work from home in SMEs is likely to encourage the adoption of workforce management software in the near future.

Global Workforce Management Software Market: Market Potential

The growing investments for the development and advancements of workforce management software are rendering the market highly opportunities. To put this in perspective, in March 2016 Seattle-based Shiftboard raised US$4 mn for its workforce management software platform through a funding round led by Voyager Capital. Similarly, in January 2017 Deputy, a Sydney-based global workforce management software firm, raised US$25 mn in a Series A round led by the U.S. expansion stage venture capital company OpenView. Market participants are developing innovative and highly reliable software that are likely to allow the market to gain significant momentum in the coming years.

Global Workforce Management Software Market: Geographical Segmentation

On the basis of geography, the report categorizes the global workforce management software market into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Developed regions are anticipated to be at the forefront of growth owing to rapid technological advancements. The growth of the North America market can be attributed to the rising penetration of social media and the soaring demand for cost-effective HR solutions.

In Europe, there is a high acceptance of advanced workforce management software in countries such as the U.K. and Germany. To overcome challenges such as high competition and budget constraints, European companies are banking on solutions and services that enhance the efficiency of their workforce. This is leading to the high adoption of workforce management software in the region.

Developing countries in Asia Pacific and Latin America are expected to offer ample growth opportunities owing to the increasing adoption of cloud technology and the rising need for workforce management.

Global Workforce Management Software Market: Competitive Landscape

The global workforce management market is a highly fragmented arena, with the presence of a large number of multinational players. Market participants are pouring hefty sums into the research and development of innovative software and solutions to consolidate their position in this highly competitive marketplace. The market is expected to witness intensification in price wars among key players in the coming years. The leading players in the market are Kronos, SAP, Oracle, Ultimate Software, Ceridian HCM, and ADP. Some other prominent companies operating in the global market for workforce management software are ATOSS Software, Ascentis, iCIMS, HR Bakery, JDA Software Group, PeopleFluent, NICE, Reflexis Systems, Performly, Workday, The Sage Group, and Zoho Corporation.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.