Workforce Management Software Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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